5th April 2022 - 2 min read
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has said that the government is aiming to double the number of persons subscribed to microinsurance or microtakaful by 2026, as set out under the Financial Sector Blueprint (2022-2026).
Announced by Bank Negara Malaysia (BNM) back in January 2022, the Financial Sector Blueprint outlines the vision and strategies for the development of the nation’s financial sector over the next five years. In addition to doubling microinsurance or microtakaful subscription, it also aims to achieve several other key outcomes, such as achieving insurance and takaful penetration rates of between 4.8% and 5%.
Yet other objectives listed in the blueprint include increasing the adoption of digital payments per capita at a compound annual growth rate of more than 15%, as well as implementing cheaper and more accessible cross-border payments. Additionally, it seeks to drive steady growth in alternative finance focused on new and innovative businesses.
“The blueprint’s strategies will be critical for the financial sector to navigate the upcoming challenges and opportunities, complementing the 12th Malaysia Plan. Among others, the blueprint outlines strategies for the use of technology and the introduction of innovative financial solutions to improve the well-being of Malaysians,” said Tengku Datuk Seri Zafrul.
The Finance Minister also stated that the government is in the process of implementing policies to enhance financial and digital inclusion among the people and businesses. Additionally, he said that his ministry is committed to cultivating conducive environments and trends for the people and companies to thrive.
“This is done to better respond to changing needs of the economy and society, where healthy competition and innovation coexist with prudent and responsible conduct,” added Tengku Datuk Seri Zafrul.
(Source: The Edge Markets)
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