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Financial Services
The financial services sub-sector comprises banking, insurance and capital markets (brokerage, fund management, investment advisory, financial planning, clearing houses for securities or derivatives, advising on corporate finance) and venture capital. In line with the Financial Sector Blueprint 2022-2026 issued by Bank Negara Malaysia (BNM), financial institutions are increasingly adopting environment, social and governance (ESG) principles to foster sustainability and contribute to a greener, more climate-resilient economy.
Malaysia’s National Bank (BNM) has introduced proactive measures to aid the public and businesses in pandemic mitigation. These encompass loan deferment, restructuring, and refinancing to tackle potential profitability and asset quality issues in financial institutions due to the pandemic. BNM is also examining ways to boost the nation’s insurance sector, including de-tariffication for fire and motor insurance and promoting digitisation for improved customer interaction and operational efficiency.
Malaysia continues to assert its position as a global leader in Islamic Finance, demonstrating robust growth that is supported by comprehensive regulatory, legal and Shariah governance frameworks, diverse industry players and professional ancillary service providers as well as high quality talent. This is also acknowledged by the World Bank in its 2020 report on “Malaysia’s Domestic Bond Market: A Success Story by the World Bank’s Inclusive Growth and Sustainable Finance Hub in Malaysia”.
