BUSINESS

BNM TO CONTINUE DEVELOPING PROGRESSIVE, INCLUSIVE FINANCIAL SECTOR IN 2020

03/04/2020 10:18 AM

KUALA LUMPUR, April 3  – Bank Negara Malaysia (BNM) will continue to develop a progressive and inclusive financial sector to serve Malaysian households and businesses in 2020.

In its Annual Report 2019 released today, BNM said it will focus on several areas, including anchoring the direction of future priorities in the face of rapid change, under a new blueprint for the financial sector.

It will also facilitate sustainable and inclusive growth through structural reforms in the insurance, takaful and development financial institution sectors.

The central bank will also focus on evolving well-designed regulations for digitalisation and innovation in financial services, as well as advancing initiatives that increase the impact and inclusivity of Islamic finance.

In the report, BNM said it will hone financial inclusion strategies to promote financial resilience and contribute towards the United Nations’ Sustainable Development Goals (SDGs).

It will also promote outreach, education and awareness programmes for targeted segments such as lower income households and small and medium enterprises (SMEs).

BNM said the financial sector continues to play an important role in supporting home ownership, particularly for first-time buyers.

“In 2019, over 365,000 home financing accounts were approved, amounting to RM158 billion.

“Of this, more than 53 per cent were first-time home buyers and over 100,000 accounts were for the purchase of affordable homes priced less than RM300,000,” BNM said.

To complement financing by the industry, BNM established the RM1 billion Fund for Affordable Homes in 2018.

The central bank revealed that as at January 2020, the fund has been fully utilised, enabling more than 4,700 households to purchase their first house in conjunction with the government’s Home Ownership Campaign.

“Following the full utilisation of the fund, first-time home buyers continue to have access to financing from the banking system, with seven out of ten housing loan applications approved by banks,” BNM said.

-- BERNAMA

 

 


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