KUALA LUMPUR: The second phase of the financial services masterplan, primarily aimed at measures to support a high-value economy, will likely be launched in June.
“We want to enhance the capacity of the financial system to best serve a high-value, high-income society.
“The measures will cover banking, insurance, money and foreign markets as well as Islamic finance,'' said Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz at a press conference to launch the Bank Negara annual report 2010 yesterday.
“We want to develop a vibrant international Islamic financial centre with vibrant linkages with the region and the world,'' she added. “We also want Malaysia to be a centre for thought leadership in Islamic finance.'' (full story)Apart from a greater leverage on technology, the upcoming blueprint will likely include new institutional arrangements for strengthening financial stability.
“We want to be sustainable and increase international and regional financial integration,'' said Zeti.
Priority will also be placed on financial inclusion and access to financing, she said, adding that Malaysia was ranked top in this area.
The launching of the second phase of the financial services masterplan follows the successful implementation of the earlier 10-year plan which had mapped out the key developments starting from 2000.
In an interview with StarBizWeek two years ago, Zeti said: 'We are pleased that within nine years, more than 90% of the recommendations have been implemented.''
Under the first phase, Malaysian banking institutions have developed their scale and size while the gap between local and foreign banks has narrowed considerably.
Other milestones include the development of electronic payment channels and usage of information technology as well as enhancement of credit skill-building measures and development of industry-wide benchmarks.
Increased surveillance and supervision, with ratings on banks and risk weightings on capital and loans have been put in place while mergers of stockbroking houses and merchant banks had resulted in the creation of full-fledged investment banks.
On the setting up of mega Islamic banks, Zeti said yesterday an announcement would be made soon as all the final submissions on matters related to business plans and senior management were made.
She also stressed on the current threshold of 30% foreign ownership in banking institutions, “There should be a core of domestic banks in our financial system,'' she said. “From time to time, we may consider (applications for increased stake by foreigners) but these are rare occasions.''
Source : http://biz.thestar.com.my/news/story.asp?file=/2011/3/24/business/8336477&sec=business - March 24, 2011
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