Friday, December 9, 2011

BNM pushes ahead financial sector blueprint with MobileLINK

KUALA LUMPUR (Dec 9): Bank Negara Malaysia's financial sector blueprint, which will chart the direction of development of the country's financial system in the next 10 years, took another step ahead with the launch of its MobileLINK to reach out to the under-served communities.

Its governor Tan Sri Dr Zeti Akhtar Aziz said on Friday the blueprint placed a high priority on the financial inclusion agenda to reach out to under-served.

'Among the areas of focus are the development of cost efficient delivery channels that will enhance the outreach of financial services, expand the range of products and services to meet the distinct financial needs of the underserved and strengthen the institutional arrangements to enhance the capacity of providers of such financial services.

'Equally, important will be the attention accorded to financial consumer education and protection in which the standards of consumer care are high and consumers have choices and are confident about making their financial decisions,' she said.

Speaking at the launch of the MobileLINK, she explained the custom-made coach had all the supporting facilities for the consumers.

Zeti said the coach would enable consumers particularly from the non-urban areas to engage on matters relating to banking services which need to be addressed and on any other financial services that are offered by our financial institutions.

'This will allow members of the public including SMEs to receive rapid response and facilitation on financial matters.'' It will also enable the bank to hear directly from the public on financial issues concerning our financial system,' she said.

The journey for MobileLINK began on Friday to cover about 50% of the identified non-urban areas nationwide in the next three years.

In the first phase, the MobileLINK's journey will start from Mersing, Johor and will continue to northern states and later back to the south to Jerantut, Pahang.'' This part of the journey will be completed in December 2012.

Zeti said the terminals in the MobileLINK coach are connected to BNM's information TECHNOLOGY [] systems such as central credit reference information system (CCRIS), customer redress mechanism system and the bank's corporate website.

Among the services that will be available are advisory services on banking, insurance & takaful and SMEs financing related matters; retrieval of personal credit status through the CCRIS; and advisory on any other financial related matters under the purview of BNM.

Zeti added the introduction of MobileLINK complemented the series of consumer financial advisory initiatives that have been introduced by the Bank since 2005.

On deposit accounts in Malaysia, she said the ratio had increased from 19,738 deposit accounts per 10,000 adults in year 2000 to 29,311 deposit accounts per 10,000 adults this year.

Similarly, there has been significant increase in loan accounts from 3,105 loan accounts per 10,000 adults to 8,600 loan accounts per 10,000 adults.


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