Financial Inclusion in Malaysia : Distilling Lessons for Other Countries
Malaysia has achieved one of the highest levels of financial inclusion among Southeast Asia countries, due in part to policies taking advantage of mobile phones and banking agents to expand access. The report looks at specific actions, programs, an...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/703901495196244578/Financial-inclusion-in-Malaysia-distilling-lessons-for-other-countries http://hdl.handle.net/10986/27543 |
| Summary: | Malaysia has achieved one of the highest
levels of financial inclusion among Southeast Asia
countries, due in part to policies taking advantage of
mobile phones and banking agents to expand access. The
report looks at specific actions, programs, and strategies
that have contributed to enhance financial inclusion in the
country and highlights key learnings to benefit low- and
middle-income countries with similar ambitions. The report
also notes that there is no single factor that can explain
Malaysia's success in financial inclusion. The progress
that Malaysia has achieved is the result of efforts
undertaken by authorities and the financial sector industry
over the past 20 years. The country has been able to achieve
sustainable growth of its financial system over a long
period of time, reconciling two policy objectives, namely
"financial stability" and "financial
inclusion", in a successful manner so far. Malaysia
faces two main challenges in terms of financial inclusion.
First Malaysia will need to reach out to the remaining
under-served population. Secondly, a major challenge is how
to ensure that the people with access to financial services
actually make active use of their accounts. |
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