In a paradigm shift, Malaysia’s Ministry of Finance (MoF) and Bank Negara Malaysia (BNM) have made alignments to the financial system of the country to be more humane and to bring in the inclusivity of the B40 and M40 groups.

This means structurally embedding social equity, providing ethical banking, and enhancing consumer protection, shying away from solely maximizing profit, giving priority to economic resilience and the well-being of local communities.

Under this system, accessible credit would be accorded to micro-entrepreneurs, the elimination of high balance requirements for accounts, the use of non-traditional data to assess credit-worthiness and promoting financial literacy.

This translates into the issuance of ‘basic’ credit cards, the removal of the RM1 fee for cash withdrawals at bank Automated Teller Machines (ATMs) and targeted assistance for borrowers and MSMEs in the country.

For borrowers trapped by global supply shocks and the West Asia conflicts, the MoFstated that banks are also providing targeted assistance based on cash-flow situations by providing temporary payment moratoriums, reduced installments and loan extensions.

These flexible, people-centred initiatives provide convenience and ease of credit and money supply unparalleled in the history of the nation and it is a venture formulated into public policy for the benefit of the rakyat by the Madani government.

-THE MALAYSIA VOICE