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 Business

BNM holds dialogue on Sabah’s economy, financial system

7th August, 2017

By VESTA VANESSA JSOL

KOTA KINABALU: Bank Negara Malaysia (BNM) held a dialogue with key representatives from financial institutions, state government and the local business community in Kota Kinabalu, recently.

Themed ‘Bridging Ties, Charting the Future’, the dialogue which was chaired by BNM Governor Datuk Muhammad Ibrahim aims to provide a platform for industry players to exchange views and deliberate on current issues in the economy and financial system in Sabah.

During the dialogue, the representatives from the Association of Banks in Malaysia, Association of Islamic Banking in Malaysia and insurance industry briefed on the financial industry’s contribution to the Sabah’s economy and their respective plans in moving forward.

Several issues were raised by the Sabah business community including access to financing, alternative source of financing for new growth sectors, and the urgent need to improve broadband connectivity.

The issue of access to financing for affordable housing was also discussed in depth.

“The banking and insurance industry reiterated their commitment to engage with the Sabah’s business community on these issues,” BMN said in a statement.

Businesses are encouraged to access the services provided by Agensi Kaunseling dan Pengurusan Kredit (AKPK), Credit Guarantee Corporation (CGC), Small Debt Resolution Scheme (SDRS) and Corporate Debt Resolution Committee (CDRC).

To further strengthen financial inclusion in Sabah, BNM will step up collaboration with the relevant state authorities to improve the financial infrastructure, especially the ATM network, internet banking and agent banking. BNM’s Regional Office in Sabah will continue to facilitate and channel consumer complaints, and redress as well as provide advisory on banking and insurance matters.

In addition, financial education programmes in reaching out to the local communities in Sabah will also be intensified.

An outcome of the dialogue is the establishment of a working group comprising the business community, financial institutions and the state government coordinated by BNM to discuss and provide recommendations on key issues relating to financial services confronting the community.

The dialogue also agreed on a forum for risk managers of financial institutions to be held within a year for banks to promote greater understanding of business conditions in Sabah.

Going forward, BNM will continue to hold these dialogues to bridge the financial sector and local communities as part of nation building.

   
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