Najib asks M'sians to redouble efforts for wider access to financial literacy

by **Cals** Thu 12 Sep 2013, 22:36

Najib asks M'sians to redouble efforts for wider access to financial literacy
Business & Markets 2013
Written by Bernama
Thursday, 12 September 2013 19:03

KUALA LUMPUR (Sept 12): Prime Minister Datuk Seri Najib Tun Razak has asked Malaysians to redouble efforts for a much wider access to financing and greater financial literacy.

He said while Malaysia had achieved significant progress in terms of access to credit and financial literacy, there was still much more to be done.

"Our vision is to equip all Malaysians with an essential understanding of sound financial management, provide them with the means and the opportunity to improve their financial position, and assure them of the right to fair treatment as financial consumers," he said when closing the Global Policy Forum (GPS) today.

In realising this vision, Najib said responsibility must be shared with the government through appropriate education and development responsibility, regulators via a facilitative regulatory framework and strong consumer protection standards, financial industry — through responsible innovation and financial practices, and individual consumers through the appropriate exercise of choice and prudent financial management.

Meanwhile, the three-days GPS concluded with the declaration of the Sasana Accord, further strengthening the Alliance for Financial Inclusion (AFI) network's commitment to the Maya Declaration, taking it to the next level through the adoption of systematic assessment of impact, to ensure quantifiable and measureable targets for financial inclusion.

Through the Sasana Accord, financial inclusion policy-making and strategies would see evidence and data-based results that contribute to accelerate the progress and measurement of the impact, he said.

Najib said the ability to share common challenges, ideas and experiences among policymakers worldwide, can help in making better decisions.

He said the GPF was a testament to the enormous potential that the collaboration can unlock.

"Over the course of this conference, I am sure policymakers here have absorbed some of the successes, in the struggle for a more inclusive global economy.

"And it's my hope that, in turn, Malaysia's development journey may prove equally instructive," added Najib, who is also the Finance Minister.