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.