Malaysia : Sustainable Adoption of Innovative Channels for Financial Inclusion

World Bank

Washington, DC

关键词: ACCESS TO BANK;    ACCESS TO SERVICES;    ACCOUNT BALANCE;    ACCOUNT BALANCES;    ACCOUNT HOLDERS;   

RP-ID  :  83280

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This note focuses on the regulatory andmarket environment relevant to the emergence and adoption ofinnovative delivery channels to promote greater financialinclusion in Malaysia. Financial inclusion is defined herenot only as providing access to financial services, but alsoas enabling and promoting increased usage of those services.Achieving higher levels of access and usage requires anextensive and efficient retail payments infrastructure,affordable financial products that meet the needs ofcustomers, and actions to address cultural and socialfactors that influence customers' choices. This notetherefore considers the implications for financial inclusionof Malaysia's evolving retail payments landscape andthe country's potential to go beyond providing physicalaccess to services. Malaysia has achieved remarkableprogress in providing access to basic bank accounts to themajority of the population and credit to small and mediumenterprises. Increasing access and usage will depend, to alarge extent, on greater availability of technology-enabledchannels that go beyond brick-and-mortar branches andleverage on existing third-party infrastructure such asretailers and neighborhood shops, which are usually referredto as 'retail agents.' There are only a fewregulatory obstacles for the use of agents by banks (thereis already an enabling framework for nonbanks) and fordevelopment of other alternative delivery modes. Relevantregulation is generally permissive while maintaining minimumstandards for the safety and security of transactions andthe protection of users. Financial inclusion is defined inthis Note as a situation where financial services are notonly readily accessible, but also widely used by themajority of the population in meeting all or most of theirfinancial needs. After a brief overview of the state ofaccess to basic financial services and the institutionalpotential for expansion in Malaysia, the note analyzes themarket environment and the policy and regulatory frameworksthat may have an impact on the emergence and sustainabilityof delivery modes that could cater to underserved andun-served communities.