The partnership aims to establish Malaysia as among top nations in economy and innovation
By MARK RAO / Pic By AFIF ABD HALIM
The Securities Commission Malaysia (SC) together with Bank Negara Malaysia (BNM) will co-chair the Financial Education Network which aims to develop the country’s national strategy for financial literacy.
SC chairman Tan Sri Ranjit Ajit Singh said the partnership with the central bank is part of the government-led efforts to establish Malaysia as among the top nations in terms of economic development and innovation.
Scheduled to be launched by the first quarter of next year, the national strategy will include collaboration from key government-linked agencies.
“Involved in the formulation of the strategic priorities and action plans, the national strategy is geared to address financial and investment literacy needs within all segments of society, and key agencies including Permodalan Nasional Bhd, Employees Provident Fund as well as the Ministry of Education and Ministry of Higher Education Malaysia,” explained Ranjit during the opening day of the InvestSmart Fest (ISF) 2017 last Friday.
ISF 2017 is an SC-organised education fair aimed at increasing financial and investment literacy among the Malaysian public.
Ranjit added that Malaysians need to possess the necessary skills and knowledge to effectively manage their financial resources.
“This includes the ability to make sound investment decisions, build and manage wealth, and adequately prepare for retirement,” he said. “By cultivating financial literacy in our youth, it will be key to the country’s aspirations,” explained Ranjit.
In line with this, SC established a behavioural analysis unit under its consumer and investor office to better gauge investor behaviour, while hosting related seminars and leveraging on technology and social skills to expand the forum’s reach.
Made up largely of financial market institutions, associations, industry players and government agencies, ISF 2017 secured over 65 participating organisations during the three-day event which concluded yesterday. About 20,000 people were anticipated to attend the education fair.
Since its inception three years ago, ISF has engaged over one million Malaysians through its various programmes.
The focus is to enhance financial and investment literacy in hopes of developing financial skills.
ISF also launched its first financial service desk called FinPlan4U which offered 400 free sessions on financial planning services, in collaboration with the Financial Planning Association Malaysia and Malaysia Financial Planning Council during the three-day fair.
SC also addressed the issue of financial scams over the past two years, involving 500,000 Malaysians.
“Investor education plays a key role in SC’s mandate to ensure adequate investor protection,” Ranjit said.
“Our financial and investment literacy programmes are designed to create awareness and empower individuals to make informed investment decisions.”