Mobile banking transactions rise to RM800bil in 2021: Tengku Zafrul


AN average Malaysian made 221 e-payment transactions in 2021, up from 150 in 2019, says Finance minister Tengku Datuk Seri Zafrul Aziz.

 Similarly, the mobile banking and e-money transactions grew at the fastest rate, where mobile banking transactions nearly quadrupled to RM800 billion in 2021, from RM203 billion in 2019.

Read more: Government aims to double microinsurance, microtakaful sign up by 2026 – Tengku Zafrul

With 47 non-bank e-money issuers, e-money transactions grew nearly 3-fold to RM51 billion in 2021, from RM 18 billion in 2019.

“These advancements show how consumers and merchants alike have quickly adapted to the new normal by adopting cashless transactions,” Tengku Zafrul said in his speech at the TNG Digital GoPinjam launch in Kuala Lumpur today.

“Of course, these developments would not be possible without the acceleration of technological adoption and the financial and payments industries’ role in promoting a digital and mobile-first mindset,” he added.

The minister said in pushing the ‘finance for all’ agenda, the Government recognises that it is not only the availability of digital financial products that is important, but also access to those products.

“In this regard, our aspirations for digital inclusivity will remain unfulfilled unless the necessary infrastructure is in place. Various measures in Budget 2022 will pave the way for Keluarga Malaysia and businesses to embrace digitalisation, and this policy is expected to continue in future Budgets,” he said.

He noted that among key Budget 2022 measures include RM700 million for JENDELA, RM 1billion through Bank Negara Malaysia’s SME Automation and Digitalisation Facility; RM150 million for the creation of digital content for the creative industry; and RM200 million as part of the MSME Digitalisation Grant.

“Looking ahead, it should come as no surprise that 2022 will continue to be a transformative year, supported by solid fundamentals in the financial sector and ever-changing trends,” Tengku Zafrul said adding that the ministry remains committed to fostering these trends.

“On that note, I would like to congratulate TNG Digital and CIMB on today’s launch, which demonstrates both entities’ admirable desire to constantly innovate,” he said.