Page 389 - Westport Guide To Malaysia

THE GUIDE TO MALAYSIA 381
and undertakes oversight of the payment system. For further information
on the central bank’s roles, please visit the BNM website at W bnm.gov.my.
Financial Services
Malaysian financial institutions offer a full range of products and services to all economic sectors, businesses
and segments of the society, including under- served groups and rural communities. Advances in financial technology (fintech) have led to
the introduction of
new business models
and solutions that have contributed to the improvements in customer value and experience
as well as financial institutions’ efficiency
and risk management.
As of June 2021, there
are about 121 financial institutions offering a wide range of services within the Malaysian financial sector. There are also 14 approved Representative Offices of Foreign
Banking Institutions which among others, conduct research on activities and business opportunities
in Malaysia as well as maintain correspondent relationships with local financial institutions.
Banking
The banking sector breaks down as follows: 26 commercial banks of which
BNM Governor Datuk Nor Shamsiah Mohd Yunus (centre) conducts one of her frequent press briefings. Effective communication is a key priority for Malaysia’s central bank.
18 are foreign owned, 11 investment banks which are all locally owned, 17 Islamic banks of which
6 are foreign owned,
and a comprehensive network of ATMs throughout the country. There are 6 development financial institutions
that provide general development finance, as well as other Federal and State Government- owned financial institutions that pursue specific development finance agendas.
Insurance
A total of 61 domestic
and international insurers and takaful operators is made up of 25 life insurers/ family takaful operators, 26 general insurers/ general takaful operators and
10 reinsurers/ retakaful operators. They offer services through digital
channels, their branch office(s) and/or authorized agents. Insurance brokers are also available to arrange larger and more complicated risks.
Pos Malaysia
Besides its domestic and international mail, courier and logistics services, Pos Malaysia is a significant financial services provider. Through its network of over 600 post offices throughout the country including rural areas, it offers a wide range of basic financial services including cash deposit and withdrawal, money transfer and non-postal services such as bill payment, motor vehicle insurance, driving license renewal, road tax renewals, life insurance and financial services. As of FY2020, the retail transaction volume amounted to 44.3 million.