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Digital bank transformation must be expedited, says Anwar | Scoop
Prime Minister Datuk Seri Anwar Ibrahim giving a speech at the launch of the GXBank headquarters and the GXBank Centre of Excellence today. – Alif Omar/Scoop pic, August 2, 2024
News

Digital bank transformation must be expedited, says Anwar

PM hopes GXBank, whose headquarters he launched today, and other digital banks will up their game while relevant ministries improve regulations and processes

Bernama
Updated
1:17 PM MYT

 

PETALING JAYA – Malaysia must expedite the transformation of digital banks in the country to avoid being left behind its regional peers, Prime Minister Datuk Seri Anwar Ibrahim said today.

Regionally, Malaysia was not among the earliest to launch digital banks, and is still lagging in the sector in several aspects, he added.

He also emphasised that the government, through the Investment, Trade, and Industry Ministry and the Digital Communications Ministry, has taken steps to ensure that digital banks are no longer hampered by lengthy regulations and processes. 

“The challenge for GXBank and other digital banks is in implementing changes swiftly and efficiently.

“Nonetheless, I am confident that the entire GXBank family will rise to this challenge,” he said during the launch of the GXBank headquarters and the GXBank Centre of Excellence today.

The Prime Minister emphasised that digital banks must prioritise the people’s interests to remain sustainable, in addition to raising the people’s awareness and understanding of digital banks.

“In my opinion, if the economy does not serve the people, it is not sustainable,” he said.

Anwar added that the country’s growth figures, investment levels, and control of inflation and unemployment have been impressive, positioning Malaysia as a highly competitive nation. – August 2, 2024

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