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Bursa CEO calls for collective action to boost financial literacy among local investors

Publish date: Tue, 27 Feb 2024, 04:51 PM

KUALA LUMPUR (Feb 27): Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift has urged for collective responsibility from various stakeholders to enhance financial literacy among investors in Malaysia.

Although Malaysia's financial literacy and capability (MyFlic) Index is on the right track, he emphasised the need to prioritise financial literacy amid the emergence of the financial landscape.

“However, growth alone is not enough. We must also prioritise financial literacy among investors. In today’s ever-shifting financial landscape, knowledge is power,” Muhamad Umar said at the launch of investing and trading app Moomoo here on Tuesday.

He noted the importance to equip investors with the knowledge and the right tools, so investors can confidently navigate the market and secure their financial future.

Meanwhile, he called for the industry to embrace technology in order to stay relevant and appealing to the tech-savvy millennials and Gen Z.

“Technology is disrupting every sector, and as a stockbroking industry, we too need to keep up and change how we reach out to the market. 

“We must harness the power of new technologies to better serve investors, while at the same time, attracting a new generation of investors,” he said.

However, he stressed the need for a collective effort from everyone in the industry towards financial inclusivity as well as to strengthen the capital market. 

“Financial literacy is a shared responsibility by the entire industry, and I look towards all market participants to continue their part and amplify efforts to build more informed investors, and ensure that every Malaysian investor has the tools, resources and support they require to achieve their financial goals,” he added.

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