Banking industry needs to remain competitive in postnormal times — Anwar

Publish date: Mon, 19 Feb 2024, 10:15 PM

KUALA LUMPUR: The government has urged the country's banking industry to remain competitive in dealing with the concurrent '3Cs' phenomenon in postnormal times - complexity, chaos and contradictions.

Prime Minister Datuk Seri Anwar Ibrahim said that given the financial industry's vital role in supporting the national economy, banks need to have a strong ability to stay competitive amid the 3Cs.

"Banks should bear the responsibility along with the government to ensure the success of economic reforms highlighted in the Madani Economy (framework).

"The framework aims to effect an economic transformation by raising economic value in the global supply chain as well as improving the sustainability of the national economy," he said in his speech at the launch of myimpact SME Hub organised by Malayan Banking Bhd (Maybank) here on Monday.

Anwar said the Madani Economy framework focuses on three industries to raise the nation's status, namely energy transition, food security and digital transformation.

However, to ensure a fair distribution of wealth, the Madani Economy also stresses the need for the micro, small and medium enterprises to participate in these industries, he said.

Meanwhile, Anwar said the financial institutions are a pillar in the national economic system as they assist in building confidence among the public as well as local and foreign investors.

"Other matters related to the speed, efficiency and capability of bank management are (the bank's) concern about staff well-being and programmes aligned to the nation's demands," he said.

Anwar also expressed pride over Maybank's success and performance in Malaysia and the region as a large financial institution that has achieved milestones in tandem with the growth of the national economy.

The launching ceremony was also attended by Finance Minister II Datuk Seri Amir Hamzah Azizan, Minister in the Prime Minister's Department (Religious Affairs) Datuk Dr Mohd Na'im Mokhtar, Deputy Entrepreneur Development and Cooperatives Minister Datuk R Ramanan and Maybank group chairman Tan Sri Zamzamzairani Mohd Isa.

  - Bernama

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