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WIEF POWERTALK - Digital Banking: Driving Financial Inclusion for MSMEs
Bank Negara, Malaysia’s central bank, is expected to issue five digital banking licenses to successful applications and the decision is set to be made in the first quarter of 2022. Once ready for operation, these successful applicants are expected to contribute to Malaysia’s goal of financial inclusion by offering products and services to address market gaps in the underserved and unserved segments – this includes youth, women and MSMEs.
The surge in digital adoption among businesses and consumers in response to COVID-19 pandemic has accelerated the growth of e-commerce and digital entrepreneurship. This will lead to a more inclusive and sustainable digital economy.

Digital technologies play a leading role in promoting financial inclusion. There is early indication that financial inclusion can be achieved through digital economy with innovations such as e-marketplaces, e-wallet and strengthening of logistics infrastructure. However, as Malaysia’s digital economy matures, there is a need to move beyond e-wallets for true financial inclusion to happen. Subsequently, this creates greater impact to the GDP and digital banking can be a solution.

Key Takeaways
• Digital banking can accelerate the growth of entrepreneurship and unlock the potential of Malaysia’s economy.
• Through e-commerce and digital entrepreneurship, we are able to encourage and direct the B40 community to have access and be involved in the digital economy.
• Addressing the unmet financial services needs of underserved segments, SME’s, MSME’s, young consumers and the unbanked.

1. Alain Yee, Head, ShopeePay Malaysia
2. Xin Yi Yeo, Head of Financial Risk Management and Fintech/Digital Banking Leader, KPMG Malaysia
3. Prof. Dr. Nafis Alam, Head, School of Business, Monash University Malaysia

Freda Liu, Speaker, Broadcast Journalist, Author, Malaysia

Nov 25, 2021 11:00 AM in Kuala Lumpur

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