Malaysia achieved a relatively high spot in the recently published 2023 Global Financial Inclusion Index by Principal Financial Group (Principal) and the Centre for Economics and Business Research (CEBR).
Rising up two spots to 18th place out of 42 global markets, Malaysia improved in two of the three pillars of financial inclusion, going up from 24th to 22nd in government support, 23rd to 17th for financial system support, and maintaining its ranking for employee support at 5th place.
Significant improvements in Malaysia’s digital economy have also played a prominent role in improving the country’s overall financial inclusion position, moving up to 14th place in ‘volume of real-time transactions’ and to 24th place for ‘online connectivity’ indicators.
“It’s encouraging to see Malaysia not only rise in the rankings, but to also see an increase in the number of people who feel financially included in this country,” said Munirah Khairuddin, country head and chief executive officer, Principal Malaysia.
“The continued focus on digitisation and other initiatives that eliminate barriers to people’s ability to save and invest will further improve financial inclusion across the country.” She said in an official statement release.
While Malaysia continues to improve its financial inclusivity, our neighbour Singapore still retains its position as the world’s top market for financial inclusion.
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