There is no exaggeration that the economy of Malaysia is getting strong and is all set to emerge positively further. With the banking industry ready to infuse more investments in the relevant areas, the pressure on the financial sector is likely to wane away. Thus, the fiscal position of the country is ready to scale new heights in the coming years.
The advanced technological improvement witnessed in the global market has also impacted positively on the health of the Malaysian economy. It is heartening to note that digitization in the financial sector has boosted economy crossing the threshold limits envisaged by the economic wizards. The key managers associated with the decision-making have already introduced the steps to push the online sales.
With unscrupulous fraudsters mushrooming all over, the Malaysian citizens have also been the victims of phishing and other types of disputed transactions. As confirmed by BERNAMA, the Malaysians are ready to welcome Open Banking based services if the privacy and security of the information are not compromised. The 2-factor involving the password and token, the smart card information or the One-Time Password would protect the customer.
The additional 3-Factor security measures would also require biometric details of the customer required to be ascertained for a transaction to be successful.
With these advanced technologies in place, there is no scope for any fraudulent transaction in the Malaysian online banking system.
Bank Negara is making financial markets in Malaysia more regulated, so that the consumers get a fair deal and protection. This means Companies have to keep UpToDate with Compliance laws, regulations & policy’s controls
Infuse Innovative Ideas
When the objective is clear to the executive authorities, there is no stopping at any level. The Deputy Finance Minister of Malaysia requested 200 bankers gathered at the 9th Technical Asia Conference to leave no stone unturned to compete with the fintech firms. Therefore, the impending financial services are likely to open the floodgates in enticing the banking customers with more attractive offers.
The financial experts project that healthy competition is in the anvil with positive messages emanating from the authorities concerned. The financial and banking sector is also likely to witness some Joint Ventures between banks and fintech organizations.
The cybersecurity managers are likely to pitch in for extending the assurance among all the stakeholders to create a congenial atmosphere for the enhanced safe business levels.
Resonating from the Newer Technologies
The newer technological trends like the Big Data, analytical interpretation of data on hand and the user-friendly interfaces are sure to get a big boost. There is no surprise if robust investment proposals in the start-ups create more demand for the network managers and allied positions. The emerging technologies of the Internet of Things (IoT) and Artificial Intelligence would be a fond area for every technical savvy personnel for refining the financial health throughout the country.
With a view to achieving the objectives, the policies favorable to the financial industrial growth are likely to dominate. These include the Recruitment Process Outsourcing (RPO) for each of the retails, commercial, corporate and other investment transactions.
The hunt for professional manpower would attract an expert candidate for the suitable position not only at the junior level but also at the higher hierarchical positions.
With all the positive signs emanating from all the directions, the economic boom in Malaysian fiscal position is set to reach the targeted levels, if not more.