Targets and aspirations
The Financial Services NKEA is targetted to raise total GNI contribution by RM121 billion to reach RM180 billion by 2020. In addition, through this NKEA, an additional 275,000 jobs will be created, with 56 percent of them offering an average income of above RM4,000 per month.
In order to achieve this vision, we have identified a portfolio of EPPs for the financial services sector along four strategic thrusts.
Strengthen the core
We will ensure all facets of the industry remain healthy and vibrant and are able to effectively and efficiently support the needs of businesses and consumers. This means revitalising our capital markets, deepening and broadening our bond markets, transforming developmental finance institutions and creating an integrated payments ecosystem.
Serve the needs of the high-income population
We will evolve the products and services that financial institutions offer to serve the changing needs of our citizens and residents as the nation migrates towards higher-income status. This means insuring our population, accelerating the growth of our private pensions industry and spurring the growth of our wealth management industry.
Develop new growth sectors
We will seed new sectors for growth, starting with accelerating and sustaining a significant asset management industry.
Go on the offensive
We will encourage our financial institutions to go on the offensive and tap external markets for their continued growth. This means developing regional bank champions and becoming the indisputable global hub for Islamic finance.