Government aims to double microinsurance, microtakaful sign up by 2026 - Tengku Zafrul

The minister said other key outcomes expected by 2026 included rapid adoption of digital payments, with e-payments per capita increased at a compound annual growth rate of more than 15 per cent, and insurance and takaful penetration rate of between 4.8 to five per cent.

He said the blueprint also aimed to achieve consistent growth in alternative finance directed at new, innovative businesses as well as faster, cheaper and more accessible cross-border payments.

"The blueprint's strategies will be critical for the financial sector to navigate the upcoming challenges and opportunities, complementing the 12th Malaysia Plan (12MP).

"Amongst others, the blueprint outlines strategies for the use of technology and the introduction of innovative financial solutions to improve the well-being of Malaysians," he said at the launch of Touch 'n Go's (TNG) new digital personal loan facility, GOpinjam, here today.

Tengku Zafrul said the government's policies are well underway to promote the rakyat and business access to financial and digital inclusion with 2022 to continue to be a transformative year, supported by solid fundamentals in the financial sector and ever-changing trends.

He said the Ministry of Finance remained committed to fostering these trends and creating an enabling environment for greater market dynamism.

"This is done to better respond to the changing needs of the economy and society, where healthy competition and innovations coexist with prudent and responsible conduct," he added.

The Financial Sector Blueprint 2022-2026, which recently released by Bank Negara Malaysia, will lay the groundwork for the financial sector's development over the next five years.