Wahid: Financial sector needs to uphold culture of trust
KUALA LUMPUR: Restoring a culture of trust based on strong ethical standards is vital to securing a bright future for a purposeful financial industry, says Permodalan Nasional Bhd Group Chairman Tan Sri Abdul Wahid Omar.
He said there was no doubt that Malaysia’s financial sector has contributed tremendously to the nation’s growth, however, there was still room for improvement.
“Itis shownthat by strengthening the corporate governance and investor protection frameworks, we are able to enhance the resilience of our economy to global financial shocks.
“This can be achieved if all agencies involved in the financial sector play their roles, which is to remain steadfast in upholding the principles of trust and integrity,” he said at the Business Ethics Conference here yesterday.
During a 30-minute sharing session titled “Contribution of the Financial Sector to the National Economy and the Importance on the Industry’s Reputation”, Abdul Wahid said that the Malaysian financial sector represented an important industry that has evolved immensely.
He noted that the sector has contributed immensely to the growth, dynamism and development of the nation since independence, particularly since the 1997/98 Asian financial crisis.
“The financial services sector currently contributes 6.7 per cent to Malaysia’s Gross Domestic Product.
“Our gross national income ( GNI) per capita has surpassed US$ 10,000 in 2014 ( RM34,839) before falling to US$ 9,096 in 2016 (RM37,738), but still signifying that the economic and social progress is significant considering that five decades ago, our GNI per capita was only US$ 300.
“Furthermore, in purchasing power parity terms, our GNI per capita did increase from US$ 24,900 in 2014 to US$ 26,557 in 2016,” he said.
Going forward, he said the vision was for the financial sector to serve as the foundation from which Malaysia’s transformation into a high value- added, high-income economy can be achieved through effective and efficient domestic and regional financial intermediation. — Bernama