Insurance sector lauds Chew’s new role

Latest Bank Negara deputy governor praised for financial knowledge and competency

PETALING JAYA: Until yesterday, not many knew who Jessica Chew ( pic) was.

Those within the financial circles knew her as the lead person from Bank Negara who oversees the revamping of the insurance industry.

Bank Negara governor Tan Sri Muhammad Ibrahim recently identified the insurance sector as an area that required a lot of improvement.

At the Malaysian Insurance Summit 2017 in October, Muhammad said the existing business models of the insurance industry were “essentially broken” from the perspective of the underserved population.

On Tuesday morning, Chew was named the successor to deputy governor Dr Sukudhew (Sukhdave) Singh.

Sukhdave leaves on Dec 31 after serving the central bank for 31 years.

Chew, currently an assistant governor, will replace him the following day for a three year term.

Sukhdave’s departure comes more than a year ahead of his term as deputy governor, which is supposed to end in April 2019.

In a news report last year, Chew was quoted as saying that the Malaysian insurance industry would undergo its most significant transformation over the next five to 10 years.

Known for her competency, Chew has always had statistics, facts and figures at her fingertips.

Having worked in Bank Negara since 1993, she has over 20 years of experience in financial sector regulation and supervision.

She was involved in the development of the Financial Sector Master Plan (20012010) and subsequently the Financial Sector Blueprint (20112020).

When contacted, General Insurance Assoc iation of Malaysia (Piam) lauded Chew’s appointment.

“We look forward to her continued leadership and guidance as we work with Bank Negara to ensure we meet the needs of the nation,” said Piam.

Allianz Malaysia Bhd CEO Zakri Mohd Khir said: “She (Chew) is very knowledgeable and an asset to the industry.

“This illustrates Bank Negara as a good example in succession planning.”

Life Insurance Association of Malaysia (Liam) president Toi See Jong said the appointment is a testimony of Chew’s exemplary leadership and contributions to Bank Negara Malaysia over the last 20 years of her service.

“Liam has the privilege to work closely with Chew under the strategic initiatives mapped out in the Financial Sector Masterplan (20012010) and the ongoing Financial Sector Blueprint (20112020).

“Under her stewardship, we are confident the life insurance industry will fulfil its important role as a provider of financial protection to the community.

“We are committed to the vision of embracing a fully inclusive society, where life insurance is accessible to all Malaysians,” he added.

Currently, Chew is responsible for the development of regulations and policies in the banking and insurance sectors, focusing on efficiency, innovation, market institutions and structures, development finance and talent development.

She is also responsible for payment systems development and regulation, overseeing the money services business.

In her new role, Chew will be responsible for the financial sector’s regulation and development, including payment systems, organisational development sector and centralised shared services.