Active Involvement Envisaged by Commercial Banks in the Financial Capability Programme

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Active Involvement Envisaged by Commercial Banks in the Financial Capability Programme

Kuala Lumpur, Wednesday, 19 January 2011:- Speaking after the launch of the Financial Capability Programme (FCP), Dato’ Sri Abdul Wahid Omar, Chairman of The Association of Banks in Malaysia (ABM) and President and Chief Executive Officer of Malayan Banking Berhad said that commercial banks look forward to working closely with both Bank Negara Malaysia (BNM) and Agensi Kaunselling dan Pengurusan Kredit (AKPK) to promote the FCP to the target banking customers.

In this respect, the involvement of the commercial banks will extend beyond the dissemination of pamphlets, flyers and other material. A majority of ABM’s members have in fact demonstrated strong support for the FCP by offering the use of their premises for purposes of conducting the FCP, explained Dato’ Sri Wahid. ABM has already completed a first round survey of the type of premises available at locations identified by BNM and AKPK, he added.

“With many young adult employees within their work force, ABM member banks are of the view that such employees can and should benefit from the opportunities presented by the FCP and learn how to enhance their personal financial knowledge and management. Thus, it is envisaged that the commercial banks will themselves be signing up eligible employees as participants for the FCP.”

Further, Dato’ Sri Wahid revealed that several ABM member banks have also expressed their keenness to conduct the FCP for their own customers given that individual banks would be in the best position to understand its customers’ needs. Going forward, these commercial banks will explore in earnest if a pool of internal talents with the right profile and experience may be selected by such banks for training by AKPK to become FCP trainers.

“The FCP which targets young adults and new prospective borrowers will serve to lay an important foundation for inculcating responsible borrowing practices. Coupled with the prevailing efforts for healthy and transparent lending practices on the part of the banks, ABM is confident that the prestige and overall well being of the Malaysian financial industry will be improved with the FCP’s introduction,” Dato’ Sri Wahid said.

Updated List of Chargees for Executing Form 42B