BNM Issues Discussion Paper On Financial Inclusion Framework 2023-2026

• Law Firm: Shearn Delamore & Co.
• Subject Matter: Finance and Banking, Insurance, Financial Services, Insurance Laws and Products
• Author: Shearn Delamore & Co
• Published date: 22 February 2023

BNM has on 3 February 2023 issued a discussion paper on its proposed Financial Inclusion Framework 2023-2026 ("Framework") and inviting feedback by 31 March 2023.

The Framework is intended to serve as a four-year strategic roadmap to advance financial inclusion and meet the goals envisioned in the Financial Sector Blueprint 2022-2026. At the national level, advancing the financial inclusion agenda remains a key priority under the Twelfth Malaysia Plan 2021- 2025 (Rancangan Malaysia Kedua Belas, RMK12). The vision of the Framework is to provide a more expansive and holistic approach to achieve broader development outcomes and improve the financial well-being as well as the standard of living in Malaysia.

Bank Negara Malaysia issues Policy Document on Liquidity Facility to Licensed Insurers and Takaful Operators

Bank Negara Malaysia ("BNM") has on 10 February 2023 issued a policy document on Liquidity Facility to Licensed Insurers and Takaful Operators. This policy document comes into effect on 10 February 2023 and is applicable to all licensed persons.

Licensed person refers to:

• a licensed insurer including a professional reinsurer; and
• a licensed takaful operator including a professional retakaful operator.

BNM issues Policy Document on Investment-linked Business

BNM has on 13 February 2023 issued a policy document on Investment-linked Business. This policy document is applicable to:

• licensed insurers carrying on life business, which offer market or sell investmentlinked policies; and
• licensed takaful operators carrying on family takaful business which offer, market or sell investment-linked takaful certificates,

("investment-linked business").

This policy document stipulates key changes in the...