KUCHING: The Forum Serantau YAPEIM 2024 (FSY2024) was a resounding success featuring over 60 panellists and moderators from Malaysia, Indonesia, Singapore, Brunei, Thailand, Cambodia and the United Kingdom.
Under the theme ‘Empowering the Madani Economy through Regional Synergy’, the two-day event (Oct 1 and 2) had discussed various key issues such as extreme poverty and inequality, Islamic finance, fintech, high-value economy, green economy and sustainability, digital economy, entrepreneurship, youth skills and employment, halal industry, Islamic tourism, and strengthening Islamic institutions and agencies.
During the parallel session titled ‘Raising the Ceiling and the Floor: Islamic Finance, Fintech and Impact on the Economy’, chief economist at Juwai IQI, Shan Saeed, highlighted the importance of seizing opportunities for foreign investments and innovation as vital steps toward empowering the Madani economy through regional synergy.
He projected a potential exchange rate of RM3.5 to the USD, illustrating how strategic economic partnerships can bolster Malaysia’s growth and enhance financial inclusion across the region.
According to the statement, the discussion on financial inclusion was spearheaded by AmBank Islamic chief executive officer Eqhwan Mokhzanee who presented compelling evidence of Malaysia’s remarkable advancements in enhancing financial access for all.
He underscored the critical role of Bank Negara Malaysia’s (BNM) financial inclusion roadmap, which serves as a strategic framework guiding the nation toward a more inclusive financial landscape.
He highlighted transformative initiatives like the iTekad programme, designed specifically to empower micro-enterprises by providing tailored financial solutions and resources.
“By equipping these businesses with the necessary tools and support, we are not only fostering entrepreneurship but also driving economic resilience and community development,” he asserted.
Meanwhile, Ethis Group co-founder and group managing director Umar Munshi emphasised the vital importance of collaboration among banks, fintechs, and other stakeholders to forge an inclusive financial ecosystem.
“By working together, we can leverage each other’s strengths and create comprehensive solutions that address specific community needs,” he said while underscoring that true progress in financial inclusion cannot be achieved in isolation.
Following this, he also elaborated on the potential of synergistic partnerships, noting that when diverse entities unite their expertise and resources, they can develop innovative products that cater to underserved populations.
“This is not just about competition; it’s about creating a holistic approach that benefits everyone in the community,” he said.
In light of the event, the panel also delved into the critical roles of risk mitigation and financial literacy in empowering individuals and businesses alike.
Umar highlighted that enhancing financial literacy is not just beneficial; it is fundamental to enabling informed decision-making and fostering economic resilience.
“When individuals understand financial concepts and products, they are better equipped to navigate uncertainties and make choices that positively impact their lives and businesses,” he explained.
He stressed that a financially literate population can mitigate risks more effectively, reducing vulnerabilities during economic downturns.
“Therefore, by investing in education and resources that bolster financial understanding, we can cultivate a community that not only thrives in stability but also innovates in times of challenge.
“This approach is essential for creating a robust economic foundation where every participant feels empowered and capable of contributing to the broader economy,” he said.
For the record, the event also included four masterclasses focusing on cultural nudge, social investment impact assessment, collaborative opportunities with YAPEIM, and sustainable funding techniques for NGOs.
Furthermore, its opening ceremony of the event was officiated by Deputy Prime Minister Datuk Seri Fadillah Yusof.
