KUALA LUMPUR, Dec 25 — Malaysian banks have fared well in 2019 amid financial technology (fintech) disruption that is reshaping the industry and external headwinds and uncertainties brought by, among others, Brexit and the trade spat between the United States and China. The external factors not...
Wednesday, 25 Dec 2019 11:22 AM MYT
Despite these challenges, Malaysian banks had exhibited reasonably healthy profits and asset quality, with more than sufficient capital buffers against potential stress, albeit, thinning margins and some credit pullbacks. He said the moderate loan demand from businesses had led to a much slower loan growth this year than what had been anticipated, while the mortgage and retail remained stable, mitigating the overall performance.
The year also saw the fintech taking stronger roots in the conventional banking scene with CIMB, Affin Bank Bhd, Hong Leong Bank Bhd and AMMB Holdings Bhd, as well as technology firm Grab signalling their interest in securing virtual banking licences in the country.Besides this, there are about 49 non-bank e-money issuers in Malaysia, out of which three in four offer mobile payment solutions and accounted for 88.4 per cent of the transactions in the segment.
He said the requirement to meet the Net Stable Funding Ratio as prescribed by BNM also played a key factor in the banks accumulating deposit this year. He noted there was no significant impact from BNM’s OPR cut given that normalisation of Net Interest Margin took place within one or two quarters. The same scenario could also be seen in the general takaful segment which performed better than the conventional segment, he told Bernama.
On the general insurance sector, the industry saw a dip in the first half of 2019 , shrinking 1.4 per cent year-on-year due to low penetration rates and escalating claims.
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