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KUALA LUMPUR: A more comprehensive review of the financial intermediary industry is being undertaken, said Bank Negara Malaysia (BNM) Assistant Governor Dr Norhana Endut. She said BNM and the Securities Commission Malaysia (SC) are looking into opportunities to streamline regulations for financial planners and advisers. “Such collaborative efforts have been highlighted in the central bank’s Financial Sector Blueprint and the SC Capital Market Masterplan 3,” Norhana said at the Malaysian Financial Planning Council (MFPC) 20th Anniversary luncheon. She said that enhancing the financial education level of industries and households remains the key strategy to encourage responsible and effective usage of financial services. “Together with other partners on the financial education network, we acknowledge MFPC’s contribution towards enhancing public knowledge and awareness via the ‘My Money and Me’ financial literacy programme. “The robustness of MFPC’s financial education programmes is affirmed by the stream of awards and accolades that it has received throughout the years,” Norhana said, addind that by the end of 2023, there were over 1,400 financial planners and 1,500 financial advisers in Malaysia. “To a large extent, the growing number of qualified financial planners and advisers have contributed towards the growth of new business of the life insurance and family takaful sector, which grew by a compound annual growth rate (CAGR) of 8.6% for the period of 2018 to 2023,” Norhana said. Meanwhile, MFPC President Ng Yen Heng said the council’s commitment to excellence remained steadfast following the launch of the Modular Certification Title and the Shariah Capstone Programme which underscored MFPC’s dedication to providing flexible, specialised learning pathways for financial professionals. “The landscape of financial planning is constantly evolving, presenting us with new opportunities and challenges. To navigate these, we have developed a comprehensive 3-year strategic plan with targets to propel MFPC to greater heights, namely the presence of professionals, influence and branding, as well as community,” he said. Ng said MFPC is also embarking on a blended-learning strategy augmented with enriched self-paced e-learning modules, providing its members with the flexibility to learn at their own pace. — BERNAMA

KUALA LUMPUR: The soon-to-be Singapore Prime Minister, Lawrence Wong plans to enhance relations between Malaysia and Singapore, as revealed by the Malaysian Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz. In a post on X, Tengku Zafrul said that trade between the two countries has indeed been strong. “However, the world now has to face two main megatrends, namely deglobalisation and also the need to achieve zero carbon emission target to improve the world’s socio-economic situation,” he said. According to Tengku Zafrul, Malaysia and Singapore have the synergy to develop the required leadership needed for the ASEAN region in both matters, especially during Malaysia’s ASEAN chairmanship next year. Meanwhile, Wong believes that a key challenge for him will be elevating economic ties to benefit all of the 10-member ASEAN bloc. He said that strengthening these ties is crucial for maximising mutual potential and creating wealth for citizens amidst a hostile global environment that favours competitive economies. However, by collaborating with Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim, Singapore could attract global tech firms to relocate due to the US-China trade and chip war. In doing so, the Malaysia-Singapore nucleus can be a magnet for attracting foreign direct investments into the Asean region, based on its combined populace of almost 700 million and being the third most populated region. Rated 6th in the world for semiconductor exports, with RM575 billion in sales in 2023, Malaysia reportedly has 7% of the global market share. For over a decade, Malaysia and Singapore have been each other’s 2nd largest global trading partners and the largest among Asean countries, as the two economies are ‘almost dependent on each other’. In 2023, total trade between the two countries was valued at RM363.13 billion. Singapore has high labour costs, skills shortages and lack of manpower, despite having healthy public finances with huge reserves, offering it the springboard to chalk up high economic growth. Due to this, many of Malaysia’ exports go through Singapore and a significant number of Malaysians work in Singapore while there are many companies from both countries that do business in each other’s markets. Recent statistics show that more than 1.18 million Malaysians are working in Singapore, while overall 1.8 million Malaysians are working in the region. The two countries will celebrate 60 years of bilateral relations next year. The 52-year-old Wong, who is the Singaporean Deputy Prime Minister and Minister of Finance, will succeed 72-year-old Lee Hsien Loong, who served Singapore’s government for nearly 20 years since 12 August 2004. Wong’s swearing-in ceremony will take place at 8pm at the Istana, the official residence and office of the Singapore president. — BERNAMA

KUALA LUMPUR: Think City, Malaysia’s premier urban development consultancy, in partnership with the Football Association of Selangor (FAS) and PadangBolaSepak.com (PBS), proudly launched the Kita-Untuk-Kita (K2K) Juara initiative today. Dr. Shahridan Faiez, Director of K2K at Think City, officiated the launch of this groundbreaking program. The K2K Juara initiative will host a series of grassroots sports programs across 10 People Housing Projects (PPR) in the Klang Valley throughout 2024. The initiative aims to harness the power of sports to drive positive change within these communities. By offering a variety of sports activities, K2K Juara seeks to foster personal and professional growth, skill development, and a stronger sense of community belonging. Representatives from the 10 participating PPRs were also present at the launch. This comprehensive program includes a range of opportunities designed for holistic development and community engagement. Key components include Futsal Clinics led by licensed FAS coaches and life-skill workshops covering CPR and basic first aid. Participants will also benefit from career-oriented initiatives such as Career Sports Workshops, which inspire youth to explore diverse roles within the sports industry through interactive sessions with professionals and career exploration activities. Additionally, coaching workshops will be offered, enabling participants to pursue coaching licenses accredited by the Football Association of Malaysia. These workshops provide a structured pathway for aspiring coaches to develop their skills under the guidance of experienced mentors, empowering them to contribute to the growth of future athletes. Moreover, participants will enjoy immersive experiences through field trips to the FAS Training Facility, offering behind-the-scenes access and interactions with sports experts. Monthly Town Hall Meetings will serve as a vital platform for community members to evaluate progress, address challenges, and foster collaboration, thereby nurturing stronger community bonds and collective growth. Together, these elements create a dynamic environment that promotes not only sporting skills but also personal development and community cohesion. During the launch, FAS Representative Amir Yazid emphasized the organization’s commitment to grassroots development. “FAS is delighted to partner with Think City and our longtime collaborator, PBS, on this impactful initiative. K2K Juara aligns perfectly with our vision of fostering a lifelong love for sports at all levels. We are confident that this program will not only promote physical well-being but also cultivate valuable life skills and a sense of camaraderie within the participating communities.” Founder of PadangBolaSepak.com and K2K Juara’s Program Director, Khalilul Rahman, highlighted the importance of community engagement in urban development. “At K2K Juara, we believe that vibrant communities are the cornerstone of successful cities. This initiative exemplifies our commitment to placemaking and social resilience. By working with FAS and the residents, we can empower these communities through the unifying power of sports.” The K2K Juara initiative underscores the commitment of the three stakeholders to collaborate with government agencies, NGOs, and local communities to create a more equitable and sustainable future for Malaysia. The program is expected to benefit hundreds of residents across the Klang Valley, fostering a more vibrant and inclusive urban landscape.