BANK Negara Malaysia (BNM) is developing the next phase of the country’s financial sector transformation through the Financial Sector Master Plan 2027-2030, aimed at ensuring the industry remains resilient, innovative and aligned with rapidly evolving economic needs.
BNM Governor Datuk Seri Abdul Rasheed Ghaffour said the upcoming blueprint was being developed through close collaboration with industry players, the government and various stakeholders to ensure it addresses real-world challenges while supporting the changing demands of the economy.
He said artificial intelligence (AI) adoption has accelerated significantly across Malaysia’s financial sector, with more than 70 per cent of financial service providers having already implemented at least one AI application.
“Industry feedback on the Discussion Paper on Artificial Intelligence in the Malaysian Financial Sector indicates that AI adoption is expanding rapidly, particularly in areas that offer improvements in efficiency, productivity and risk management,” he said.
Abdul Rasheed was speaking during his opening address at AICB NEXUS 2026, themed “AI, Trust and the Future of the Financial Sector”.
He said financial institutions in Malaysia have so far focused mainly on deploying AI solutions that deliver direct value to individual organisations.
However, he stressed that the next stage would require the financial ecosystem to harness AI collectively to address complex challenges that cannot be solved by individual institutions alone.
“Challenges such as fraud and cyber threats require collective action. BNM, the Royal Malaysia Police (PDRM), financial institutions, Payments Network Malaysia (PayNet) and other strategic partners have been working together to strengthen protective measures, share intelligence and enhance customer protection,” he said.
The governor emphasised that trust within the financial system cannot be built by a single institution but must be developed through a coordinated ecosystem where all stakeholders work together.
He said collaboration would be essential as Malaysia moves towards a more digitalised financial landscape, where emerging technologies such as AI provide significant opportunities while also creating new risks that require coordinated responses.
The Financial Sector Master Plan 2027-2030 is expected to chart the industry's next stage of development by balancing technological innovation, financial inclusion, operational resilience and public confidence in Malaysia’s evolving financial ecosystem. - July 8, 2026
