Malaysia calls for a more equitable global financial system

Kuala Lumpur, Jan 1 (KUNA) -- Malaysian Prime Minister Anwar Ibrahim called on Wednesday for the establishment of a more equitable global financial system as the impact of artificial intelligence accelerates in reshaping the financial sector. Speaking at the opening ceremony of Malaysia’s Global Development Centre for Artificial Intelligence, Innovation, and Fintech, Ibrahim stated that “fintech innovations should enhance resilience, reduce exposure to international shocks, and improve access to finance, particularly for underserved communities and small businesses.” He added that AI opens new avenues for building trust, assessing risks, and expanding financial inclusion, while transforming how businesses operate, how trade is conducted, and how cross-border markets are linked. However, he warned that its development concentrates significant power in the hands of data controllers, digital platforms, and infrastructure providers, making robust governance and human oversight essential to ensure that human judgment remains at the core of responsible financial decision-making. Ibrahim noted that the Malaysian government is finalizing an AI governance bill to support the responsible adoption of this technology, which will complement existing laws, including the Cybersecurity Act and data protection regulations. (End)