Cash is king: Malaysia’s cash-only economy

  • 17 January 2019

Despite a high level of access to bank accounts in Malaysia, there is a big gap in usage. Most Malaysians still rely on cash, and while many people have debit cards, actual usage of them is low. The Digital Finance Innovation Hub Malaysia, set up by the United Nations Capital Development Fund, Bank Negara Malaysia, and the Malaysian Digital Economy Corporation, is looking for solutions and models that could drive usage of financial services beyond access to bank accounts and address need at the customer level.

With a focus on the low-income segment of the population, the Hub will stimulate the development of new businesses and test new ideas, collaborate to create a community of best practices, and drive cross-border business linkages across global markets in Asia, Africa, and the Pacific. It will make the Malaysian ecosystem more inclusive, as well as, further champion the inclusion agenda in the Asean region.