KUALA LUMPUR (Nov 15): Bank Negara Malaysia (BNM) has announced the establishment of a Financial Education Network (FE Network), an inter-agency platform created to improve financial literacy among the Malaysian public.

In a statement today, the central bank said FE Network will work with relevant government ministries, industry associations, consumer groups and other key stakeholders to deliver, monitor and measure financial education initiatives.

It said the initial members of FE Network comprise BNM, Agensi Kaunseling dan Pengurusan Kredit, Securities Commission of Malaysia, Malaysia Deposit Insurance Corp and the Employees Provident Fund.

The network will be represented by a High Level Inter-Agency Steering Committee chaired by BNM, with the support of working groups set up to drive specific initiatives.

“The FE Network will play an important role in harnessing the resources and creative energy currently directed at financial education across different agencies to maximise their collective impact, while encouraging adequate coverage of target groups.

“This is extremely important to support the individual well-being and financial health of Malaysian households,” said BNM governor Datuk Muhammad Ibrahim.