Bank Negara Malaysia (the Bank) wishes to announce the establishment of a Financial Education Network (FE Network) to coordinate and drive a national financial education strategy in Malaysia.

The FE Network serves as an inter-agency platform to increase the impact of financial education initiatives and identify new opportunities for improving financial literacy among the Malaysian public through greater alignment, closer collaboration and a strong focus on impact assessments. Its initial members are Bank Negara Malaysia, Agensi Kaunseling dan Pengurusan Kredit, Suruhanjaya Sekuriti Malaysia, Perbadanan Insurans Deposit Malaysia and Kumpulan Wang Simpanan Pekerja. The FE Network will work with relevant government ministries, industry associations, consumer groups and other key stakeholders to deliver, monitor and measure financial education initiatives under a coordinated national strategy.

The FE Network will be represented by a High Level Inter-Agency Steering Committee chaired by Bank Negara Malaysia and supported by working groups established 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 Governor Muhammad Ibrahim.