,Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, (pic) for one, finds it encouraging that the CMP3 addresses the financing needs of companies across various growth cycles.
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FINANCIAL industry players are generally positive on the strategic initiatives highlighted under the third Capital Market Masterplan (CMP3).
They view the five-year roadmap as a potential game changer that can catapult the Malaysian capital market into the next level of growth and dynamism, thereby supporting the country’s transition into a more developed country.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, (pic) for one, finds it encouraging that the CMP3 addresses the financing needs of companies across various growth cycles.
“Entrepreneurship is a key catalyst of sustainable economic growth, as it promotes the creation of high-quality jobs that can absorb local talent.
“If we can do it right, the country could, over time, reduce its dependency on foreign labour,” he tells StarBizWeek.
“CMP3 would complement the promotion of entrepreneurial activities in the private sector by addressing their financing gaps,” he says.
From the investors’ point of view, Mohd Afzanizam says, CMP3 allows alternative investments with different degrees of risk/return to grow.
“This is especially important, as the lower-for-longer interest rate environment is expected to persist in the future. As such, the CMP3 would create a win-win platform for both businesses and investors in a healthy ecosystem,” he explains.Stashaway Wong Wai Ken
Coming from the robo-advisory sector, StashAway country manager for Malaysia, Wong Wai Ken, (pic above) welcomes the CMP3 as it recognises the potential of digital investment managers in providing better investment advice and access to global markets. “One such initiative is liberalising the set of Private Retirement Scheme or PRS providers to include robo-advisers to further expand the already-successful retirement scheme,” Wong says.
“We look forward to deepening our reach to service more investors and help them reach their long-term goals,” he adds.
Launched over the week, the five-year CMP3 will set the direction for the Malaysia’s capital market from 2021 to 2025.
The comprehensive plan covers the development across various sectors from angel financing and equity crowd funding to the equity and bond markets.
It is noted that CMP3 comes with a shorter timeframe compared with the 10-year period for both CMP1 (2001-2010) and CMP2 (2011-2020). The reason is to give policymakers enough room to adjust according to the fast-changing and developing global financial system.
“The pace of development in the capital market has accelerated; there is now a greater level of uncertainty,” the Securities Commission says.