Kuala Lumpur, 23 June 2020: Perbadanan Insurans Deposit Malaysia (PIDM) has released its Annual Report 2019. The report highlights its direction and progress in 2019.
PIDM supports the resilience of Malaysia’s financial system by safeguarding the deposits and insurance or takaful benefits of financial consumers in the event of a member institution failure. In 2019, PIDM continued to strengthen its protection systems for financial consumers. The report highlights the following:
- In 2019, PIDM continued to work towards diversifying its reimbursement options for depositors in the unlikely event that any member bank should fail. These options combine convenience and technology to satisfy the needs of today’s financial consumers;
- PIDM commenced resolution planning pilot exercises with selected member banks. Resolution planning will provide authorities with useful information about potential systemic risks in the financial system and will support crisis preparedness; and
- PIDM also rolled out an industry portal service to member institutions. This provides for more convenient and secure submissions of information for annual premiums and levies purposes.
PIDM continued its public awareness efforts in 2019 through a mix of communication channels, including social media and digital platforms.
Rafiz Azuan Abdullah, the Chief Executive Officer of PIDM, emphasised the importance of the public being aware of PIDM and knowing that it is here to protect them in the event of a member institution failure, and understanding the benefits and limitations of its coverage.
“Every Malaysian should be able to make informed decisions and have greater control of their financial choices. Therefore, we will continue educating the general public and other stakeholders. Relationship-building is a long-term journey which will contribute towards greater trust and confidence in PIDM as a financial safety net player,” Rafiz said.
“PIDM is part of the financial safety net and works closely with other safety net players, namely, the Ministry of Finance and Bank Negara Malaysia, to ensure the resilience and stability of the financial system. In line with Integrated Reporting principles, our Annual Report also highlights our statutory role, how our systems are designed, and the value that all of these create,” he added.
PIDM’s Annual Report 2019 is available at
www.pidm.gov.my.
For more information about this announcement, members of the media may contact:
Sarina Ariffin, Deputy General Manager, Communications and Public Affairs Division
(Tel: 03-2173 7457; Email: sarina@pidm.gov.my)
Masami Mustaza, Manager, Communications and Public Affairs Division
(Tel: 016-3643406; Email: masami@pidm.gov.my) |
ABOUT PIDM
PIDM is a statutory body that provides protection, up to prescribed limits, against the loss of deposits and insurance or takaful benefits in the event of a member institution failure. PIDM is entirely funded by premiums or levies assessed on its member institutions and does not receive public funds to operate. It has the means under the PIDM Act to borrow or raise such funds as may be needed to fulfil its statutory obligations to protect financial consumers of its member institutions. As an integral part of the national financial safety net, PIDM promotes and contributes to the stability of the financial system.
For further information: