Continuous efforts to cultivate financial consumer literacy has enhanced public awareness on PIDM
Kuala Lumpur, 7 July 2022:
Perbadanan Insurans Deposit Malaysia (PIDM) reported in its Annual Report 2021
that was released today, a public awareness index of 81%, the highest since its inception in 2005. PIDM’s public awareness has been on an upward trend, recording 62% in 2019 and 72% in 2020.
“As PIDM continues to strengthen the building blocks that form the foundation of an effective protection and resolution regime, we must empower financial consumers through awareness and education programmes to engender their confidence in the Malaysian financial system,” said Rafiz Azuan Abdullah, the Chief Executive Officer of PIDM.
“Through our direct public engagement and financial literacy activities as well as our collaboration with the Financial Education Network (FEN) members, we not only aim to transcend from awareness to advocacy of PIDM and the protection systems that we administer, but also build financial consumer resilience through reducing financial knowledge gaps,” he added. This is one of the key strategic focus of PIDM in line with the second strategic thrust of Bank Negara Malaysia’s Financial Sector Blueprint 2022 - 2026 on elevating financial well-being of households and businesses.
Riding on the success of #SediaPayungKewangan campaign launched in 2021, which garnered a reach of over 9.5 million across various digital activations, the public can soon expect the roll-out of the #SediaPayungKewangan 2.0 financial resilience campaign. This will include a new animated video series featuring PIDM’s good financial management icon, Chief BerUang
, and a microsite where the public can gain access to financial tips, knowledge and tools to empower them to be more financially savvy and hence, resilient consumers.
PIDM's Annual Report 2021 also highlighted the Corporation's continuous work on its mandate of providing deposit and takaful and insurance benefits protection; as well as its role as the resolution authority for its member institutions.
This includes its work on the initiative to enhance depositors’ reimbursement experience. PIDM had collaborated with PayNet via its DuitNow payment platform to make payment to depositors if required. As a member of the PayNet Real Time Retail Payments Platform, PIDM is able to undertake reimbursement in a swift and secure manner through DuitNow transfer using MyKad identification reference. At the same time, this provides additional options in terms of payment methods available for affected depositors.
Another forthcoming milestone under the resolution readiness initiatives, PIDM will issue the Exposure Draft on the Resolution Planning Framework detailing resolution planning requirements for its member banks with the plan to roll it out in 2023. This is pursuant to the completion of the resolution planning pilot exercise undertaken by PIDM in 2021.
PIDM’s focus moving forward is set out and articulated in its Corporate Plan 2022 - 2024
, which includes ongoing efforts to engage key stakeholders to build trust and confidence in PIDM and the financial system as a whole. PIDM will be launching a new info video on how it protects financial consumers to build deeper understanding on the role of PIDM as one of the authorities within the financial safety net.
A highlight video
on the PIDM Annual Report 2021 is available.
Corporate Communication Department,
Perbadanan Insurans Deposit Malaysia.