Bank Negara, Malaysian Space Agency to bolster financial management ecosystem via space technology

KUALA LUMPUR: Bank Negara Malaysia has partnered with the Malaysian Space Agency (MYSA) to enhance efficiency in financial ecosystem management using space technology. 

MYSA said the cooperation is a continuation of the strategic partnership that has been initiated since 2017 and the success of developing Bank Negara Geospatial System.  

The application system, based on space geospatial technology and related technologies, has been developed and operated for the purpose of monitoring the distribution of financial services access points across the country more efficiently and effectively. 

"The use of space technology in Bank Negara's governance can identify areas lacking access to financial services.  

"Furthermore, this technology can pinpoint areas requiring attention for the bank's mobile initiatives under the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih), as well as identify economic activities within a region for the purpose of financial summary improvement.  

"This helps commercial banks in strategising branch openings, appointing agents, deploying self-service terminal machines, and analysing information within a region before authorising the opening or closing of bank branches," it said in a statement. 

Under the partnership, both parties agree to strengthen and expand the functionalities of the application system.  

This includes implementing additional modules for system enhancements covering aspects of Bank Negara asset management, planning and monitoring.  

Additionally, its usage will be extended to other banks throughout Malaysia as well as other stakeholders through the central bank oversight.

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