SC launches five-year Capital Market Masterplan to support Malaysia's next stage of growth

© Provided by The Edge

KUALA LUMPUR (Sept 21): The Securities Commission Malaysia (SC) today launched the third Capital Market Masterplan (CMP3), which will serve as a strategic framework for the growth of Malaysia’s capital market over the next five years.

According to SC chairman Datuk Syed Zaid Albar, the Capital Market Masterplan 1 (2001-2010) and Capital Market Masterplan 2 (2011-2020) had successfully expanded the capital market while ensuring market stability and integrity over the last two decades.

As such, the regulator said the new master plan now seeks to leverage the strengths and potential of the Malaysian capital market to accelerate economic growth that is sustainable and inclusive.

“Malaysia is now at a critical juncture in our post-pandemic journey. It is imperative for the capital market to continue to support the economy as we transition into an inclusive and sustainable nation.

“The progress in the capital market cannot be measured solely by growth and size as it also has to serve underlying needs and aspirations of the country and its people.” he said in conjunction with the launch of the CMP3 held virtually today.

Syed Zaid noted the CMP3 takes into consideration global megatrends that will shape the recovery and growth of global and Malaysian economies as it steers the capital market towards three desired outcomes, namely being relevant, efficient and diversified.

“Malaysia now has a well-diversified capital market, with an equity market that has over 900 listed companies, a bond market that is the third largest in Asia, an Islamic capital market that is innovative and well-regarded globally, a derivatives market that leads in crude palm oil (CPO) price discovery and a unit trust industry that is one of the largest in the region,” he said.

In addition, Syed Zaid said governance strategies implemented during the previous master plans had ensured robust regulatory oversight to enhance confidence in the integrity of Malaysia’s capital market.

“The Malaysian capital market regulatory framework is benchmarked and ranks highly internationally with regard to, among others, investor protection standards, corporate governance and enforcement capabilities.

“The CMP3 will build on this solid foundation to pave the way for the next stage of Malaysia’s market evolution and growth,” he said.

To achieve these desired outcomes, the CMP3 outlines six key development and regulatory thrusts that will collectively serve as pillars in developing strategic initiatives over the next five years.

The first development thrust is facilitating fundraising for competitive businesses through a diverse market and intermediation ecosystem. The CMP3 also aims to empower all Malaysians to invest for their future and promote digital inclusion and protection for vulnerable investors.

Furthermore, through the Sustainable and Responsible Investment (SRI) and Islamic Capital Market (ICM) pillars, the CMP3 aims to shape a stakeholder economy by mobilising more capital towards sustainable businesses.

In tandem, the SC’s regulatory approach will also evolve in response to changing trends and the market landscape, with the CMP3 striving to embed greater shared accountability within the capital market, particularly corporate responsibility to stakeholders beyond short-term profitability.

It also aims to achieve a more efficient regulatory outcome and greater efficiency in investor protection through swift, effective and targeted enforcement and supervision approaches. In addition, as the industry becomes more digital, the CMP3 envisions greater use of technology — both regulatory technology (RegTech) and supervisory technology (SupTech) — for greater efficiency and deeper insights.

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