Deputy Finance Minister Datuk Ahmad Maslan at one of the Banktech Asia exhibitor booths at PWTC Kuala Lumpur. (Photo: FB/Malaysia Terkini)

KUALA LUMPUR: Internet and mobile banking in the country is showing potential to grow further in tandem with the increasing sophistication of the financial services sector.

Deputy Finance Minister Datuk Ahmad Maslan said the financial services sector, notably banking, requires technological advancement to facilitate transactions.

“Along with the advancement of technologies in this era of smartphones and phablets, the marrying of banking services and technologies in Malaysia is developing by leaps and bounds,” he said in his speech at Banktech Asia 2013 Conference and Exhibition here yesterday.

Meanwhile, Ahmad said Internet banking has the potential to generate savings of about one per cent of gross domestic product annually.

The service will be made easier come March next year when all banks will provide at least one Internet banking kiosk at all their branches.

“This will give the public better access to online banking and Interbank Giro (IBG) services,” he said.

As of June 2013, there are a total of 14.6 million subscribers of Internet banking in the country, comprising 14.3 million individuals and 300,000 corporate subscribers.

“This gives 49.1 per cent rate of penetration of our population,” Ahmad said.

The number of subscribers to mobile banking has reached 3.25 million, with the penetration rate of 10.9 per cent of population and 7.6 per cent of all mobile subscribers, he said.

“Continued efforts to enhance banking technologies must be further promoted so that this area will also contribute to growth and prosperity of the nation and the rakyat,” he added. — Bernama