Speech by the BNM Assistant Governor at the Opening Ceremony of the Financial LATERATION Exhibition

The original post link ( the speech is in malay): http://www.bnm.gov.my/index.php?ch=en_speech&pg=en_speech&ac=834&lang=en

In terms of its background, the Financial LATERATION Exhibition was launched at Bank Negara Malaysia Museum and Art Gallery, Kuala Lumpur in 2015. It is a caricature exhibition of Datuk Lat's own work published in 14 Bank Negara Malaysia pocket book series from 1999 until in 2012. It aims to instill prudent money management habits from a young age. Thanks to the overwhelming response and response, the exhibition was later used as a 'moving exhibition' across the country.

This Financial LATERATION HOUR begins on the first small scale at the Paddy Museum, Kedah during International Museum Day 2016. It goes to the Penang State Museum in the same year and to the Darul Ridzuan Museum, Perak in 2018. And now it's time for us bring this pocket-sized caricature compilation to Terengganu, the east coast state chosen as the location of this Financial LATER Exhibition. I believe that the Financial LATERATION Exhibition at the Terengganu State Museum will also receive an overwhelming response from fans and followers of Datuk Lat's works.

Financial education is an important part of empowering Malaysians with the knowledge and skills they need to improve their well-being. Increasing financial knowledge enables people to manage their finances and plan their future wisely. As such, the pocketbook is an effort to improve financial literacy from an early age. It aims to help students keep track of expenses and guide them to manage their finances effectively. Bank Negara Malaysia is grateful that Datuk Lat has been able to make a strong and meaningful commitment in translating topics that are sometimes difficult to understand into more interesting and understandable for school students. As a result, since 1999, approximately 15.5 million copies of the pocketbook have been distributed to more than 10,000 schools across the country to provide exposure to financial matters for school students.

Datuk Lat's sketches through the pocketbook have attracted the attention of students, teachers and parents as the book is widely used as a tool to keep track of their finances, foster saving habits and further promote prudent financial management. His work has touched on many aspects of financial management such as savings; what is the difference between needs and wants; avoiding waste and other things conveyed through creative and entertaining visuals. These caricatures work with an interesting essence that gives a true picture of the diversity of society in Malaysia in terms of race, culture and tradition. In addition, his work also has a positive impact on promoting social harmony and values. Many Malaysians grew up with his work that touched on many aspects of life and provided us with an overview of the social and economic and political development of the country. Some of the characters featured in the Pocket Book include characters in the Kampung Boy cartoon series Mat, the naughty and Mrs. Hiew, known as a fierce character. In this exhibition, elements of the state of Terengganu were also implemented to bring it closer to the local visitors.

Bank Negara Malaysia plays an active role in emphasizing financial education for preschoolers and children in early adulthood so that they can make better financial decisions. Among the initiatives introduced are:

• First, the Advice and Services Information Site (BNMLINK) which provides a variety of channels for people to access financial services information and financial advisory services. This directly increases the level of financial literacy.
• Secondly, a financial education program for civil servants where in 2018, Bank Negara Malaysia has implemented 29 engagement programs on awareness of prudent financial management that leverage 2,354 civil servants from various ministries and government agencies across Malaysia as well as through Train-the -Trainers' involving 7,914 civil servants through 180 self-organized programs.
• Third, the National and State Financial Carnival is being organized to reach the people through a multi-faceted financial inclusion program and a variety of participants under one roof, comprising financial institutions, financial institution associations, as well as government and private agencies. The carnival promotes awareness of banking, insurance and takaful products and services, as well as providing updates on financial fraud issues as well as how to identify the ringgit and its security features. Nationally starting at the PWTC, Kuala Lumpur in January 2017, then to Kota Kinabalu, Sabah, Kuching, Sarawak and flying back to the northern Alor Setar peninsula, Kedah in January 2018. Most recently, in April this year, it was at the TH Hotel and Convention Center, the national financial carnival is held in the state of Terengganu itself. Meanwhile at the district level, last year and this year, we went to several districts such as Jerantut, Labuan, Taiping, Miri and Central Melaka. The national and regional carnivals have attracted over 150,000 visitors who have benefited.

The National Financial Literacy Strategy was just launched by YAB Tun Dr Mahathir Mohamad on July 23, 2019. The strategy was developed by the Financial Education Network (FENetwork), a group of agencies led by Bank Negara Malaysia and the Securities Commission Malaysia (SSM) and its founding members, comprising representatives from the Ministry of Education Malaysia (MOE), Deposit Insurance Corporation of Malaysia (PIDM), Employees Provident Fund (EPF), Credit Counseling and Management Agency (AKPK) and Permodalan Nasional Bhd (PNB). This National Strategy sets priorities and action plans to enhance the financial well-being of Malaysians. The joint effort with the Ministry of Education Malaysia (KPM) to foster good financial values ​​from a young age has marked the integration of progressive financial education into the school curriculum through Form Two. The integration is expected to be implemented at all primary and secondary levels by 2021.

In addition to financial education in schools, Bank Negara Malaysia also uses a variety of channels and platforms to continuously promote financial awareness and education for the public. A total of 1,700 sessions on personal finance management have been conducted by the Credit Counseling and Management Agency (AKPK) nationwide reaching over 1.6 million people by 2018. In Terengganu state, more than 116 thousand have received financial counseling while over 26 thousand have attended into debt management programs to help them manage their debt on a regular basis.

The Financial LATERATION Exhibition honors Datuk Lat's legacy of his great contribution to the country, including his efforts in supporting us to enhance our financial management skills and enrich the Malaysian arts. Our sincere thanks to Datuk Lat for his service.

My sincere thanks to the Honorable Dato 'Seri Dr. Ahmad Samsuri bin Mokhtar, the Terengganu Menteri Besar, was eager to attend the exhibition in Kuala Terengganu.

Thanks to the Terengganu State Museum Board for their cooperation and support in ensuring that the exhibition is planned and implemented successfully.

And thank you all for joining us in launching this Financial LATERATION exhibition which will take place until February 2020 at the Terengganu State Museum. I believe all of you will be entertained by the creative paintings of Datuk Lat while appreciating the message you want to convey.