WASHINGTON: A “new real economy” calls for a new operating landscape, according to Bank Negara governor Datuk Muhammad Ibrahim. A decade ago, Muhammad added a suggestion of peer-to-peer lending would be met with skepticism.Currently, he said fintech companies are prominent competitors to our banks and have triggered the re-evaluation of our financial system. Under the new scenario, virtual connectivity is no longer an aspiration, but an imperative.“However, while things are advancing rapidly in the virtual world, physical infrastructure needs to keep pace. Physical infrastructure remains the bedrock in transforming and delivering ideas into tangible goods and services for consumers, especially in emerging economies. At a time when fiscal space is constrained, we are developing ways to attract greater private sector participation or public-private partnership in advancing our infrastructure development.”

Source: The Star October 10, 2016 04:27 UTC