Page 68 - CMP3

3.2.4 FACILITATING GREATER DIGITAL INCLUSIVENESS ACROSS INVESTORS
Digital exclusion occurs when segments of a population have unequal access to digital services. Often, these vulnerable segments tend to be older, living in rural or remote locations with poor internet access, or are economically disadvantaged in employment status or educational qualification. In the future when digital services and products become more prevalent, these groups could be even more vulnerable and face the risk of missing out on opportunities and critical information that can affect timely decision- making. In addition to internet access and hardware constraints, most would face challenges in acquiring or keeping up with digital services and lack the motivation as well as confidence to use, understand or engage in digital services.
In recognition of such challenges, some markets have embarked on initiatives that are geared towards greater digital-inclusiveness. Some of these efforts are illustrated in Diagram 9. While the SC has embarked on efforts to increase the savviness of domestic elderly and rural investors on digital technology, the SC is cognisant that this journey would be more successful with greater collaboration with market participants.
Diagram 9
FACILITATING INDUSTRY DIGITISATION WITH DIGITAL INCLUSIVENESS
Investor segments that are at risk of digital exclusion
Economically disadvantaged investors
Rural investors with limited internet access
Elderly investors that are not digitally adept
Investors that are vulnerable from the perspective of investment and digital literacy
Efforts taken by other jurisdiction to promote digital inclusiveness
Investor education programmes
to narrow the skills and information gap for investors at risk of digital exclusion
AgeTech for financial services by using technology
and innovation to help individuals manage their own health and financial wellness
Digital support hubs
to enable investors to bridge the digital divide
Greater focus on vulnerable segment by regulators for credible deterrence
Source: SC.
66 SECURITIES COMMISSION MALAYSIA