Prime Minister Datuk Seri Anwar Ibrahim has urged for a more equitable global financial system, stressing that the rapid advancement of artificial intelligence (AI) in the financial sector should be harnessed to reduce inequality rather than deepen existing economic divides.
Speaking at the launch of Ant International’s Global Development Centre at The Exchange 106 in Tun Razak Exchange (TRX), Anwar said the current global financial architecture has long favoured multinational corporations while leaving many developing nations and smaller businesses exposed to external economic shocks. He noted that this imbalance remains a key legacy faced by the Global South.
“This is the legacy inherited by the Global South, a system that is highly dependent on the dollar and typically benefits large multinational companies over small business owners,” he said.
He added that the highly interconnected nature of the global economy means financial crises can quickly spread across borders, citing the 2008 global financial crisis in the United States which triggered a worldwide economic downturn.
Anwar said financial technology and AI-driven innovation must therefore focus on strengthening resilience, improving access to financing and ensuring fairer support for micro, small and medium enterprises, particularly those often excluded from traditional financial systems.
“Much needed are innovations that strengthen resilience, reduce exposure to international shocks, and fairly provide micro-credits, as we weather through financial storms and global economic crisis,” he said.
However, the Prime Minister cautioned that while AI is transforming financial systems and improving efficiency, it is also concentrating significant power in the hands of those who control data, digital platforms and infrastructure. He stressed that strong governance and human oversight remain essential.
“We must therefore ensure that human judgment remains at the centre of decision-making, even as machines become more capable and sophisticated,” he said.
Anwar also announced that the government is in the final stages of drafting an Artificial Intelligence Governance Bill, which will complement existing legislation such as the Cybersecurity Act and data protection laws.
He said digital trust will be a key pillar under the 13th Malaysia Plan and the Malaysia Digital Economy Blueprint, as the country continues to position itself as a regional hub for technology and innovation.
Welcoming Ant International’s decision to establish its Global Development Centre in Malaysia, Anwar said it reflects strong investor confidence in the country’s capability to support high-value activities in AI, fintech and innovation.
Ant International currently employs around 1,500 staff in Kuala Lumpur, with more than half involved in technology-related roles supporting its global operations in artificial intelligence, digital payments, SME digitalisation and financial services.
