Mastercard and GXBank have unveiled a whitepaper indicating that Malaysians’ financial health is more influenced by behavioural factors than demographics. The study, based on 12 months of transaction data from over 39,000 GXBank customers, highlights that early engagement and disciplined saving habits are key indicators of financial progress.
The research underscores that whilst 89% of Malaysians hold a financial account, only 52.5% save money at formal institutions, and a mere 15% have borrowed from them. This suggests that access to financial services does not necessarily equate to active participation. The first 60 days of a customer’s banking experience are crucial, with debit card transactions increasing by 250% among active users during this period.
Key findings include the importance of saving discipline, with consumers who save 10–20% of their deposits progressing 22% more often. Additionally, adopting multiple financial products within the same month makes customers four times more likely to achieve financial security. Trust also plays a vital role, as engaged customers adopted GXBank’s cyber fraud insurance three times faster.
Joyce Bo, Executive Vice President of Core Payments at Mastercard, stated, “Financial inclusion should be viewed as a journey and not a destination.” GXBank CEO Kaushik Chowdhury added that early support helps consumers build lasting financial habits.
This whitepaper is part of Mastercard’s global series on financial inclusion, aiming to connect and protect 500 million people by 2030. The study follows similar research conducted in Brazil, the Philippines, and Nigeria.
