Anwar calls for fairer global financial system as AI reshapes finance

KUALA LUMPUR, July 1 — Prime Minister Datuk Seri Anwar Ibrahim today called for a fairer global financial system as artificial intelligence reshapes finance, saying new technologies should help reduce economic inequalities instead of reinforcing existing imbalances.

Speaking at the launch of Ant International’s Global Development Centre here, Anwar said the current global financial system had largely favoured multinational corporations while leaving many developing economies and small businesses vulnerable to external shocks.

“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.

Anwar said the interconnected nature of the global economy meant crises in one part of the world could quickly spread across borders, citing the 2008 global financial crisis that originated in the United States before triggering a worldwide economic downturn.

He said innovations in financial technology should therefore strengthen resilience, reduce exposure to international shocks and improve access to financing, particularly for underserved communities and small businesses.

“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.

Anwar said artificial intelligence was creating new ways to build trust, assess risk and expand financial inclusion, while also transforming how businesses operate, how commerce is conducted and how cross-border markets connect.

However, he warned that advances in AI also concentrated significant power in the hands of those controlling data, digital platforms and infrastructure, making strong governance and human oversight 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.

To support responsible AI adoption, Anwar said the government was finalising an AI Governance Bill that would complement existing laws, including the Cybersecurity Act and data protection regulations.

He said digital trust would remain a key pillar of Malaysia’s ambitions under the 13th Malaysia Plan and the final phase of the Malaysia Digital Economy Blueprint.

Anwar made the remarks while officiating the opening of Ant International’s Global Development Centre at The Exchange 106 in Tun Razak Exchange (TRX).

He welcomed the company’s decision to establish a global development hub in Malaysia, saying it reflected growing confidence in the country’s ability to support higher-value activities in artificial intelligence, innovation and financial technology.

“Ant International has chosen Malaysia as the home for its global operations centre, the first fintech company of its kind to do so here, where others have established only a regional base,” he said.

According to Ant International, the company employs around 1,500 people in Kuala Lumpur, with more than half serving in technology-related roles supporting its global businesses in AI, payments, SME digitalisation and financial technology.