KUALA LUMPUR, – Local credit cooperatives need to strengthen their capabilities in the aspects of innovation, operations, governance and risk management to ensure that the sector remains relevant as technology advances.
The Secretary General of the Ministry of Entrepreneurship and Cooperative Development (KUSKOP), Datuk Seri Khairul Dzaimee Daud said that the effort also requires adjustments to the existing legal framework to be more in line with technological developments and changes in the economic landscape.
According to him, the move is important to ensure the cooperative sector is able to face current challenges including rapid technological progress, global political uncertainty, climate change and geopolitical developments.
“Transformation will not happen without us addressing the legal framework to overcome the unspoken reality as I mentioned earlier, including laws and regulations that are no longer in line with current developments.
“The Ministry of Entrepreneurship and Cooperative Development is currently reviewing and amending the Cooperative Act 1993 and the Malaysian Cooperative Commission Act 2007.
