GEORGE TOWN, Dec 6 — The government’s push for a cashless Malaysia will not slash manpower needs at banking and financial institutions, said Human Resources Minister M. Kulasegaran.
He said the country must embrace technological advancements that include moving away from physical currency.
“Going cashless does not mean people will lose their jobs. If we look back, we feared people will lose their jobs when the Internet came, but instead, there were more jobs so we should not be afraid of this new system,” he said in a press conference after attending an employment law forum here today.
Kulasegaran explained that technology was an avenue for the country to become more efficient.
Citing India as an example, he said going cashless would also facilitate the government’s plan for targeted public subsidies.
Recalling his time as a practising lawyer, Kulasegaran said blanket subsidies also benefited him despite his five-figure income at the time.
“As our prime minister, Tun Dr Mahathir Mohamad, said, the cashless system will also curb corruption,” he pointed out.
He said targeted subsidies for the B40 group will be implemented soon but did not specify a timeline for it.
