Malaysia has inched up a spot to 16th in this year’s World Economic Forum’s (WEF) Financial Development Report, an annual survey measuring financial system health.

It was only one of two emerging economies and one of six Asian economies in the top 20, which was otherwise dominated by Western nations.

Malaysia’s ranking was bolstered by strong results in financial stability (6th), banking financial services (15th) and non-banking financial services (13th), according to the survey report.