Kuala Lampur, Aug. 21 -- Malaysia has spent years making finance easier.

We can pay for lunch without cash, transfer money in seconds, invest from a phone, obtain short-term credit almost instantly and receive financial advice without ever stepping into a bank.

That is progress.

But there is a paradox at the heart of our increasingly digital financial lives: the easier money becomes to move, the more demanding financial judgement becomes.

This is why digital financial literacy should no longer be understood simply as the ability to use financial technology.

A person can be highly proficient with an e-wallet and still fall for a fraudulent payment request. Someone can navigate an investment app effortlessly yet struggle to distinguish...