Previously, we reported on how the Malaysian government is requesting an explanation from Google after Google Finance erroneously showed an incorrect exchange rate of the United States Dollar (USD) to the Malaysian Ringgit (MYR). While Google has yet to issue any statement on the matter, its Google Finance disclaimer page clarified that the service doesn’t verify any finance data and is not obligated to do so.
Recently, a screenshot of USD1 = RM4.98 went viral online, sparking a rebuke from Bank Negara Malaysia (BNM). According to the central bank, this is the second time within a short span of time that Google has provided an erroneous exchange rate of the two currencies, as on 5 February, Google wrongly showed that USD1 was equal to MYR6.24.
According to the Google Finance disclaimer page, finance data shown on the service is provided by financial exchanges and other content providers and may be delayed as specified by financial exchanges or other data providers. Furthermore, Google asserts that it does not verify any data and disclaims any obligation to do so.
The disclaimer added,
“Google, its data or content providers, the financial exchanges and each of their affiliates and business partners (A) expressly disclaim the accuracy, adequacy, or completeness of any data and (B) shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon.
"Neither Google nor any of our information providers will be liable for any damages relating to your use of the information provided herein. As used here, “business partners” does not refer to an agency, partnership, or joint venture relationship between Google and any such parties.”
On currency conversion. Google Finance stressed that it can’t guarantee the accuracy of the exchange rates displayed. It further iterated that users should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
As of the time of writing, it seems that Google has disabled the built-in currency conversion should users search for currency exchange rates involving the MYR within Malaysia. It is unknown whether this was a response to the scrutiny it is facing due to the recent incident.
So, what do you guys think of the whole situation? Share your thoughts with us in the comments below and stay tuned to TechNave for the latest update on this.
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