News & Reviews:   finance ministry

In yet another trending scam post, Malaysia’s Ministry of Finance (MOF) has publicly dismissed a social media message claiming that the government is offering a one-off RM500 Ramadan financial aid to citizens. The clarification came after a widely shared image and link circulated online that appeared to show the Prime Minister attached to the offer, suggesting recipients could check their eligibility through a website.

The Finance Ministry has revealed that ‘Buy Now Pay Later’ (BNPL) transactions by local consumers in Malaysia reached RM7.1 billion last year. He added that RM4.9 billion in BNPL transactions were recorded in the first half of the year and jumped to RM7.1 billion by December 2024.

The Ministry of Finance (MOF) has revealed that as of 31 January 2025, there’s a total of RM12.7 billion in unclaimed money in Malaysia. The Ministry elaborated that this figure is based on what was recorded by the Accountant-General’s Department (AGD).

The digital era is a very fascinating time. Previously, it was easy to differentiate between scammers and the real deal. These days, that is becoming quite an issue. If you happened to receive any texts offering “Bantuan Tambahan STR 2023” with a link attached to it, that is a scam.

Today, our Minister of Communications and Digital, Fahmi Fadzil told the media that a new Digital Nasional Berhad (DNB) CEO will be chosen soon. Not only that but it has also been decided that the Ministry of Finance will be the one that elects the new DNB CEO.

It looks like Malaysia won’t be recognising cryptocurrency as legal tender anytime soon as despite the urging to do so by the Ministry of Communications and Multimedia (K-KOMM). Previously, K-KOMM deputy minister called crypto ‘the future of finance’ and urged for the relevant authorities to held discussions in order to legalise it.

However, the proposal was unceremoniously turned down by the Ministry of Finance (MOF) confirmed that the federal government has no intention of recognising crypto as legal tender. This was asserted by the ministry’s first deputy minister, Shahar Abdullah in the Dewan Rakyat yesterday.