News & Reviews:   BNM

As Malaysians are being scammed nearly every day and public trust in our banking systems have plummeted, Bank Negara Malaysia (BNM) was recently reported as announcing that all Financial Institutions like Banks must bear the full responsibility for fraud or scams due to lapses in security. Read more here.

Bank Negara Malaysia (BNM) recently announced that the Quick Response Time Based One-Time Password (QR TOTP) will replace SMS OTP for eCCRIS account login purposes, effective 18 October 2024. So, what should you know about it?

Bank Negara Malaysia (BNM) in a statement revealed that it had, on 22 July 2024, imposed an Administrative Monetary Penalty (AMP) of RM88,000 on Bank of China (Malaysia) Bhd (BOCM). The AMP was due to BOCM’s non-compliance with the prudential requirements applicable to the material outsourcing arrangements.

Deputy Finance Minister Lim Hui Ying in Dewan Rakyat today revealed that Bank Negara Malaysia (BNM) is considering taking supervisory actions and imposing penalties on violations of regulatory provisions under its supervision. These include recent incidents of online banking service outages.

Bank Negara Malaysia is ready to issue five licenses for digital banks in Malaysia. This is interesting because several digital banks have appeared in the market. Most recently, AEON Bank announced that they will officially launch their services on 26 May 2024.

Recently, Nor Rafidz Nazri of Bank Negara Malaysia (BNM) announced that a special body to oversee entities engaged in providing Buy Now Pay Later (BNPL) would be set up while the Consumer Credit Act (CCA) would impose tighter regulations on BNPL credit providers. Major online BNPL players that were named included Shopee, Grab and Atome as they make up 97% of BNPL providers in Malaysia.

Previously, we reported that the currency converter widget on Google is not showing again after it briefly disappeared during the whole wrong USD to MYR conversion fiasco. Now, Communications Minister Fahmi Fadzil has revealed the reason behind the feature being disabled by Google, as informed by the company to him.

It was only a few days ago that our government demanded an explanation for the inaccurate USD to MYR converter on the Google Search Engine. Although Google is not obligated to correct it, the company apologized and contacted a third-party source to fix it. However, it seems that the currency converter widget has disappeared again today.

Bank Negara Malaysia (BNM) through its Annual Report 2023 today revealed that a whopping 11.5 billion e-payment transactions were recorded in our country last year. This is a significant growth compared to the 9.3 billion recorded a year prior.

Looks like this drama has taken a new turn. Previously, we mentioned that Google is not obligated to provide accurate data for the currency exchange. Today, looks like Google has made a U-turn about it.