News & Reviews:   BNM

Communications Minister Fahmi Fadzil said the government would request an explanation from Google regarding the issue of the incorrect exchange rate between the United States Dollar (USD) and the Malaysian Ringgit (MYR).

Bank Negara Malaysia (BNM) has introduced a new rule for money service businesses (MSBs) such as money changers to jot down the details of their Malaysian customers, regardless of the amount being changed. Enforced since 6 February, read on to find out more about this change.

Bank Negara Malaysia (BNM) today announced the launch of cross-border real-time payment systems connectivity between Malaysia and Singapore. This allows for instant person-to-person (P2P) cross-border fund transfers via Malaysia’s DuitNow and Singapore’s PayNow systems.

Bank Negara Malaysia (BNM) has revealed several interesting statistics regarding e-payment transactions, showcasing its strong growth in our country. In a speech by Assistant Governor Abd Rahman Abu Bakar, Malaysia recorded 9.5 billion e-payment transactions in 2022.

DuitNow QR, the interoperable QR standard for real-time payments and funds transfers operated by Malaysia’s national payments network PayNet currently offers cross-border payments in Indonesia, Thailand and Singapore. Well, this cross-border feature may soon expand to the Philippines and Vietnam, as both countries’ respective central banks have joined the Regional Payment Connectivity (RPC) initiative.

Previously, we reported that Shopee has launched the SLoan, a digital financing loan of up to RM120,000 for sellers on the platform. Now, Bank Negara Malaysia (BNM) has released a statement regarding SLoan, advising the public to carefully study its product terms and conditions before applying or accepting. 

Malaysia has become the first Asia-Pacific country to roll out Mastercard Bill Pay, a new bill management tool that combines electronic bill presentation and payment in one place. Officially launched in Kuala Lumpur yesterday (10 January 2023), the tool is available to consumers via ATX’s digital wallet GoPay and web-based online payment platform PayHub2U. 

CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) have recently announced several new security measures for the CIMB Clicks and CIMB OCTO apps. Aimed at combating fraud and strengthening the security of their digital banking platforms, these measures include compulsory SecureTAC authorisation via the CIMB Clicks App for transactions over RM100.

Bank Negara Malaysia (BNM) has warned Malaysians that sharing bank account passwords or PIN numbers with close friends will increase the risk of online fraud, including being used knowingly or unknowingly as “mule accounts” to perpetrate fraud. Worse, BNM Deputy Governor Jessica Chew Cheng Lian in a statement revealed that Malaysians have been observed to have a low level of digital financial literacy “which is deeply concerning”.

Following the directive by Bank Negara Malaysia (BNM) to move away from OTP to more secure authentication, CIMB Group has announced that it will cease the use of OTP by the first half of 2023. Instead, the bank will only use its SecureTAC for customers’ online banking authentication moving forward.