News & Reviews:   Bank Negara Malaysia

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.

Bank Negara Malaysia (BNM) in a statement today revealed that it has fined both Maybank and CIMB for prolonged disruptions in several banking services. Maybank (Malayan Banking Bhd and Maybank Islamic Bhd) was fined RM4.32 million, while CIMB (CIMB Bank Bhd and CIMB Islamic Bank Bhd) was fined RM760,000.

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.

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.

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.

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.