News & Reviews:   BNM

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.

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.