Tagged: bank negara

UK’s Cross-Border Payments Fintech WorldRemit Introduces Money Transfer Services in Malaysia

WorldRemit, a UK-based digital cross-border payments firm, recently introduced its money transfer services in Malaysia’s markets through its app and web-based platform. Clients are now able to send funds from Malaysia, in addition to 50 other nations including the United Kingdom and the US, to… Read More

Malaysian Fintech MyMy Given Conditional Approval from Bank Negara as Company Prepares for Digital Wallet Launch

MyMy revealed on Monday (April 26, 2021) that it has obtained conditional approval for a large scheme E-money license from Bank Negara Malaysia, the nation’s central bank. The Fintech firm is now planning to launch its digital wallet services in the coming year. Until all… Read More

Digital Banking: Malaysia’s Reserve Bank Issues New Policy Document for Virtual Banks, Up to Five Licenses Anticipated

Malaysia’s reserve bank, Bank Negara, has released its policy document on digital banks. The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation. Bank Negara officials stated on December 31, 2020, that the… Read More

The Road Is “Wide Open” for Fintech as It May Become Primary Mode for Offering Financial Services, Says Malaysia’s Central Bank Asst Governor

Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), recently commented on developments related to Islamic finance, digital payments, and Fintech platforms and services. Zahid, whose comments came during the 3rd Islamic Fintech Dialogue (IFD2020) on December 1, 2020,… Read More

Digital Onboarding: Bank Negara, Malaysia’s Central Bank, Releases Updated e-KYC Policy Document, Effective Immediately

Bank Negara Malaysia, the nation’s central bank, released a policy document on July 1, 2020, that covers electronic or digital know-your-customer (e-KYC) requirements. The document is an update to the reserve bank’s earlier exposure draft from December 2019. The new policy went into effect immediately… Read More

The Case for Digital Banking Services in Malaysia, and Globally, has Become Stronger Due to COVID-19: Report

The Coronavirus (COVID-19) outbreak has created major social-economic challenges for individuals and businesses throughout the world. The pandemic has led to an increase in the use of Fintech-focused services, which has helped some companies generate more revenue during these difficult times. However, the crisis has… Read More

Bank Negara, Malaysia’s Central Bank, Is Reportedly Planning to Issue Five Operational Licenses to Digital Banks

Bank Negara Malaysia is reportedly planning to issue up to five operational licenses to qualified or eligible applicants in order to launch digital banks to perform either regular or Islamic banking business in the country. Malaysia’s central bank has issued the exposure draft on Licensing… Read More

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