Tag "Bank Negara Malaysia (BNM)"
MOF and BNM to Host Global Islamic Economics and Finance Forum in May 2024
Malaysia’s Ministry of Finance and Bank Negara Malaysia (BNM) are set to host the Global Forum of Islamic Economics and Finance (GFIEF) on 28-29 May 2024, at the Kuala Lumpur Convention Center. This event, which follows the 15th International Conference
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BNM’s RENTAS Modernisation Plans to Futureproof Malaysia Payments Infrastructure
The Real Time Electronic Transfer of Funds and Securities System (RENTAS) represents a cornerstone of the financial infrastructure in Malaysia, facilitating the real-time gross settlement (RTGS) of large-value payments across the nation’s financial institutions. This pivotal system facilitates the seamless
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BNM’s New Sandbox Introduces a Fast Lane for Financial Institutions
Bank Negara Malaysia (BNM) has announced updates to its Financial Technology Regulatory Sandbox Framework policy document in a bid to further boost fintech innovation in the country. Initially launched in October 2016, the framework was designed to foster a regulatory
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Malaysia and Cambodia Regulators Ink MoU on Cross-Border QR Payments
The central banks of Malaysia and Cambodia have formalised a partnership aimed at advancing financial innovation and streamlining cross-border payment systems. The Memorandum of Understanding (MoU), signed by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), was
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Is BNPL Shariah Compliant in Malaysia?
The Shariah Advisory Council (SAC) of Bank Negara Malaysia has taken significant strides in marrying the convenience of modern financial mechanisms like Buy Now Pay Later (BNPL) facilities with the rigorous principles of Shariah law. Through its comprehensive deliberations during
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BNM and CyberSecurity Malaysia Sign MoU to Bolster Cyber Resilience in Financial Sector
Bank Negara Malaysia (BNM) and CyberSecurity Malaysia have formalised a Memorandum of Understanding (MoU) aimed at reinforcing cybersecurity in Malaysia’s financial sector. This collaborative effort aims to develop and implement comprehensive cybersecurity strategies to address the challenges posed by the
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5 Key Fintech Trends that Will Shape Malaysia in 2024
In 2024, Malaysia is set to see significant growth in its fintech industry. This is primarily due to increased digital adoption in the country, supported by government regulations, substantial funding, and a growing talent pool. These factors are vital contributors
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Boost Bank Receives Nod from BNM to Launch its Digital Bank
Boost and its consortium partner, RHB Banking Group (RHB), received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) to commence operations as a digital bank, with effect from 15th of January 2024. The consortium will
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BNM’s New Personal Financing Policy Defines FIs’ Approach to BNPL Offerings
The Bank Negara Malaysia (BNM) has released a new policy document on personal financing which took effect on 15 December 2023, with the goal of promoting responsible financing practices while discouraging unaffordable borrowing. This policy encompasses Buy Now Pay Later
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How Will BNM’s Digital Insurance License (DITO) Address Protection Gaps in Malaysia
In recent years, the insurance landscape in Malaysia has undergone a transformation driven by digital innovation, of which the introduction of Bank Negara Malaysia’s digital insurer and takaful operators (DITO) framework is expected to be a game changer. The emergence
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