RHB partners Socso for online payment and collection

KUALA LUMPUR, Jan 21 — RHB Bank Bhd has signed a memorandum of understanding (MoU) with the Social Security Organisation (Socso) for online payment and collection through FPX (Financial Process Exchange) in conjunction with the three-day Kedah…

The week at a glance 21 January 2018

Sabah & Sarawak Wood-based manufacturers’ earnings prospects to face challenges in 2018 Wood-based manufacturers’ earnings prospects are projected by analysts to face some challenges in 2018. The research arm of Hong Leong Investment Bank Bhd believed earnings prospects of the wood-based manufacturing players will face some challenges in 2018, underpinned mainly by the sharp strengthening […]

Ringgit ends 180 pips higher versus greenback

KUALA LUMPUR: The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week.

At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in July 2016, from 3.9540/9570 on Thursday.

A dealer said players were cautious ahead of the BNM's Monetary Policy Committee (MPC) meeting next week which may decide to raise the Overnight Policy Rate (OPR), which currently stood at 3.00%.

“Market rumours are rife that the central bank may raise the OPR by 25 basis points (bps) to 3.25 per cent after the hawkish shift in the last meeting. Pricing in the hike, that triggered ringgit's purchase since this morning,” she told Bernama.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

The local note strengthened against the Singapore dollar to 2.9820/9869 from Thursday's 2.9887/9912.

The ringgit, however, depreciated against the yen to 3.5572/5617 from Thursday's 3.5522/5553, down against the euro to 4.8322/8387 from 4.8290/8339 and slipped against the British pound to 5.4742/4801 from 5.4731/4777 previously. — Bernama

Ringgit ends higher ahead of Bank Negara meet

KUALA LUMPUR, Jan 19 —The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week. At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in…

Bank Negara unveils eCCRIS initiative

ALOR SETAR, Jan 19 — Bank Negara Malaysia (BNM) today introduced a new initiative, eCCRIS, to digitise its financial services and empower society, said its Governor, Tan Sri Muhammad Ibrahim. Muhammad said the bank’s efforts would expand the…

Public can now access financing and repayment history online

PETALING JAYA: The public will now be able to access their financing and repayment history over the last 12 months online, with the launch of Bank Negara Malaysia's (BNM) eCCRIS, which allows for the access of Central Credit Reference Information System (CCRIS) report free of charge.

The report is a factual one and not an assessment of a borrower’s credit standing, BNM said in a statement. It is also not a blacklist.

eCCRIS is an extension of BNM’s efforts to promote the financial well-being of all Malaysians by encouraging prudent financial management.

Users will also be able to lodge data verification requests directly via eCCRIS to participating financial institutions to verify and correct any inaccuracies identified in their CCRIS report.

A one-time registration is required at any BNM office or Agensi Kaunseling dan Pengurusan Kredit (AKPK) branch nationwide. Upon verification of identity at a CCRIS kiosk and registration of a valid mobile phone number, users will be provided with a six digit PIN which is required for first time login on the site.

For further information on the registration of eCCRIS, the public may call BNM TELELINK at 1300 88 5465.

MyDebit initiative aimed at reducing use of cheques, cash

ALOR SETAR, Jan 19 — The MyDebit Corporate Card initiative will soon be implemented towards reducing the use of cheques and cash, in line with the shift towards electronic payments (e-payment). Bank Negara Malaysia (BNM) Governor, Tan Sri…

Authorities warn public to beware initial coin offerings

KUALA LUMPUR, Jan 19 — Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have advised the public to be wary of any initial coin offering (ICO) schemes. The public are reminded to exercise caution before participating in…

The SC and Bank Negara Malaysia issue joint statement on ICOs

PETALING JAYA: Securities Commission Malaysia and Bank Negara Malaysia have issued a joint statement cautioning issuers of initial coin offerings that they may be running foul of the law with the offering of digital tokens in exchange for digital currency or any form of payment and incidental activities thereof.

“In addition, no person is permitted to carry out any regulated activities such as fundraising, fund management and dealing in capital market products without obtaining necessary approval or authorisation from the SC,” the statement issued earlier said.

Itadded that ICO operators are prohibited from undertaking regulated activities such as deposit taking and banking business, foreign exchange administration activities and remittances, without the necessary authorisation under financial services laws administered by BNM.

Members of the public are reminded to exercise caution before participating in an ICO and are advised to refer to the list of institutions that are licensed or approved to carry out regulated activities under the laws administered by the SC and BNM.

Both authorities will continue to monitor these developments, and will not hesitate to take action against any person conducting illegal or unauthorised activities.

CIMB banks on fintech speed to be a game changer

KUALA LUMPUR, Jan 19 — CIMB Group’s head of consumer banking Samir Gupta said the bank is aiming to use its financial technology (fintech) strategy to reinforce its position as a leading player in the consumer banking sector. The bank became…