Main Qualifications For Digital Licence Are Character & Integrity
On 29 April 2022 Bank Negara Malaysia (BNM) had announced five consortiums have been awarded with digital banking licence. One of the main criteria used by BNM to approve such licences was the company must possess “Character and Integrity of the applicants, nature and sufficiency of financial resources, soundness and feasibility of business“, HERE.
BigPay Has No Digital Banking Licence
Out of the five successful consortiums for digital banking licence, BigPay of PN17 AirAsia is not one of them.
Despite BigPay’s unsuccessful bid for digital banking licence in Malaysia, it still on an advertising campaign that members of the public can obtain financial services like international bank transfers of fund, foreign exchange and etc from its platform.
Upon checking BigPay’s website, it provides international bank transfers to China, Bnagladesh, Australia, Vietnam, India, Thailand, Singapore, Philippines and Nepal and other banking facilities like BigPay Later Personal Loans, DuitNow and etc, HERE.
Bank Negera Malaysia (Malaysia Central Bank) and Ministry of Domestic Trade & Consumer Affairs Must Monitor Advertisement by Companies
After the announcement by BNM of the five successful consortiums for digital banking licence, it would appear that it is most misleading for BigPay to advertise its financial services to attract consumers / rakyat to its platform. This may cause serious confusions and problems for the consumers.
Beside coming out with the new Consumer Credit Act on an urgent basis to protect the consumers / rakyat from being exploited, BNM must monitor all advertisements in the internet / socmed, take down misleading advertisements and warn consumers / rakyat that those companies without digital banking licence are prohibited from publishing such advertisements. Unless, of course, any registered companies with or without digital banking licence are allowed by law in Malaysia to provide banking services like international bank transfers, DuitNow and etc in their website.
It is the duty of BNM and other Ministries like Ministry of Domestic Trade and Consumer Affairs to protect unsuspecting consumers / rakyat from being misled or exploited by false advertisements. BNM and other government ministries must take precautionary measures before it is too late. There is no point in closing the stable door after the horse has bolted!
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