Expanding the Regional Payment Connectivity (RPC) Initiative

The Regional Payment Connectivity (RPC) initiative aims to simplify and streamline cross-border payments. Bank Negara Malaysia (BNM) and the State Bank of Vietnam (SBV) recently signed a Memorandum of Understanding on the Cooperation in Regional Payment Connectivity (MOU RPC) to strengthen this endeavor. The Philippines’ central bank joined the MOU RPC last year. All these efforts mean one thing: easier, cheaper, and faster transactions across borders.

What This Means for DuitNow QR Users

The addition of Vietnam and the Philippines to the RPC is a significant milestone, not just for these countries but also for DuitNow QR users. Once implemented, Malaysians can use DuitNow QR for payments in Vietnam and the Philippines, essentially offering a seamless payment experience. On the flip side, citizens of these two countries will be able to use their respective QR payment service providers while in Malaysia, similar to how it works for Singaporeans, Thais, and Indonesians.

Why This Matters

Think of the ease this would bring to both individual travelers and businesses that operate across these countries. This development falls perfectly in line with RPC’s goal to make inter-country payments more seamless, convenient, and affordable. With SBV’s inclusion, the initiative now comprises six ASEAN Central Banks, taking a significant step toward regional financial inclusivity.

Conclusion

The expansion of DuitNow QR to include Vietnam and the Philippines is not just a technological advance; it’s a monumental leap toward a unified ASEAN digital economy. So the next time you find yourself booking a flight to Hanoi or Manila, remember, your DuitNow QR app is about to become your new best travel buddy.

Source: https://technave.com/gadget/Malaysians-ca

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Driving Tourism and Economic Growth

Leong Yu Man, the chairman of the Pahang Unity, Tourism and Culture Committee, asserts that this cashless initiative will not only boost tourism but also foster economic growth. This move is designed to bridge the digital divide between rural and urban residents, making technological advancements accessible to all.

Why Cashless is More

According to Leong, the convenience of using digital payments like DuitNow will specifically enhance the tourism experience at Taman Negara, a renowned national park. With boat operators and traders in the region already adopting digital payment methods, the initiative promises a smoother, more efficient experience for both tourists and locals.

Agrobank and Tourism Pahang Join Forces

This forward-thinking initiative is a collaborative effort between Agrobank and Tourism Pahang. The partnership aims to expand the use of cashless services in a manner that benefits not just tourists but also the local community, potentially driving better sales for local businesses.

What This Means for Pahang

The state government is deeply committed to driving digital transformation across all levels of society and industry. By implementing cashless solutions in tourism hubs like Hulu Tembeling, they are setting the stage for a more inclusive and convenient future.

Conclusion

The cashless village initiative in Hulu Tembeling marks an exciting chapter in the evolution of tourism in Pahang and Malaysia as a whole. By incorporating digital payments into the tourism infrastructure, the state is paving the way for a more efficient, inclusive, and modern travel experience.

So the next time you plan a trip to Taman Negara, you won’t just be exploring nature; you’ll also be part of a digital revolution!

Source: https://www.thesundaily.my/local/cashless-village-initiative-will-boost-tourism-activities-in-pahang-exco-HF11415266

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The Trailblazing Meeting

The meeting was chaired by Bounleua Sinxayvoravong, Governor of the Bank of Lao PDR, and Mrs. Chea Serey, Governor of the National Bank of Cambodia. The agenda was broad and covered crucial topics such as macroeconomics, monetary policy, and banking sector development. The focus, however, was squarely on digital connectivity between the payment systems of both nations.

The Lao-Cambodia QR Code Payment System

The highlight of the meeting was the introduction of the Lao-Cambodia cross-border payment system, known as KHQR scan LAOQR. This system allows users in both countries to pay for goods and services using their local currencies—Lao kip and Khmer riel—via QR codes.

The MoU and Facilitating Entities

This new payment avenue is the result of a Memorandum of Understanding (MoU) signed in 2022 in Phnom Penh, Cambodia. The initiative aims to foster cooperation in financial innovation and digital payment systems and is facilitated by LAPNet Company and ACLEDA Bank of Cambodia.

Participating Banks

The KHQR scan LAOQR system will be accessible through eight commercial banks in Laos, including BCEL, ACLEDA Bank Lao, Kbank Lao, BIC, APB, LVB, Indochina, and JDB. This rollout means that Cambodian tourists in Laos can make QR code payments at stores that display the logo of one of these banks. A counterpart system for Lao tourists in Cambodia is set to launch in Q4 2023.

A Step Toward International Standards

Both countries have agreed to implement a QR code payment system that adheres to international standards. The move is expected to encourage digital payments regionally and promote the use of local currencies for cross-border transactions.

Conclusion

The launch of this cross-border payment system signifies a significant step in modernizing the financial ecosystems of Cambodia and Laos. By easing the payment processes for both locals and tourists, the new system promises to be a game-changer for the region.

A more digitally integrated future awaits, and this initiative has set the pace for it.

Source: https://www.thestar.com.my/aseanplus/aseanplus-news/2023/08/27/cambodia-and-laos-launch-cross-border-qr-code-payment-system

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Extra Fee for MYR Transactions Overseas

First off, BigPay has introduced an extra 0.5% fee for transactions made outside Malaysia but charged in Malaysian Ringgit (MYR). This is on top of any other fees imposed by the payment network, which often rounds up to a total of around 1.5%. This isn’t just limited to physical payments; it extends to online transactions as well.

Say Hello to Reload Fees

If you often reload your BigPay card via a credit card, here’s something you need to know: BigPay will now charge a 1% fee for Malaysian-issued credit cards and a 3% fee for non-Malaysian-issued ones, no matter how much you top-up. Previously, you could reload up to RM1,000 per month without any additional charges; those days are gone.

The Best Way to Top-Up Now

Given these changes, BigPay suggests using DuitNow to reload your card for free. Simply use your preferred banking app, select DuitNow Transfer, and then choose BigPay. Enter your DuitNow Account number for your BigPay card, and you’re good to go.

Cross-Border Payments Still a Win

On a brighter note, if you’re heading to Singapore, Thailand, or Indonesia, you can make QR payments with zero extra fees, thanks to DuitNow QR’s cross-border payment feature.

What Should You Do?

1. Go Local: BigPay advises paying in the local currency for better rates when you’re abroad.
2. Use DuitNow: For reloads, move away from credit cards and opt for DuitNow to avoid fees.
3. Watch the Limits: Remember, the maximum wallet size remains at RM20,000, but monthly reloads are capped at RM10,000.

Conclusion

While these changes make BigPay slightly less attractive for those who reload via credit cards or make transactions in MYR overseas, there are ways to maneuver around these costs. The key takeaway? Plan your transactions wisely.

Source: https://soyacincau.com/2023/08/10/bigpay-to-

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In the wake of rising data breaches and cyber threats in Malaysia, TNG Digital is collaborating with the Malaysia Digital Economy Corporation (MDEC) to offer an innovative data protection service for Touch ‘n Go eWallet users. Called MyCyberShield, this service is a part of TNG’s #JagaDataKita campaign aimed at empowering Malaysians to live a secure digital lifestyle.

The Alarm Bells Are Ringing

According to Alan Ni, the CEO of TNG Digital, the data of an astonishing 22.5 million Malaysians, including critical details like full names, IDs, and home addresses, is up for sale on the dark web. With numbers like these, there’s a pressing need for robust data protection solutions, making campaigns like #JagaDataKita not just necessary but urgent.

What is MyCyberShield?

Supported by MDEC and powered by F-Secure, MyCyberShield focuses on critical aspects of online safety. It aims to raise awareness about data protection and data breach, increase understanding of cyber threats and scams, and encourage good cyber hygiene practices.

Timo Laaksonen, the President and CEO of F-Secure, elaborates that the first phase of MyCyberShield offers Identity Protection with the Cyber Help feature. This feature allows subscribers to safeguard multiple identities such as email addresses, credit cards, phones, MyKad, and usernames. If any breaches occur, subscribers will be notified and will also receive tips and recommended actions based on the severity of the data breaches.

The Future of MyCyberShield

Laaksonen further mentioned that the second phase will include more robust cybersecurity defenses and explore the potential of product bundling with TNG Digital Financial Services, such as Wallet Safe and other relevant insurance products.

Special Promo Alert!

From August 25 to September 30, 2023, MyCyberShield will be offered at a special rate of just RM9.99 for a three-month subscription. Users will also enjoy an RM3 cashback credited back to their eWallets. The Cyber Help feature provides personalized assistance, enabling subscribers to reach out to F-Secure for expert guidance in case of any identity theft incidents.

Conclusion

As our lives become increasingly digital, the need for robust data protection solutions like MyCyberShield has never been more critical. With collaborations like the one between TNG Digital and MDEC, it seems Malaysians are taking a step in the right direction to secure their online lives.

If you’re looking to fortify your data protection game, MyCyberShield may just be the safety net you need.

Source : https://soyacincau.com/2023/08/26/touch-n-go-ewallet-offers-mycybershield-personal-data-protection-service-rm9-99-for-three-months/

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In what seems to be a carefully designed strategy, MDEC aims to cultivate a thriving ecosystem through a multi-faceted approach. The commitment to nurturing IDE companies is robust, with Syed Ibrahim detailing a comprehensive ecosystem of mentorship, funding, business matching, and market access.

“This is merely the first step towards formulating pilot projects,” he said, alluding to the ambition of commercializing successful proof-of-concept solutions.

A Strategy Unveiled

What makes this announcement particularly intriguing is how MDEC is positioning itself to play an instrumental role in bridging the gap between traditional Islamic industries and the digital sphere. By collaborating closely with halal certification bodies, Islamic financial institutions, and other stakeholders, MDEC is placing emphasis on enhancing efficiency, transparency, and compliance.

The result? An elevation in the quality of services and a strengthening of the halal ecosystem and the reach of Islamic finance.

An Ecosystem for Growth

The strategy goes beyond mere words. Through initiatives like Malaysia Digital, MDEC demonstrates its commitment to creating a digital ecosystem that spurs innovation, empowers businesses, and enables digital inclusion. The concept of “Pemangkin,” or Malaysia Digital Catalytic Programmes, is a standout example of this strategy to accelerate growth in the sector.

Digital Economy’s Robust Contribution

With the digital economy’s contribution standing at 23.2% to Malaysia’s gross domestic product, or RM348 billion in 2021, it’s clear that the digital wave is more than just a fleeting trend. Projections indicate that this contribution will surge to 25.5% by 2025, or over RM382 billion, signifying a continued strong momentum.

The Future of IDE in Malaysia

MDEC’s focus on the Islamic digital economy comes at a crucial juncture. With new foreign direct digital investments worth RM42 billion and domestic direct digital investments amounting to RM4.76 billion approved in 2022, the landscape is ripe for innovative, strategic moves.

As the digital economy continues to grow, the emphasis on the Islamic digital economy presents both an opportunity and a challenge. The opportunity lies in leveraging the unique characteristics of the Islamic finance, halal, and lifestyle sectors. The challenge is in executing a vision that requires collaboration, innovation, and commitment.

MDEC seems poised to meet this challenge, setting the stage for a future where the Islamic digital economy is not merely a segment but a vibrant, essential part of Malaysia’s digital growth story.

Source: https://theedgemalaysia.com/node/679627

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A new wave of financial technology is sweeping across South-east Asia, and at the heart of it is the QR code payment system. According to a recent study from Juniper Research, the volume of QR code payments in this burgeoning market is projected to rise astronomically from 13 billion in 2023 to a staggering 90 billion by 2028.

Explosive Growth in South-east Asia

This monumental growth in South-east Asia and other developing markets can be attributed to the financial inclusivity that QR payments offer. By enabling unbanked users to access digital payments, QR codes are revolutionizing the way people transact in these regions.

Unlike Western markets, where adoption has been minimal, QR payment markets are thriving in developing countries, emphasizing the global divide in this technology.

Driving Factors: National Schemes and Cross-Border Interoperability

National QR payment schemes such as India’s Unified Payments Interface (UPI) and Brazil’s Pix have played a pivotal role in encouraging market adoption. The success of these platforms has inspired similar initiatives in countries like Kenya and Bangladesh.

However, a significant boost to market volume is expected to come from cross-border interoperability within South-east Asian markets. Countries like Indonesia, Malaysia, and Thailand have already unified their payment standards, allowing businesses to accept payments from international visitors using domestic digital wallets.

With Singapore and the Philippines also planning to collaborate by year-end, the move towards unifying payments across the region is unmistakable.

A Western Perspective: P2P Transfers Gain Traction

While overall adoption of QR payments remains low in Western markets, QR peer-to-peer (P2P) bank transfers have made noticeable strides since 2022. Services like Belgium’s Payconiq and Spain’s Bizum have found favor among users, indicating a growing acceptance of QR-based payment methods.

Companies like Revolut and Vipps MobilePay are spearheading P2P and business-based QR solutions across Europe, leveraging reduced transaction fees to enhance adoption. Payment providers aiming for success are encouraged to focus on competitive pricing to rival established local payment methods.

Conclusion: A New Era of Digital Transactions

The surge in QR code payments in South-east Asia is more than just a trend; it signifies a transformative shift in the region’s financial landscape. By fostering inclusivity and providing a convenient platform for both domestic and international transactions, QR codes are not merely an alternative but are fast becoming the preferred mode of payment.

While the Western world may be lagging in overall adoption, the rising popularity of P2P QR transfers demonstrates that there’s potential for growth in these markets as well.

As the world marches towards more digitalized and convenient forms of transaction, QR codes are emerging as a key player in shaping the future of payments. It’s a story that’s just beginning in some parts of the world, but in South-east Asia, it’s a revolution that’s well underway.

Source: https://www.malaymail.com/news/money/2023/08/21/juniper-research-qr-code-payments-in-se-asian-market-rise-to-90-billion-by-2028/86368

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Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

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The focus of the CCOB in Phase 1, from 2024 to 2025, will be on non-bank credit providers and service providers that are currently unregulated. This includes businesses that offer Buy Now Pay Later (BNPL) services. Non-bank credit providers that are already regulated by a Regulatory and Supervisory Authority (RSA) will not be required to seek authorisation from the CCOB in this phase.

In assessing an application for authorisation, the CCOB will examine four criteria: organisational structure, shareholding composition, financial resources, and qualification and competencies of key personnel. The proposed regulations also require credit providers and credit service providers to have sufficient financial resources commensurate with the nature, complexity, and scale of their business. The proposed minimum financial requirement for BNPL firms is RM2 million of shareholder funds.

Industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements. This will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations. The API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.

The CCOB is also seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive. Credit providers will have to conduct an affordability assessment on consumers before entering into an agreement with them or increasing the amount of credit provided. They will need to obtain information such as their financial means, outstanding debt obligations, and repayment history from reliable sources such as registered credit reporting institutions.

Interested parties and members of the public are invited to provide feedback and comments on the consultation paper to CCOB Task Force by 15 May 2023. To do so, you can visit the CCOB website to use the feedback form feature or email CCAConsultation@bnm.gov.my. This is an opportunity for the public to have a say in shaping the regulatory framework for credit businesses in Malaysia, which will help ensure responsible lending practices and protect consumers.

Source: https://ccob.my/wp-content/uploads/2023/04/Consultation-Paper-Pt-2_FINAL_ENG-1.pdf

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