Financial Services
Launch of Cross-border Real-time Payment Systems Connectivity between Malaysia and Singapore.
On 17 November 2023, Bank Negara Malaysia and the Monetary Authority of Singapore have collaboratively launched a real-time payment systems linkage between Malaysia’s DuitNow and Singapore’s PayNow. The service is expected to go live by end of 2023.
The DuitNow-PayNow linkage allows for instant and costeffective person-to-person fund transfers and remittances between the two countries. Notably, this linkage is the first to include participation from non-bank financial institutions in both nations, expanding access to a wider user base. Users can now send and receive funds up to RM3,000 or S$1,000 daily using the recipient’s mobile phone number or Virtual Payment Address.
The service will be available for selected financial institutions, namely, Maybank, CIMB and TNG Digital for users in Malaysia, and Liquid Group, Maybank Singapore, OCBC and UOB for users in Singapore. Other financial institutions are expected to be onboarded thereafter.
SC Unveils Principles-Based Maqasid AlShariah Guidance for Islamic Capital Market
On 30 October 2023, the Securities Commission Malaysia (“SC”) introduced the principles-based Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia (the “Guidance”) which provides universal guiding principles to enhance Islamic capital market’s (“ICM”) competitive advantage and contribution in the real economy.
This Guidance is in line with the SC’s Capital Market Masterplan 3, which seeks to put Malaysia as a global leader in ICM and strengthens Malaysia’s position as a regional centre for Shariah-compliant Sustainable and Responsible Investment.
The Guidance is designed in accordance with six aspirations. They are:
1. Aspiration 1: Humanity
2. Aspiration 2: Justice and Benevolence
3. Aspiration 3: Clarity and Transparency
4. Aspiration 4: Flexibility and Innovation
5. Aspiration 5: Fiduciary and Accountability
6. Aspiration 6: Accessibility and Inclusivity
Further information on the Guidance can be found here.
