19 July 2021
Bank Negara Malaysia has issued an exposure draft on agent banking to seek feedback on the exposure draft by 31 August 2021. The exposure draft, when finalised, will be applicable to:
(a) banks (including digital bank) licensed under the Financial Services Act 2013 (“FSA”);
(b) Islamic banks (including digital bank) licensed under the Islamic Financial Services Act 2013, and
(c) prescribed institution under the Development Financial Institutions Act 2002. BNM’s proposals in the exposure draft are intended to:
(a) enhance the role and effectiveness of agent banks in complementing the current financial accessibility landscape, in the transition towards digitalisation of financial services;
(b) ensure sustainability of agent banking services; and
(c) encourage use of financial services, especially by the rural and underserved segments.
For further information, please contact:
Dhinesh Bhaskaran, Managing Partner, Shearn Delamore & Co
dhinesh@shearndelamore.com
