Instapay Technologies Sdn Bhd on LinkedIn: 5 Key Takeaways from 2023 Annual Report of Bank Negara Malaysia Bank… (2024)

Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly.5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.

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Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly.5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.Instapay Technologies Sdn BhdInstapay Technologies Sdn Bhd1,533 followers1,533 followers1w • 1w • Follow5 Key Takeaways from 2023 Annual Report of Bank Negara MalaysiaBank Negara Malaysia (BNM) issued its Annual Report 2023 with detailing the insights of important advancements and regulatory measures implemented within the financial sector over the past year.1. BNM has strategically shifted its focus to the Financial Inclusion Framework 2023–26 aiming at achieving broader developmental outcomes for improving the financial well-being and living standards of Malaysians.2. Three digital banks (GX Bank, Boost Bank, AEON Bank) have been launched in Malaysia, to provide services primarily aimed at underserved markets such as gig workers, SMEs, and lower-income groups.3. E-payment transactions grew 20% in 2023 while cross-border payments showed a significant increase. BNM is also exploring technology to simplify compliance processes for cross-border transactions. 4. BNM continues to monitor digital assets' impact on financial stability and explores Central Bank Digital Currencies (CBDCs) to improve cross-border payments. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.In conclusion, Bank Negara Malaysia (BNM) highlighted key achievements and further goals for improving financial inclusion, digital banking, and payment infrastructure in safety as well as capability advancements in its 2023 Annual Report.Source: https://lnkd.in/eCU9Nysyhashtag#FinancialInclusion hashtag#Epayment hashtag#CrossBorderPayments hashtag#DigitalPayments hashtag#FraudPrevention hashtag#MigrantWorkers hashtag#MoneyPayments hashtag#Instapay hashtag#InstapayTech hashtag#Fintech

Portal as mentioned below shall be very helpful to fight against scam. This is a great initiative by neighboring country and Nepal Government or concern authorities also should plan accordingly.5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.Instapay Technologies Sdn BhdInstapay Technologies Sdn Bhd1,533 followers1,533 followers1w • 1w • Follow5 Key Takeaways from 2023 Annual Report of Bank Negara MalaysiaBank Negara Malaysia (BNM) issued its Annual Report 2023 with detailing the insights of important advancements and regulatory measures implemented within the financial sector over the past year.1. BNM has strategically shifted its focus to the Financial Inclusion Framework 2023–26 aiming at achieving broader developmental outcomes for improving the financial well-being and living standards of Malaysians.2. Three digital banks (GX Bank, Boost Bank, AEON Bank) have been launched in Malaysia, to provide services primarily aimed at underserved markets such as gig workers, SMEs, and lower-income groups.3. E-payment transactions grew 20% in 2023 while cross-border payments showed a significant increase. BNM is also exploring technology to simplify compliance processes for cross-border transactions. 4. BNM continues to monitor digital assets' impact on financial stability and explores Central Bank Digital Currencies (CBDCs) to improve cross-border payments. 5. The National Fraud Portal (NFP) is set to launch in mid-2024 to fight financial scams, track stolen funds, and identify fraudsters.In conclusion, Bank Negara Malaysia (BNM) highlighted key achievements and further goals for improving financial inclusion, digital banking, and payment infrastructure in safety as well as capability advancements in its 2023 Annual Report.Source: https://lnkd.in/eCU9Nysyhashtag#FinancialInclusion hashtag#Epayment hashtag#CrossBorderPayments hashtag#DigitalPayments hashtag#FraudPrevention hashtag#MigrantWorkers hashtag#MoneyPayments hashtag#Instapay hashtag#InstapayTech hashtag#Fintech

Thanks Asian Institute of Chartered Bankers for inviting me to share my thoughts on #digitalbanking, adoption and challenges of deploying digital technologies and being on a panel with Khuan Yew Lee, Mohammad Ridzuan Abdul Aziz, Norasyikin Mohamad Razali and expertly moderated by Nadia S Hassan. Here are the key takeaways from the presentation:1. Digitalisation in Banking is not a "trend"; It is the way to do businesses and banks need to, and are continuing to invest.2. There are at least 5-6 approaches to digitalisation and they are not mutually exclusive; Banks will try multiple approaches before landing on the ones tailored to their needs. 3. The role of digital and tech leaders has changed profoundly in the last 20 years. 4. Banks need to think "beyond banking" and take advantage of collaboration opportunities to unlock value as #embeddedbanking becomes mainstream.Thanks to all the 175 bankers for your engagement and questions. Please reach out if you would like to have a follow on.#ey #eymalaysia #betterworkingworld

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🇲🇾 Malaysian Banks Gear Up for Deposit Competition: A Cause for Concern?The Malaysian banking sector is seeing a rise in competition for deposits, according to a recent analysis. But are banks losing sleep over it? Analysts seem to think not! Here's why:💠 Competition Beyond Rates: While deposits are important, banks attract customers through a wider lens – wealth management services, digital banking convenience, and overall customer experience all play a role. 💠 Promotional Blitzes: Some banks are offering attractive, yet temporary, interest rates to lure depositors. Refer to GXBank, OCBC Bank,AFFIN Group and others💠 An interesting data point: The rising 3-month Kuala Lumpur Interbank Offered Rate (Klibor) could lead to more competitive deposit rates in the future.Overall, the competition for deposits is heating up, but analysts believe Malaysian banks are well-equipped to handle it.Read all the details byKamarul Azhar on The Edge Malaysia 👉 https://lnkd.in/g6CZZhn4

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[KH Explains] [Will Kakao Bank secure footing in untapped Thai market?]Thailand has long remained an untapped market for South Korean financial firms since the exodus of the financial crisis in the late 1990s. Now 카카오뱅크 Kakaobank, the nation’s No. 1 Internet-only bank, is eyeing an expansion into the burgeoning digital banking market in Southeast Asia's second-largest economy.Earlier this month, Thailand’s Ministry of Finance confirmed regulations for authorizing virtual banks, the equivalent of internet lenders in Korea.According to the regulations, authorized lenders will be able to offer full banking services, ranging from deposit-taking to credit transactions. Lenders must have a registered capital of between 5 billion baht ($138 million) and 10 billion baht.The Bank of Thailand will receive applications from Wednesday to Sept. 10. After a nine-month screening process, the new banks will be able to begin operations within one year. Though the BOT had decided to grant three virtual banking licenses, the later announcement showed the number of licenses would not be limited.Tap below to read full story. #BOT #Kakao #KHExplains #KakaoBank #BankofThailand #exodus #risk #internetbankhttps://lnkd.in/e5-MQXAg

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CHID Bank modernises for Myanmar’s regulatory shiftRead the full article: https://bit.ly/3Xn2kUmSoe Sandar Aung, head of core and digital banking at CHID Bank, discussed how the bank is updating its operations to meet new regulatory demands, focusing on digital transformation to improve efficiency and customer service.Myanmar’s banking sector is undergoing significant changes as new regulations are introduced to ensure financial stability and compliance. For Construction Housing and Infrastructure Development Bank (CHID Bank), which has a long history of serving the country's infrastructure and housing development needs, these regulatory shifts have necessitated a comprehensive update to its operational framework. Soe Sandar Aung, who leads the CHID Bank's core and digital banking initiatives, is at the forefront of these changes, steering through a digital transformation that aims to enhance both efficiency and customer service.Connect with senior banking decision-makers and industry practitioners at Finance Indonesia on 12 September 2024. This year’s theme, Innovation and regulatory excellence: Charting our future in banking, will explore the key trends shaping the industry. For more information, visit: https://lnkd.in/gpRDCjfc TemenosFoo Boon Ping 胡文彬, TAB Global#DigitalTransformation #BankingInnovation #CustomerExperience #FinancialInclusion #CoreBankingSystem #AIChatbots #MobileBanking #RegulatoryCompliance #FinancialStability #BlockchainTechnology #MyanmarBanking #InfrastructureDevelopment #TemenosBanking #RealTimeBanking #AutomationInBanking #TheAsianBanker #TABGlobal

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Congrats Boost Bank for the launch of the third digital bank in Malaysia 🥳🥳🥳 and I’ve also heard that it’s the first Malaysian homegrown digital bank too 🤩. Understandably, both RHB Banking Group and Axiata / Boost , which formed the consortium, are Malaysian 🇲🇾Still waiting for my identity verification to pass btw 😆 I do expect it may take a bit longer as there may be too many people wanting to open one 😅Also that I found out was this digital bank does allow any Malaysian without a bank account to open one. And yes, it means there’s no need to have an existing bank account and deposit RM20 🥳For me, this is a big step, which gives unbanked Malaysians the chance to be part of the Malaysian financial and banking ecosystem regardless of the socioeconomic background 👏🏻P.S. I do love the opening welcome of the app, as per the screenshot below 🤩#banking #fintech #malaysia

Three virtual banks shall begin operations in Thailand by mid next year. Five groups applied for a virtual banking license with the Bank of Thailand until last week's deadline. The Thai central bank will now assess the applicants "based on their qualifications, capabilities and potential for operating a virtual bank" and expects that such new banks will expand "financial services to unserved and underserved segments, including individuals and SMEs". What we can already conclude today is that the Thai banking industry will very likely remain in the hands of a few well-known "big boys", as all but one of the applying groups include either... => existing Thai commercial banks (BBL, SCB, KTB), => other Thai business heavyweights (C.P. Group, Gulf Energy, PTT, Saha Group, VGI/BTS, AIS, Thailand Post) and/or => large foreign brands (SEA-Shopee, ANT-Alibaba). This development isn't too surprising given the fact that deep pockets are required because virtual banks will have to maintain a stronger BIS ratio (Bank for International Settlement) than existing commercial banks.The first three consortiums are currently tipped as the likely winners. Or do you think that 4 and 5 also have a chance?And if so, why would they be picked?

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