Tag Archives: Bank Negara

New rules for credit card holders in Malaysia

Posted on by
1

Bank Negara Malaysia(the central bank of Malaysia) regulates the new rules for credit card holders in Malaysia,eventually the new rules are more specific to low income class.By tying up the credit policies,Bank Negara will be able to reduce the risks of inflation in the country and bankruptcy issues on individuals.The details are:

1.Minimum income requirement of applying credit card is RM24,000 per annum.

2.For cardholders earning RM36,000 or less per annum:

(a)only can hold credit cards from two issuers.For those who have more than 2 cards currently,they are given to choose two preferred issuers before the end of  this year.Cardholders will be given at least 2 years to pay the debts on the cards cancelled for the purpose of meeting the requirement.

(b)the maximum credit limit should not exceed 2 times of monthly income per issuer.For the outstanding balance over that maximum credit limit,a grace period of 2 years will be given to them to meet the new requirement.

All above rules are affected immediately.

BNM also announced that Further Enhancements to Credit Card Infrastructure Security will run by steps.Effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed. This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards.

I support the move of BNM of controlling the credit market to make it grow stable and healthy.

 

 

Industrial & Commercial Bank of China may land in Malaysia soon

Posted on by
Reply

The source from Bank Negara,the central bank of Malaysia says that the banking license to Industrial & Commercial Bank of China is processing currently and it could be done before November 10,2009.Why is that date?Chinese Chairman Hu Jintao will have his official visit to Malaysia from November 10-11,2009.

Chairman of PRC,Hu Jintao

Many observers think that Malaysian government will offer the license for banking service to the related parties,however,they want to get more strategic investments and financial supports from China to push the local economical growth from the recent recession.

Industrial & Commercial Bank of China

Simplified it,China has money and is always looking for some opportunities to make investments.On the other hands,Malaysia is lack of money and is always looking for some chance to attract more foreign investments.That’s why they are going to make a deal.I can see that more and more business and cultural activities is going to hold between two countries.But I can’t see that Malaysian government gives any extra benefits to the Chinese.For example,I’m going to have marriage with my fiancée who is Malaysian Chinese and after the marriage,we decide to stay in Malaysia for some years.Thus,we need to buy a property to stay.

According to the law,foreigners are only able to buy a property valued more than RM250,000 in KL and Selangor and there’s no exemption to a foreign spouse of a Malaysian.I understand this clause protects the low-mid income citizens as foreign investors may push up the property prices if no restrictions here.But in my case,the property could be only under my fiancée’s name if the preferable property is under RM250,000 and nothing protects me.

Malaysian government still needs to be a bit smarter to welcome more foreign investments.

PayPal is localized

Posted on by
Reply

From now on,Malaysian PayPal users can add Ringgit Malaysia to be your primary currency instead of those international currencies we normally use and withdraw your PayPal balance to your local banks.

PayPal balance in RM Are you willing to get that?Actually it’s quite simple.After several clicks,you can get what you see here.

1.Click ‘Manage Currency’ and it will be switched into the following page.

Add new currency 2.Go to ‘Select new currency’ and tick the one you want to add and press ‘Add Currency’.

3.After that,you can see your newly added currency is in the list.

If you want to withdraw funds to your local bank account,you have to add the bank information in your profile.I don’t teach you here because it should be the basic of PayPal users.The fees for transactions and withdrawals are listed below:

Fees for transactions Fees for bank withdrawals I think the charges are quite fair.I’m thinking this maybe is a signal from Bank Negara(the Central Bank of Malaysia) for slacking some currency policy so as to attract more foreign direct investment.I love the move! :)