17 August 2018

BNM to launch MyDebit Corporate Card to reduce cash, cheque usage

BNM to launch MyDebit Corporate Card to reduce cash, cheque usage

ALOR STAR - Bank Negara Malaysia (BNM) will soon introduce the MyDebit Corporate Card to reduce the usage of cash and cheques in commercial transactions.

BNM governor Tan Sri Muhammad Ibrahim said the card – which is a collaborative initiative with Payments Network Malaysia Sdn Bhd (PayNet) and local financial institutions – will allow corporate bodies and entrepreneurs to make payments to government agencies at selected bank branches without the use of cash or cheque.

"The (usage) of cheques as a payment method is still high.

“In 2016, 19 million cheques were used by business entities as payment methods to government agencies," Muhammad said in his speech at the opening of the Kedah Financial Carnival 2018 here on Friday. The event was launched by state Industry, Domestic Trade and Cooperatives committee chairman Datuk Dr Ku Abd Rahman Ku Ismail.

Muhammad, however, also pointed out that since the introduction of the 2011 Financial Sector Blueprint 2011-2020, the use of cheques fell by 42 per cent from 205 million to 120 million in 2017.

At the event, the BNM governor also announced the upcoming launch of a new awareness programme designed to allow easy access to the Central Credit Reference Information System (CCRIS) via an electronic platform (eCCRIS).

Muhammad said eCCRIS will provide finance officers with direct access to loan information through the Internet.

Apart from increasing efficiency, eCCRIS will also shorten the loan application review process at 11 financial institutions.

The three-day Kedah Financial Carnival 2018 at the TH Hotel and Convention Centre here sees the participation of 53 financial institutions, including banks, insurance companies and government agencies.


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