KUALA LUMPUR, Oct 9 — Payment process by major technology companies in Malaysia has grown by about 170 per cent since the pandemic began, due to its lower complexity, universal demand and lower trust barriers, said Bank Negara Malaysia Governor Datuk Nor Shamsiah Mohd Yunus.
“Online banking remains the dominant method of transferring value digitally in Malaysia, while beyond payment, the extent of Big Tech disruption in other financial services is still limited,” she said during the virtual Bank for International Settlements’ ‘Regulating Big Tech Conference’ recently. She added that with the emergence of new business models, the central bank has found itself having to respond to policy disruptions, which is compounded when it involves unclear or overlapping regulatory parameters across authorities.
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