A new law regulating monetary loans offered by non-bank associated institutions will be introduced to control the granting of loans, says Datuk Seri Amir Hamzah Azizan.
The Finance Minister II said the law would be important because all finance-related supervision was under Bank Negara.
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The Finance Minister II said the law would be important because all finance-related supervision was under Bank Negara.
Read more at https://shorturl.at/er7ZD
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00In view of so many advertisements online,
00:03that are targeting the banks,
00:05that say, meet us, we can give you a bank loan.
00:08But they are not banks.
00:09So, to people like this,
00:11online or illegal mergers,
00:13what is the punishment if you get, for example,
00:15doing something online but
00:17they take the initiative
00:19to give it to the bank, but they are not
00:21giving it to the bank. So, what is the punishment?
00:23If we look at it,
00:25this is an important thing for us to handle.
00:28We feel that in our financial system,
00:33there are regulators that exist to control it.
00:36Anything that comes out of the banking system,
00:39the regulator is the one who controls it.
00:43Anything that comes out of the capital market,
00:45the superintendent is the one who controls it.
00:48And in the government's efforts to deal with issues
00:52that may not be ready to be controlled,
00:56there will be a capital credit that will come out soon,
01:00in the next year,
01:02where we will see how to control
01:04the giving of buy now, pay later.
01:08It will be easier for us to see what issues come out.