Central Banking

Malaysia to introduce smart cards next year

MALAYSIA - While commercial banks will reimburse those who had money illegally withdrawn from automated teller machines, Bank Negara has directed banks to replace magnetic strips with chip technology from next year.

The central bank is also investigating if reports on illegal withdrawals were genuine, Finance Ministry Parliamentary Secretary Hashim Ismail said.

He said there were people who had taken advantage of the scam to make false reports.

Hashim said the multi-purpose smart card would func