Central Banking

Malaysia launches new payments system to boost online transactions

Bank Negara Malaysia

Bank Negara Malaysia (BNM) yesterday launched a new payments system to complement efforts to accelerate the country's migration to e-payments, in an economy still reliant on cash and cheques.

With JomPAY, a system developed by MyClear, a subsidiary of the Malaysian central bank, merchants will no longer need to maintain "multiple banking relationships" to receive bill payments from customers who bank with different banks, as has been the case until now, said BNM's deputy governor, Muhammad bin I

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