Exposure Draft on Licensing Framework for Digital Banks

Bank Negara Malaysia (the Bank) today issued the Exposure Draft on Licensing Framework for Digital Banks. This framework forms part of the series of measures adopted by the Bank to enable the innovative application of technology in the financial sector. Up to 5 licences may be issued to qualified applicants to establish digital banks to conduct either conventional or Islamic banking business in Malaysia.

The Exposure Draft outlines the proposed framework for the licensing of digital banks to offer banking products and services to address market gaps in the underserved and unserved segments. Such digital banks are expected to offer meaningful access to and promote responsible usage of suitable and affordable financial solutions to financial consumers.

What kind of Approach?
What is 'Foundational' phase?

How to get RM30 e-Tunai Rakyat?

As announced by the Ministry of Finance, the e-Tunai Rakyat initiative aims to accelerate the greater use and adoption of e-wallets and digital payments among Malaysian consumers and merchants, especially small enterprises and retail businesses.

Khazanah was appointed by the Ministry of Finance to facilitate and coordinate the implementation and launch of the e-Tunai Rakyat initiative within the given timeframe.

The "Winning" e-wallet service providers are ⇓⇓⇓

The Revival of Bandar Malaysia (Dec 2019)

The long-awaited and controversial Bandar Malaysia which was part of the legacy of the famous state-owned 1MDB, has come to alive again today with the signing of the agreement between various parties to kick-start the project once again.

The grand signing ceremony was witnessed by Prime Minister Tun Mahathir & ambassador of China to Malaysia, and a few big guns from the cabinet ministers and businessman. Meaning, the limelight of the world is on Bandar Malaysia once again today.

In a joint statement today, the parties announced that IWH-CREC is acquiring a 60% stake in Bandar Malaysia Sdn Bhd, the project's master developer, from its parent company TRX City.

Let's have a look into details about the parties involved: >>>

Who is IWH-CREC Sdn Bnd (ICSB)?

6% Digital Tax on Facebook Ads in Malaysia starting 1 Jan 2020

Beginning 1 January 2020, Facebook ads in Malaysia are subject to a 6% service tax. This affects advertisers whose "Sold To" country on their business or personal address is set to Malaysia.

The service tax is added whenever you're charged for your ads regardless of whether you're purchasing Facebook ads for business or personal purposes. If you pay for Facebook ads with a manual payment method, the tax will be applied when your ad account is funded.

Example...

As an example, let's say that you were recently charged $100 because you reached your $100 billing threshold. The subtotal for the charge will be for $100 in ad costs, and then a 6% service tax will be added on top of that, so you'll pay $106.00 in total for that charge ($100 + $6 = $106). Because service tax is added on top of charges, you won't reach your billing threshold faster, but you may be charged more than your billing threshold amount.

Bear in mind that Facebook isn't able to give tax advice. If you have any questions about taxes, we suggest contacting your local tax advisors or tax authorities.

Follow our active updates via Facebook @FinanceMalaysia

How to Download Touch'nGo Statements via app? Got 2 Types of Statements?

Scared that you can't download Touch'nGo statements for the company's employee benefits claims?

Or, for income tax expenses filing purposes?

Don't know how to download it?

Previously, you can log in to the MYTouchnGo web portal to download the transaction history. But, many of us will find it difficult to access the web portal ever since mobile application e-wallet was born.

Why don't we download the statements via the Touch'nGo e-wallet app directly?

It's much easier and convenient to do so...

Step 1: