MyDebit Corporate Card To Reduce Use Of Cheques

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ALOR SETAR – The MyDebit Corporate Card initiative will soon be implemented towards reducing the use of cheques and cash, in line with the shift towards electronic payments (e-payment).

Bank Negara Malaysia (BNM) Governor, Tan Sri Muhammad Ibrahim, said the new initiative will be undertaken in collaboration with Payment Networks Malaysia Sdn Bhd and local financial institutions.

“The MyDebit Corporate Card will enable corporations and entrepreneurs to make payments at the counters of government agencies or at selected bank branches without the use of cheques or cash,” he said in his speech at the launch of the Kedah Financial Carnival 2018 here today.

Muhammad said since execution of the Financial Sector Blueprint 2011-2020, the use of cheques had fallen 42 per cent from 205 million to 120 million in 2017.

“However, the use of cheques by entrepreneurs in making payments at government agencies remains high at 19 million in 2016,” he said.

He praised the Kedah state government on its e-payment initiative for schools launched during the Digital Langkawi 2017, saying, the initiative was a positive step towards achieving a “cashless society” aspiration as set out in the National Transformation 2050 plan.

Muhammad also emphasised the need for financial prudence to ensure economic growth that is both sustainable and inclusive.

“BNM is working together with government agencies and financial institutions to get closer to the public through its Financial Inclusion Programme. Since 2012, 48 such programmes were carried out in the rural areas of Kedah, including Nami, Kupang, Jeniang and Lubuk Merbau,” he said.

On a national level, he said BNM planned new awareness programmes such as accessing the Central Credit Reference Information System (CCRIS) via an electronic platform (eCCRIS).

eCCRIS will allow finance officers easy access to loan information through the Internet, and apart from raising efficiency, it will also shorten the loan application review process of applicants from 11 financial institutions, he added.

The Kedah Financial Carnival was launched by State Industry and Investment, Domestic Trade, Consumer Affairs and Cooperatives and Indonesia-Malaysia-Thailand Growth Triangle Committee Chairman, Datuk Dr Ku Abdul Rahman Ku Ismail.

This is the fourth such carnival organised by BNM and the Finance Ministry, with the first taking place in Kuala Lumpur last year. – BERNAMA