Social Media Message on ATM Cash Withdrawal
- Bank Negara, PayNet refute claims on faulty ATM withdrawals over social media
- Civil servants to get additional annual increment
- Foreign investments of RM141 billion approved in manufacturing sector
- Government to ensure robust, diversified local halal industry
- Crowdfunding seen as very interesting by Swedish financial authorities
Bank Negara Malaysia has responded to a message circulating in the social media advising the public to perform cash withdrawals using the Automated Teller Machines (ATMs) of their own banks instead of the ATMs of other banks purportedly due to issues with MEPS. Specifically, it alleged that there were ATM withdrawals where the cash amount failed to be dispensed even though the customers’ bank accounts had been deducted. The Central Bank pointed out that over the past six months, the MEPS Shared ATM Network has continuously and reliably served its customers by facilitating interbank cash withdrawals and funds transfers at over 11,000 ATMs in Malaysia, with 100 percent system availability recorded. In a statement issued over its website, the bank advised members of the public who have any difficulties with their respective ATM transactions to lodge their complaints promptly with their respective issuing banks. The statement added that if any such complaints are not resolved within a reasonable period, the public can also lodge a complaint with Bank Negara Malaysia. BNM said it is monitoring the matter closely and will not hesitate to take all necessary actions to uphold the public interest in this matter.
Meanwhile, Payments Network Malaysia, who operates the MEPS Shared ATM Network said the social media postings were inaccurate. A statement from PayNet said the MEPS Shared ATM Network, encompassing the ATMs of 20 participating banks, is running as usual and is functioning smoothly. In the past 6 months, the MEPS Shared ATM Network achieved 100% availability and processed more than 142 million ATM cash withdrawal transactions successfully. From October 2017 to March 2018, incidents where the ATMs of our participating banks failed to dispense cash accounted for only 0.02% of the total volume of cash withdrawals processed over the MEPS Shared ATM Network. It said these incidents are largely isolated and resulted from issues at specific ATMs. “When such cases arise the participating banks will perform refunds generally between 2 to 4 working days.”
Civil servants to get additional annual increment
Malaysia’s 1.6 million civil servants will receive an additional annual salary increment for 2018, effective 1 July. This was announced by Prime Minister Datuk Seri Najib Tun Razak in Putrajaya today. Datuk Seri Najib, who is also the Finance Minister, also announced several incentives for civil servants and pensioners to the applause of about 10,000 civil servants at the 16th Civil Service Premier Gathering. He said the increment would involve a financial implication of RM1.46 billion.
Foreign investments of RM141 billion approved in manufacturing sector
The Ministry of International Trade and Industry said RM141 billion in foreign investments were approved for the manufacturing sector from 2013 to 2017. Deputy Minister, Datuk Chua Tee Yong said the investments included RM30 billion in 2013; RM39.6 billion (2014); RM21.9 billion (2015); RM27.4 billion (2016); and RM21.6 billion in 2017. “The total investments involve 1,801 projects which are expected to generate 222,000 employment opportunities.” “Among the countries that have invested in the manufacturing sector during the period are Japan, Singapore, China, South Korea, United States of America and Germany,” he told the Dewan Rakyat.
Government to ensure robust, diversified local halal industry
Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi said Malaysia aims to ensure a robust and diversified domestic halal industry going forward and transform it into a key economic contributor to the country’s gross domestic product. He said the government would ensure a comprehensive ecosystem that was able to sustain the rapid expansion of the domestic halal industry. In his keynote address at the launch the World Halal Week in Kuala Lumpur, Datuk Seri Ahmad Zahid said as the leader in the global halal industry, Malaysia through the Malaysia Halal Council had big plans for the world market, one of which is the setting up of the International Halal Authority Board. “We intend to bring the halal authorities worldwide together, to synchronise procedures involved in issuing halal certification.” In conjunction with the World Halal Week, a World Halal Conference is also being held. The World Halal Conference is an international thought leadership conference held annually converging government representatives, business leaders, halal industry players, entrepreneurs, scholars and stakeholders from all over the world to Kuala Lumpur, with the common aspiration to further accelerate global halal industry growth.
Crowdfunding seen as very interesting by Swedish financial authorities
The Swedish government and the Ministry of Finance stands positive to crowdfunding, according a new crowdfunding investigation that was presented in the official “Grassrootsinvestigation”. In view of the strong growth of crowdfunding in recent years, the Government and the Minister of Financial Markets, Per Bolund presented a new report on crowdfunding with the purpose to ensure the quality of the market and protect its stakeholders. The report states that crowdfunding is seen as a great value for individuals and entrepreneurs. In Sweden, crowdfunding increased by 548%, equivalent to EUR 86 millions during 2016, compared to the previous year, one of the fastest growing markets in Europe. The report includes loan-based crowdfunding as well as equity-based crowdfunding (equity crowdfunding). The findings were welcomed by the crowdfunding platform FundedByMe who’s been operating in the field of equity crowdfunding since 2012.