After the Electronic Know Your Customer (e-KYC) guidelines revealed in December 2019, The Bank Negara Malaysia has announced that the draft will take effect soon.
According to w7news, the e-KYC is a set of verification required for banks to implement so that they would protect their customers from digital financial crimes. Although, this policy is still under review to check industry standards, as soon as it will become effective, all customers who want to open an account don’t need to visit a bank to do so. They just need to register at the Merchantrade Money get access to the 24-hour live digital currency exchange platform that allows an exchange of 20 currencies such as US and Australian dollar, renminbi, yen, Saudi riyal, Thai baht, euro, UK pound, South Korean won, and more.
Through the e-KYC, the Bank Negara Malaysia intends to digitalise the remittance, as well as to promote more platform to lower the costs of financial services. Via this framework, remittances can be verified with video calls, selfies, and social media on top of databases maintained by the National Registration Department.
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