Bank Negara Malaysia (BNM) will introduce minimum standards for mobile payments to enhance the level of transparency and safeguards. The Governor of BNM indicated that there is a requirement for mobile payment providers to disclose key security features of their services. This easier the way the consumers doing comparison between different providers, thereby encouraging greater consumer empowerment to make a better decision.
The World Bank has increased the forecast of Malaysia’s Gross Domestic Product (GDP) in 2018 from 5.20% to 5.40%, on sustained high level of private sector expenditure. In 2017, the favourable domestic and external factors contributed in the Malaysia’s significant acceleration of growth at 5.90%. “The growth of GDP is expected to remain strong and forecasted to increase in 2018 supported by the continued strength of private consumption”, the World Bank said.
Singapore’s central bank announced to tighten monetary policy for the first time in six years. It said that even it acknowledged risks from the trade war between U.S. and China, the economy of city-state should continue to grow. The Monetary Authority of Singapore (MAS) indicated the slope of the Singapore dollar’s policy band will be slightly raised from the 0% previously, while the width and mid-point of the band remain unchanged. They aim to ensure the stability of medium-term price.
Vietnam’s deputy prime minister Vuong Dinh Hue mandated an investigation into the allegations of US$658 million cryptocurrency scam. This report blows the lightly regulated market for initial coin offerings (ICO). Vuong told six ministries to consider and tackle the scam immediately, according to the statement released on the government’s website that didn’t name the coins involved. The authorities have said that cryptocurrency transaction are illegal therefore financial companies are to avoid it.
China’s trade surplus with the United States increased sharply by 19.40% in the first quarter of 2018. China calls for patience as tensions between the economic superpowers simmer. U.S. President Donald Trump has intimidated a series of tariffs on Chinese goods which amounted to US$50 billion, sparking tit-for-tat warnings from Beijing. Some of the concerns have been calmed after China President Xi Jinping promised to cut tariffs in some sectors and the enthusiastic response given by Trump.Diamond Wtg engineering & services inc