Bank Negara to boost cashless transactions under MyDigital

PETALING JAYA: Bank Negara Malaysia will take the lead to promote cashlessness and boost easy and secure digital transactions under the Malaysia Digital Economy Blueprint (MyDigital).

Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed said that the decision was made during the third Digital Economy and Fourth Industrial Revolution (4IR) Council meeting that was chaired by Prime Minister Tan Sri Muhyiddin Yassin on Thursday (July 22).

“Bank Negara, under the MyDigital’s Community cluster, will spearhead efforts to promote the use of e-payments among consumers and merchants to boost easy and secure digital transactions.

“A Cashless Day campaign will be held, while the payment system with applications at petrol kiosks will be expanded.

“This is in line with the target to create cashless transactions for all government services by 2022,” he said in a statement here Thursday.

Last year, he said e-payment transactions per capita was 170 and are expected to increase to 400 by 2022, following ongoing measures to increase awareness and the implementation of infrastructure facilities.

In his opening remarks, Muhyiddin emphasised the importance of using a whole-of-nation approach to accelerate the digitalisation and technology exploration agenda, as contained in the Malaysian Digital Economy Blueprint and the 4IR policy.

He said the approach required close cooperation between government, industry and the people to move simultaneously and complement each other to achieve common prosperity. “The agility of digital transformation as a whole as well as the creation and adoption of technology can be a catalyst to the country’s economic recovery,” said Muhyiddin during the teleconference meeting.

Mustapa noted that MyDigital’s workgroup on rules and regulations has amended several existing regulations and proposed the enactment of new legislation.

“This is to create a conducive environment for the development of digitisation.

“It includes public data sharing procedures to support the operation of various digital applications and help the government make accurate decisions based on data analytics.

“This proposal has been agreed in principle and a study on its implications will be done by MyDigital's Government cluster led by the Chief Secretary to the Government.

“Among the other initiatives touched upon were the introduction of the national digital identity and digital signature,” he said.

The meeting, he added, also took note of the coordination of all strategies and initiatives undertaken by the Strategic Change Management Office (SCMO) under the Economic Planning Unit (EPU).

It was aimed at harmonising the implementation of three action plans related to the country’s digital development, namely the Malaysian Digital Economy Blueprint, 4IR and the 12th Malaysia Plan.

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