GEORGE TOWN: A new law regulating monetary loans offered by non-bank associated institutions will be introduced to control the granting of loans, says Datuk Seri Amir Hamzah Azizan.
The Finance Minister II said the law would be important because all finance-related supervision was under Bank Negara.
"This is an important thing for us to deal with this, as under the current financial system, there is a regulator that exists to regulate anything that comes out of the banking system, which Bank Negara controls.
"This is the government's efforts to deal with what may not currently be under control.
"There is an Act that will come out next year," he said when speaking to reporters after giving his key address at the Affin Market Outlook Propelling Malaysia Forward Conference, Penang Series held here at Penang Marriott Hotel in George Town, on Monday (Nov 11).
He was responding to the press after they raised the question of regulations on non-bank related parties offering loans (like the buy now-pay later schemes).
He added that the act will make it easier for the government and Bank Negara to identify any issues arising from loans made by the parties concerned.
"The act that will be implemented is for us to control the granting of loans, the buy now pay later system and so on," he said.
