KUALA LUMPUR: Bank Negara Malaysia (BNM) is drawing up a long-term plan to gradually reduce its shareholding in Payments Network Malaysia Sdn Bhd (PayNet).
The Finance Ministry said the move is in line with BNM’s aim to increase market competition and strengthen industry leadership in the country’s digital payment ecosystem.
“In carrying out this plan, BNM will continue to ensure that the national payment system remains stable, resilient and supportive of innovation, without compromising the safety, reliability and effectiveness of the existing system,” the ministry said in a parliamentary written reply.
The ministry was responding to Aminolhuda Hassan (PH–Sri Gading) regarding the government’s plans to review or reduce BNM’s ownership stake in PayNet.
The ministry explained that BNM is currently the major shareholder in PayNet with a 35.5% stake, and that the central bank has set a clear mandate for the company to provide inclusive and competitive digital payment facilities for both consumers and businesses.
Additionally, PayNet is responsible for ensuring that the security and resilience of the national payment system are maintained at the highest standards.
