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OCBC to pilot test Secure Chat Banking Mobile App
Last update: 02/04/2018

KUALA LUMPUR, April 2 (Bernama) --†OCBC Bank (M) Bhd is embarking on a year-long regulatory sandbox testing of a Secure Chat†Banking Mobile Application (app) following approval†from Bank Negara†Malaysia (BNM) last month under the Financial Technology Regulatory†Sandbox Framework.

In a statement today, OCBC said, if successful, the app would became†the†country's first banking solution to enable premier banking customers to†communicate with, and financial transaction instructions to, their relationship managers securely via a mobile app.

A regulatory sandbox is a controlled ?live? testing environment in which a financial technology (fintech) solution involving real customers and real financial transactions is†deployed.

Its Head of†Consumer Financial Service, Lim Wyson,†said the bank kick-started the initiative in the wake of a rise in telephone scams where†the perpetrators disguised as legitimate officials in order to phish for customer†information.

"As a result, the banking public has become wary even when receiving†legitimate calls from their banks. This has†made it difficult for banks to carry†out even simple day-to-day call-back verifications for confirmation of†transactions.

"So we decided to tackle the issue head on by collaborating with fintech†company, Moxtra†Inc†to deploy and test the solution over the next 12 months," he said.

Lim said the mobile app test results would†be reported to BNM for its consideration for†commercial deployment.†



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US 3.8890/8920
S'pore 2.9694/9728
100 Yen 3.6214/6252
Sterling 5.5204/5263
Euro 4.8103/8144
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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