Kuala Lumpur (VNA) - Bank Negara Malaysia has updated its policies on product transparency and disclosure in a move aimed at strengthening consumer protection standards across digital platforms.
Under the revised regulations, operators of digital platforms are required to disclose key information throughout the entire product lifecycle, while ensuring that advertising and promotional materials are clear, accurate and not misleading to customers.
The amendments focus on three core principles: ensuring that disclosures are timely and easy to understand; that information provided is accurate and comprehensive; and that disclosures remain consistent to enable consumers to make easier comparisons between products and services.
The central bank of Malaysia also introduced digital disclosure requirements to ensure that all information displayed across online channels is optimised and compatible with the platforms and devices commonly used by the public.
In the digital environment, financial service providers (FSPs) are required to provide adequate consumer support through interactive tools such as hotlines and direct communication channels. In addition, the new regulations tighten restrictions on the sharing of customer data for marketing purposes in an effort to strengthen privacy protection./.
Malaysia tightens social media regulations
In the first four months of this year alone, Malaysia recorded more than 23,300 online fraud cases, with total losses reaching 680.3 million MYR (approximately 170 million USD).
