Buy Now Pay Later (BNPL) schemes have grown rapidly in Malaysia, often severely impacting consumers negatively. According to the Consumer Credit Oversight Board (CCOB) website, there are about 2.9 million active BNPL users. From January to September 2023, there were altogether about 52 million transactions worth RM 4.3 billion. The Read more…
According to the Police, Malaysians lost RM 305.9 million through scams between 2021 and August 2023. Who is responsible? In Malaysia, almost always, the consumers are held responsible. He is blamed for his greed, his fears, his ignorance or his lack of digital skills. Thus when he loses his money Read more…
In revamping the intervention programmes for youths in the Ministry of Youth and Sports, as well as relaunching of the Rakan Muda Programme, FOMCA calls on the Youth and Sports Minister to include interventions on the financial behaviour of young workers. The data on financial behaviour of young workers is Read more…
FOMCA deeply appreciates YB Hanna’s, Minister of Youth and Sports, efforts in highlighting and committing to the issue of youth bankruptcy. FOMCA has long advocated the necessity of financial empowerment amongst youths. Between 2018 and 2022, out of the 48,791 being declared bankrupt, 22% were below the age of 34 Read more…
On behalf of the consumers in Malaysia, especially the vulnerable consumers, FOMCA would like to express our deepest gratitude to the Prime Minister of Malaysia, for ensuring no increase in electricity tariffs and efforts being made to address the chicken and egg shortages. More important still, the Prime Minister has Read more…
FOMCA fully supports Bank Negara Malaysia’s concern that that is lack of financial literacy amongst Malaysian consumers. More than 290,000 consumers have been declared bankrupt with more than 70% of them below the age of 45. Indeed data from various sources indicate clearly that many Malaysians are not managing their Read more…
The traditional financial economy was already evolving towards a digital financial economy, even before covid. However, during the covid and the lockdowns more people, even those who were never consumers of digital finance, began to move towards digital finance. The movement of the traditional brick and mortar financial industry towards Read more…
Energy is a very critical part and parcel of our daily lives. We use it for lighting our homes, cooking food, playing music, powering a wide range of appliances and for many other personal and household purposes. However, excessive consumption of energy is both expensive and harmful to the environment. Read more…
Macau scams are on the rise with losses amounting to hundreds of millions of ringgit. According to Bukit Aman Commercial Crime Investigation Department (CCID), there were 5,725 cases in 2019 with losses up to RM 254.5 million. This increased to 6,003 cases in 2020 with losses amounting to RM 287.3 Read more…
Well-being means being satisfied with life. Enhancing well-being means what we can do to increase life satisfaction. Well-being is impacted both by our thinking and our emotions. Certainly each person has his own notion of what would make him happy? Or what is lacking in their life that is impacting Read more…