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  • Clarification to the article, "ABM will announce details of additional business charges on e-payment by next month" published in China Press on Saturday, 29 March 2014

Clarification to the article, "ABM will announce details of additional business charges on e-payment by next month" published in China Press on Saturday, 29 March 2014

Editor

China Press

Dear Editor,

We refer to the article entitled "ABM will announce details of additional business charges on e-payment by next month" published in China Press on Saturday, 29 March 2014. We would like to request that corrections be made with regard to several erroneous statements made on the part of China Press in that article, as follows:
  1. The title "ABM will announce details of additional business charges on e-payment by next month” is incorrect. ABM is actually working on a comparative table which focusses on IBG transaction fee and other related fees/charges for internet banking packages offered by 12 of our participating Council banks. We hope to publish the same soon.
  2. The statement, “Currently, the maximum transaction limits (for IBG transactions conducted via internet or mobile banking) are RM50,000 for business…” is incorrect. Some of our member banks do not set any limit for each transfer for corporate customers as long as the corporate customer has the requisite funds in its banking account. Corporate customers are hence urged to check with their respective banks.
  3. The statement, “Currently, including Islamic banks, ABM consist of 27 member banks and 13 of them are the council banks” is incorrect. Please be advised that ABM’s members comprise the 27 commercial banks that are currently operating in Malaysia. There are 13 member banks on the ABM Council. For your information, Islamic banks/financial institutions are members of the Association of Islamic Banking Institutions Malaysia (AIBIM), not ABM.
Your prompt attention in clarifying the matter is appreciated.

Thank you.
Regards,
THE ASSOCIATION OF BANKS IN MALAYSIA
Chuah Mei Lin
Executive Director



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The Association of Banks in Malaysia (ABM) was formed in November 1973. Our membership is currently made up of the 26 commercial banks operating in Malaysia.

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