Opening of Bank Accounts: Insights from the KPKT Meeting

Introduction: In a significant effort to address the obstacles faced by money lenders (MLs) in opening bank accounts, a meeting was held at the Ministry of Housing and Local Government (KPKT) on June 14, 2023. The meeting brought together key stakeholders, including the Malaysian Punjabi Licensed Money Lenders Association (MPLMA), Bank Negara Malaysia (BNM), the […]

KPKT Hari Raya Open House

On the 11th May 2023, KPKT Hari Raya Open House hosted by Minister of KPKT. It was a great opportunity for MPLMA to participate in a community celebration and connect with members of the public and other industry professionals. MPLMA was excited to join in the festivities and engage with guests at the event. The […]

Punjabi licensed lenders new team seeks to grow membership

The new leadership at Malaysia Punjabi Licensed Money Lenders Association (MPLMA) intends to further strengthen relationships with the governing bodies as well as playing a role of being an effective body for the industry players MPLMA elected a new team at its AGM on Oct 15, 2022. The new bench will be led by Mahindar […]

Dialogue with KPKT on changes to Money Lending Akta 1951

MPLMA had a dialogue on 18/4/23 with Kementerian Pembangunan Kerajaan Tempatan (KPKT) to discuss proposed changes to the Money Lending Act 1951 in Malaysia. The dialogue was held to address concerns raised by the credit community regarding the current regulatory framework for moneylending in the country. During the dialogue, MPLMA representatives highlighted the challenges faced […]

Meeting with Bukit Aman Commercial Crime Division and KPKT on prevention of scams

MPLMA recently had a meeting with the Commercial Crime Investigation Department of Malaysia and KPKT to discuss ways to prevent scams such as illegal moneylending scams and digital scams in the country. The meeting was held to address the increasing number of scams that have been reported in Malaysia, which has resulted in significant financial […]

Licensed Community Lenders Offer Lifeline To the Financially Vulnerable

KUALA LUMPUR, Malaysia–Licensed community lenders (previously known as moneylenders) are increasingly offering a lifeline for many small entrepreneurs and society. Experienced licensed community lender Mahinder Singh Gill said they played an integral role in spurring the economy by serving those unable to secure micro-credit loans or financial aid from commercial banks and other established sources […]

Beware of Fake Money Lending Licence Purportedly issued by Bank Negara Malaysia

Bank Negara Malaysia (Bank) has cautioned members of the public on the recent modus operandi by persons or companies conducting illegal money lending activities using fake money lending licences purportedly issued by the Bank. These fraudsters aim to deceive the public to believe that they are licensed money lenders and to lure the public to […]

Licensed money lenders now known as credit community

The Ministry of Housing and Local Government (KPKT) yesterday rebranded registered licensed moneylenders under the ministry as the ‘Credit Community’. Housing and Local Government Minister Zuraida Kamaruddin, who launched the new name and logo here said the branding would raise public awareness on legitimate sources of financing. “KPKT is concerned with the needs of the […]

BNM AML/CFT Guide

Members are encouraged to check the link below to comply to the Bank Negara Malaysia’s compliance list. MOHA: Ministry of Home Affairshttp://www.moha.gov.my/index.php/en/maklumat-perkhidmatan/membanteras-pembiayaan-keganasan2/senarai-kementerian-dalam-negeri UNSCR: United Nations Security Council Resolutionshttps://www.un.org/sc/suborg/en/sanctions/1267/aq_sanctions_list; andhttps://www.un.org/sc/suborg/en/sanctions/1988/materials

Full house at Malaysian licensed Punjabi moneylenders gala dinner

It was a full house at a recent dinner in Kuala Lumpur powered by the Punjabi moneylenders in Malaysia. Organised by the Malaysian Punjabi Licensed Moneylenders Association(MPLMA), the event on 5 Oct 2018 also attracted non-Punjabi members and moneylenders. The event chairman Satwant Singh Dhillon delighted the guests when he greeted them in multiple language […]