MALAYSIA

Currency: Malaysian ringgit (MYR)

RTGS: RENTAS – Real Time Electronics Transfer of Funds and Securities

Messages format currently in use: SWIFT MT

ISO migration planned? Timeline: An article on Bank Negara Malaysia’s website states the following: “The second element is standardisation, which can improve efficiency and foster the development of new services. For instance, adoption of ISO20022 may provide opportunities for innovations, enhanced fraud and financial crime detection, and improved straight-through processing. To harness the full benefits of ISO20022, Bank Negara Malaysia will undertake an industry-wide consultation to develop a holistic migration strategy covering both domestic and cross-border payments[1].” In its 2019 annual report, the central bank states that they will “outline the future payment systems development agenda and formulate a holistic strategy for migration of payment systems to ISO 20022”. [2]. Even if at the moment, the migration is expected to happen somewhere in 2022 – 2023, the official timeline still needs to be published.[3]

Both MT and MX messages will coexist during the go-live until July 2024, with a translator available at RENTAS side to facilitate the operations.

Governing body of the migration: Bank Negara Malaysia

[1]http://www.bnm.gov.my/index.php?ch=en_speech&pg=en_speech&ac=832

[2]https://www.bnm.gov.my/ar2019/files/ar2019_en_ch1d.pdf

[2]https://www.regulationasia.com/malaysia-works-to-enable-real-time-cross-border-payments/