FMT gave coverage to the GOPinjam exorbitant 36% rate charged as raised by Dato Najib Tun Abdul Razak yesterday. (Read here)
TNG Digital responded to FMT as reported here with claims it is regulated, follows BNM lending guideline, will adhere to code of conduct, credit check to ensure ability to pay, etc etc etc ....
If the applicants are creditworthy, why charge at 36% per annum?
By taking refuge behind authorities with cliche and standard PR answers, it means BNM Governor and Minister of Finance condone this sort of unethical lending practises adopted from shareholder, Ant Group of China.
In yesterday's posting here, it was explained with links and video containing elaborate explanations as to the problems Ant Group and its business model faced.
They got in trouble with both American and Chinese authorities across the Pacific divide. Issue covers security, situation during their failed IPO, potential of a financial contagion effect and risk of non-bank undertaking banking activities.
Of late, public is worried that private and confidential data held by non-banking services such as Touch N Go's RFID, utilities companies, MySejahtera etc reach into wrong hands and led to widespread scams.
The Private Data Protection Act is not well enforced and wrongdoers not sufficiently investigated and prosecuted. In fact, suspected scammers such Nicky Liow seemed to pally pally with political leaders and law enforcement.
The FMT latest report: