Govt to reconsider Touch ‘n Go’s monopoly on highway tolls and public transport
Prime Minister Anwar Ibrahim said his government will review Touch ‘n Go’s monopoly on highway toll collection because of the system’s lack of significant improvement and development.
“We will reconsider it,” he said during a session at a Youth Empowerment Fair held here today which was attended by more than 5,000 young people.
Anwar said Touch ‘n Go had not displayed significant development despite nearly two decades in operation.
The government recently said drivers would soon be able to pay highway tolls using any digital payment provider, not just Touch ‘n Go.
Public works minister Fadillah Yusof said it would depend on the adoption level of the RFID payment system and the willingness of highway concessionaires to integrate additional payment systems.
He added that the concessionaires involved have also been instructed to implement the multi-lane free flow system by 2025 which would do away with toll booths and dedicated lanes by using gantries equipped with automatic number plate recognition.
Source : FMT
Consumer group likens GOpinjam to loan sharking
Malaysia Consumers Movement asks why authorities have allowed 36% interest
A consumer group has urged Bank Negara Malaysia and finance minister Tengku Zafrul Aziz to explain why a micro loan scheme operator has been allowed to charge extraordinarily high interest rates.
Speaking to FMT, Malaysia Consumers Movement (MCM) secretary-general Sukhdave Singh questioned the varying interest rates charged by GOpinjam, saying the maximum of 36% per year was “mind-boggling”.
“This is akin to interest charged by a loan shark,” he said.
The GOpinjam loan scheme, offered by Touch ‘n Go Group (TNG) and CIMB Bank Bhd, has come under scrutiny over interest rates ranging from 8% to 36% per annum, depending on the amount and duration of the loan.
TNG said yesterday that the scheme, which offers personal loans of between RM100 and RM10,000, adhered to Bank Negara’s lending guidelines.
Sukhdave called for a thorough review of lending guidelines to ensure loan schemes did not expose borrowers to high financial risks.
“MCM advises potential borrowers to wait for clarity from parties involved before taking any loan,” he said. “We urge TNG and CIMB to provide detailed information on how this product actually works.”
Financial planner Robert Foo also voiced his concern.
“My call to TNG is, please give us the full details,” he said.
On Wednesday, former prime minister Najib Razak said the high interest rates would be a burden to borrowers.
Source : FMT
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