Banking & Financial Bodies in Malaysia

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Banking & Financial Bodies in Malaysia

New Design Cheques

Banking & Financial Bodies in Malaysia

AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.

AKPK’s objectives are:

To proactively ensure that the household sector continues to be resilient by providing an avenue for individual borrowers and potential borrowers to seek advice and assistance in managing their finances and debts and at the same time promote a sound and robust banking system.
To achieve these objectives, AKPK’s mission is to Make Prudent Financial Management a Way of Life for all Malaysians.

AKPK offers the following services to individuals, free of charge:

Financial education on the responsible use of credit and basic money management skills
Counselling and advice on financial management, including financial budgeting to manage expenses
Debt management programme to assist financial consumers to regain financial control

The Financial Mediation Bureau (FMB) is an independent body set up to help settle disputes between you and your financial services providers who are its members..

The FMB provides you with free, fast, convenient and efficient avenue to refer your disputes for resolution as an alternative to the courts. These disputes may be Banking/Financial related as well as Insurance and Takaful related .

The Credit Bureau in Malaysia is established under the Central Bank of Malaysia Act 1958. It has been in operation since 1982. Like all other credit bureau in the world, the Credit Bureau essentially collects credit information on borrowers from lending institutions and furnishes the credit information collected back to the institutions in the form of credit report via an on-line system known as Central Credit Reference Information System (CCRIS).

The financial institutions extend credit facilities to borrowers either for business or personal purposes. To facilitate these institutions to make assessments and decisions on credit applications, the financial institutions would require up-to-date and accurate information on their prospective borrowers. Therefore, the information in the credit report could assist the financial institutions to make informed decisions on credit applications.

Updated List of Chargees for Executing Form 42B