Malaysia to upgrade i-Kredikom app with QR licensing and anti–loan shark features, boosting enforcement, transparency and public protection.
PETALING JAYA: The Housing and Local Government Ministry will upgrade its i-Kredikom app next year, introducing functions such as QR-code licensing and mule-account monitoring as part of efforts to clamp down on loan-sharking activities.
Its Deputy Minister Datuk Aiman Athirah Sabu told the Dewan Negara that police data has already been integrated into the system and the ministry will continue working with the police and MCMC to track and identify illegal operations.
“Between 2023 and this year, in collaboration with MCMC, the ministry removed more than 304 websites advertising moneylenders. With the new integration, further improvements are expected.”
i-Kredikom is a mobile platform that enables the public to verify the licencing status of moneylenders, review borrower rights and access loan-related information to avoid illegal lenders.
Aiman Athirah said 91,190 users have downloaded the app, which pinpoints licensed moneylenders via Google Maps and provides information on borrowers’ rights and offences under the Moneylenders Act 1951 (Act 400) to help the public make informed decisions before taking loans.
She said as at Oct 31, the ministry had inspected 738 licensed moneylender premises as part of its ongoing monitoring efforts.
“The ministry has also enhanced supervisory elements by introducing licensing requirements to prevent fraud and manipulation by moneylenders, including mandating that loan disbursements to borrowers be made via electronic fund transfer, effective since April last year.
“This facilitates more efficient investigations by tracing cash flows in cases of complaints or violations by moneylenders.”
She added that the ministry continues to carry out public awareness programmes, including Program Kesedaran Madani Rakyat, to improve understanding of borrower rights and to help the public avoid from falling victim to loan sharks and fraudulent schemes.
“To ensure ongoing oversight, Regulation 16 of the Malaysian Moneylenders (Control and Licensing) Regulations under Act 400 requires licensed moneylenders to submit annual loan transaction statements in the prescribed manner and within the stipulated timelines.
“Consequently, the ministry issues periodic reminders to ensure compliance. Legal action can also be taken against moneylenders who violate the regulations.”
Aiman Athirah said as of Oct 31, the ministry had received 252 complaints on various breaches of Act 400.
