Fomca chief fears Touch 'n Go's digital loan service lacks safeguards

The Federation of Malaysian Consumers Associations (Fomca) has raised concerns over a newly launched digital personal loan service by the Touch 'n Go Group, which is charging high-interest rates that range from eight to 36 percent per annum to the borrowers.

Fomca chief operating officer Saravanan Thambirajah urged Bank Negara Malaysia (BNM) to intervene...