GX Bank urges expanded stamp duty relief and guarantee schemes for digital lenders in 2027 budget

GX Bank chief executive Kaushik Chowdhury appealed to the government to retain targeted stamp-duty exemptions for small-ticket loans issued by digital banks, noting that the limit under the Micro Financing Scheme has already been lifted to RM100,000. He said the continuation of this relief would allow digital lenders to pass savings directly to hawkers, gig workers and MSMEs, thereby lowering their financing costs. Chowdhury also urged an expansion of the RM10 billion Bank Negara Malaysia-Credit Guarantee Corporation Malaysia guarantee programme to include digital-lending platforms, citing the use of alternative underwriting data such as cash-flow and e-commerce metrics.

He further recommended tax incentives and public matching grants for institutions that invest in AI-based fraud-prevention tools, which would strengthen system-wide anti-scam safeguards without raising costs for vulnerable borrowers. The proposals are slated for consideration when Prime Minister Datuk Seri Anwar Ibrahim presents Budget 2027 on October 9.