B737 MAX Air carrier Captain reported erroneous altimeter setting error warnings while on final approach. After verifying with ATC the correct altimeter setting and aircraft altitude; the flight crew continued the approach and the warning subsequently cleared.

Narrative

This report is for fleet awareness and to highlight a risk inherent to MAX aircraft. The event was as follows: we were level at 4000 ft. on a vectored right downwind to Runway XR at ZZZ. We were night IMC; light-moderate turbulence preparing for a CAT 1 ILS to minimums with a contaminated runway. All three altimeters were set correctly to 30.03' and all altimeters were in agreement while behaving consistent with expectations. We then received two separate RAAS (Runway Awareness and Advisory System) advisories spaced approximately 45 seconds apart consisting of aural 'Altimeter Setting; Altimeter Setting' and ALT (or something to that effect) annunciation on our Multifunction Flight Displays (MFD's). I scanned across all three altimeters attempting to verify their integrity and asked my First Officer (FO)/pilot monitoring (PM) to request an altimeter setting from ATC as well as to request what they showed as our current altitude. ATC confirmed that our altimeters were accurate at 30.03' and that our altitude (now passing 3900 ft. in a descent) agreed with what we were showing. We also checked the Descent Page of our FMC's and confirmed the altimeter setting I had programmed prior to commencing our initial descent out of cruise was 30.04'; clearly not being responsible for this RAAS advisory. The annunciation subsequently cleared and was not repeated after the second advisory. After considering confirmation with ATC of altimeter settings and altitude along with the consistent and predictable display of altitude across all three altimeters; I deemed the RAAS alert as erroneous and continued with an uneventful approach and landing.