Bank Negara Malaysia E Money License

4 1 this guideli ne is applicable to all e money issuers in malaysia including licensed institutions.

Bank negara malaysia e money license. Kuala lumpur april 10 to win a digital banking license applicants must convince bank negara malaysia bnm that they have a winning strategy including the right business model and technology said ernst young advisory services sdn bhd ey. Bank negara malaysia today issued the following faqs and guidances to provide further clarification on the requirements in the revised anti money laundering countering financing of terrorism and targeted financial sanctions aml cft and tfs policy document that was issued on 31 december 2019 and came into force on 1 january 2020. Only e wallet providers who issue e money which can be used with multiple merchants technically known as open loop will require an e money license from the bank negara malaysia. E money is like our money either in the form of coins or notes.

As of january 2019 there are 39 non bank providers authorised to issue e money in malaysia as well as five banks. Bank negara malaysia today issued the following faqs and guidances to provide further clarification on the requirements in the revised anti money laundering countering financing of terrorism and targeted financial sanctions aml cft and tfs policy document that was issued on 31 december 2019 and came into force on 1 january 2020. However you will only find e wallets which have already gone live listed on bnm website under the e money issuers category. Unofficially we were told a total of 40 over licenses are already issued.

Grab malaysia and south east asia s leading e hailing service has received e money licence for payments services from bank negara. However part c is only applicable to issuer s of large e money scheme s that are not licensed institutions. 4 2 e money issuers are required to adopt the principles and the minimum standards in this guideline taking into consideration the. So why does it concern you as a merchant.

Financial inclusion innovative technology and capital strength of at least rm100 million will be the key factors for malaysian applicants the consulting firm said. Anti money laundering countering financing of terrorism and targeted financial sanctions aml cft and tfs for designated non financial businesses and professions dnfbps non bank financial institutions nbfis faqs and guidances 01 sep 2020. Numerous local firms sit alongside us giants paypal and google payment and chinese mobile payment behemoths alipay and wechat pay on the central bank s register of non bank e money issuers. It appears as a digital number inside an e wallet.

Up to date there are already 37 non bank e money licenses being issued by bank negara malaysia bnm.