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Obtaining a Payment Institution license in Labuan

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Obtaining PI license in Labuan in 2020

The main benefits of obtaining a PI license in Labuan are:

  • One of the largest financial centers in Asia;
  • Recognized banking center of the region;
  • Developed banking infrastructure;
  • Favorable business environment.
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The provision of electronic payment services requires obtaining a PI license in Labuan. Since, Labuan is a member of the Malaysian Federation, according to the Malaysian laws (the FSA and the IFSA) the process of business licensing is controlled by Bank Negara Malaysia (financial regulator of jurisdiction).

You can familiarize yourself with the procedure of payment system licensing in Malaysia in our separate article. Here, we will consider the general information, and some basic peculiarities.

Obtaining a payment institution license in Labuan

In order to obtain a license for a payment system in Labuan, according to sections 9 of the Law on Financial Services and 9 of the Law on Islamic Financial Services, it is necessary to provide a license application to the BNM along with a package of documents. You will need to prepare the following:

  • Documents confirming the establishment of the company, as well as a business plan for the next few years;
  • Description of the company's management structure;
  • Information on persons holding senior positions;
  • Information on security measures ensuring the reliability and survivability of the payment system. This also includes a plan of action in case of accidents, attacks or failures, as well as a description of recovery measures;
  • Office registration address.

A full list of all necessary documents is available in the Application requirements for obtaining a payment service provider license.

Read also:
Conditions for ordering a PI license in Labuan

In addition to providing a package of necessary documents, the applicant company must convince the regulatory body that it is able to provide payment services in Labuan properly. For this, among other things, you will need to fulfill the following requirements:

  • The applicant must provide information on how the payment system will operate, as well as information on the payment account and payment instruments, which will be used;
  • Ensure the operation of a reliable security system for online payments, as well as the storage of funds on customer accounts;
  • Ensure the operation of the internal control system;
  • Ensure the survivability of the system, and the availability of procedures in case of failures.

In addition, if you plan to apply for obtaining a PSP license in Labuan, you will need to have a minimum capital of 100,000 MYR (approximately 23,000 EUR).

IQD Consulting services

Please, note that you can find out more detailed information on licensing of a payment institution in Labuan by contacting the IQD Consulting team. Our experts can provide you with professional advice on obtaining licenses for payment systems, and are ready to assist you at all stages of obtaining a license.

The list of our company's services includes:

  • Assistance in registering a company in Labuan;
  • Professional assistance in preparing documents for a payment system licensing process;
  • Professional help in opening a bank account in Malaysia, as well as other services.

To learn more, please, use the contacts listed below.

  • IQD Consulting shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.
  • Please, consider contacting our experts for possible solutions for your business.
  • Still have questions? Please, fill out the form or contact us in whatever way you find best.

    Our experts will be happy to answer your questions.

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