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The main benefits of obtaining a PI license in Labuan are:
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.
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:
A full list of all necessary documents is available in the Application requirements for obtaining a payment service provider license.
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:
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).
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:
To learn more, please, use the contacts listed below.
Our experts will be happy to answer your questions.