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Benefits of obtaining a license in this jurisdiction:
Following the adoption of the FSA and the IFSA, which came into force in Malaysia in 2013, all individuals who intend to establish a payment system must, in accordance with Section 11 of the FSA and Section 11 of the IFSA, obtain a license for payment services in Malaysia. This license is issued by Bank Negara Malaysia (BNM).
Further, in the article, we will talk about the features of obtaining a payment institution license in Malaysia, determine the main requirements and other key points.
There is a prescribed application form which must be filled out by a person applying for a payment system license in Malaysia. Also, there is a certain list of documents that must be submitted to BNM along with the application.
At the beginning of the company licensing process, it is necessary to understand that there is no specific deadlines for considering the application by the central bank. The reason here lies in the difference in the quality of the information provided by the applicants. Therefore, you can never be sure how much time exactly it will take to consider an application for a PI license in Malaysia.
The only thing that can be noted is the relation between the quality of the submitted information and the working speed of the regulator. That is, the more complete the package of documents originally submitted with the application, the faster the verification process. At the same time, we must not forget that the central bank will probably ask questions and request additional documents.
The company applying for obtaining a payment service provider license in Malaysia must submit an application in written form to the BNM, and along with a cover letter attach the package of documents required for ordering a PI license, which, among other things, include:
Also, the company applying for obtaining a PI license in Malaysia, must provide the information and supporting documents regarding:
You can find a complete list of the necessary documentation in the Requirements for the application for obtaining a Malaysian PI license.
Those, who intend to order a payment system license in Malaysia must submit a document confirming certification by a qualified Sharia adviser for compliance of the payment system with Sharia standards.
The minimum required capital is 100,000 MYR (about 23,000 EUR).
This article is published for informational purposes. It is not legal advice, and should not be construed as recommendations or a call for specific action. If you need to understand how to properly resolve the issue of licensing a payment system in Malaysia, then it would be advisable to contact qualified lawyers.
Please, note that IQD Consulting experts provide legal advice on obtaining a license for payment system in Malaysia, are ready to help you determine the next steps on the way of licensing your business, and also offer:
To find out detailed information about our company’s services, or to order legal advice on obtaining a license for electronic payment services in Malaysia, fill out the feedback form, or call us directly at the contacts listed below.
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