Bank Negara Malaysia issued a revised Policy Document on Electronic Money setting out regulatory requirements and guidance for electronic money issuers approved under section 11 of the Financial Services Act 2013 or the Islamic Financial Services Act 2013. The revisions align the framework with the Financial Services and Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Orders 2024, which effectively exclude limited purpose electronic money issuers from the policy document’s scope, with the revised requirements effective 31 January 2025. The policy document is intended to ensure the safety and reliability of e-money and to preserve customers’ and merchants’ confidence in using or accepting e-money for payments. Bank Negara Malaysia also published a feedback statement addressing key consultation inputs and a revised set of Frequently Asked Questions to clarify interpretation and implementation of the requirements.
Bank Negara Malaysia 2025-01-31
Bank Negara Malaysia revises e-money policy document to exclude limited purpose e-money issuers
Bank Negara Malaysia released a revised Policy Document on Electronic Money, aligning it with the Financial Services and Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Orders 2024. The revisions exclude limited purpose electronic money issuers from the policy's scope, effective 31 January 2025. A feedback statement and updated FAQs were also published to aid interpretation and implementation.