BNM Issues Revised Policy Document On e-Money

KUALA LUMPUR, Jan 31 (Bernama) -- Bank Negara Malaysia (BNM) has issued a revised policy document on electronic money (e-money) and a revised set of Frequently Asked Questions (FAQ),  which comes into effect today.

In a statement, the central bank said the policy document outlines requirements to ensure the safety and reliability of e-money issued by electronic money issuers (EMIs) and preserve customers’ and merchants’ confidence in using or accepting e-money for the payment of goods and services.

“Supplementing this is a feedback statement to address the key feedback and proposals received during the consultation period and revised FAQs to enhance public understanding of the requirements as well as to clarify interpretation issues in implementing the requirements of the e-money policy document,” BNM said on its official website.

“The revisions to the policy document and FAQs are made in line with the issuance of the Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024 and Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024 which effectively excludes limited purpose EMIs from this policy document,” it added.

BNM said the policy document sets out the central bank’s regulatory requirements and guidance for EMIs approved pursuant to section 11 of the Financial Services Act 2013 (FSA) or the Islamic Financial Services Act 2013 (IFSA).

-- BERNAMA