Guideline 2025
Electronic Money (E-Money) (BNM/RH/PD 029-57)
Issued by Bank Negara Malaysia
Effective: 31 Jan 2025
Plain-English summary
Policy document issued and effective 31 January 2025, superseding the 30 December 2022 version. Part C, section 16 requires funds collected for e-money to be kept apart from working capital and, for non-bank issuers, held in a trust account with a banking institution.
Who it applies to
Payments & Fintech
Topics
Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Safeguarding of e-money funds in a trust account | At all times | BNM | official | |
Paragraph 16.1 requires funds collected for e-money to be kept separate from working capital. A non-bank issuer must hold them in a trust account with a banking institution (para 16.2(a)), limit use to refunds, merchant settlements and credit transfers (16.2(b)), and keep the balance sufficient at all times to cover outstanding e-money liabilities (para 16.3). Paragraph 16.5, which is guidance, lets a non-bank issuer with liabilities under RM1 million use a bank guarantee or another equally effective method with BNM's prior written approval. |
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| No obligations match these filters. | ||||
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