MYEG unit gets Bank Negara nod to issue e-money

, 10 — Bank Negara () has allowed MY E.G. Services Bhd’s (MYEG) unit, MY E.G. Alternative Payment Services Sdn Bhd (MYEG Alternative), to issue electronic money via iPayEasy e-wallet with a limit of RM1,500 per customer.

In a filing to Bursa Malaysia today, MYEG said, its unit has received a letter of approval from BNM.

It said MYEG Alternative would be required to comply with the Financial Services Act and all other relevant conditions issued by BNM as well as be a member of an approved Financial Ombudsman Scheme (FOS) pursuant to regulation 3 of the Financial Services (Financial Ombudsman Scheme) Regulations 2015.

“The approval would enable MYEG Alternative to carry out activities in relation to the issuance of electronic money, which complements MYEG and its subsidiaries’ existing business activities.

“Barring any unforeseen circumstances, the approval is expected to contribute positively to the prospects of the group,” it said. — Reuters

Source: The Malay Mail Online

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