KUALA LUMPUR: ManagePay Systems Bhd's (MPay) subsidiary ManagePay Services Sdn Bhd (MPSB) has received approval from Bank Negara Malaysia for a Class A licence to operate money services business. 

The licence enables MPSB to engage in money exchange operations and issue multi-currency prepaid cards and digital wallets, MPay said in a filing to Bursa Malaysia. 

According to MPay, the approval is effective from July 18, 2024 to July 17, 2025, and is renewable annually, in accordance with the Money Services Business Act 2011 (MSB Act 2011).  

"This Class A licence will enable MPSB to conduct money exchange business via e-money, namely multi-currency Mastercard prepaid card and multi-currency wallet under Section 7 of MSB Act 2011, in addition to the Class B Money Service Business Licence (money remittance business) granted to MPSB before this. 

"This also includes providing a money exchanging service digitally via mobile application under Section 21 of MSB Act 2011 and issuing e-money via multi-currency Mastercard prepaid cards and multi-currency wallets with a total limit equal to RM35,000 for each customer under Section 13 of the Financial Services Act 2013," it noted.  

MPay expects the approval to contribute positively to the group's revenue from the financial year ending June 30, 2025.

https://www.nst.com.my/business/corporate/2024/07/1080169/bank-negara-gives-class-licence-mpays-unit-offer-digital-wallets