Issuance Date
31 January 2025 

Effective Date
31 January 2025

Summary
This policy document sets out Bank Negara Malaysia (BNM)’s regulatory requirements and guidance for electronic money issuer (EMI) approved pursuant to section 11 of the Financial Services Act 2013 (FSA) or the Islamic Financial Services Act 2013 (IFSA).

The policy document outlines requirements aimed to–

• ensure the safety and reliability of e-money issued by 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 a revised Frequently Asked Questions (FAQs) to enhance public understanding on the requirements as well as to clarify interpretation issues in implementing the requirements of the E-Money policy document.

Highlights
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 [P.U.A 463/2024] and Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024 [P.U.A 461/2024] which effectively excludes limited purpose EMIs from this PD.

Applicability
Approved issuers of e-money

Section in Charge
Retail Payment System (E-Money)

Issuing Department
Payment Services Policy Department

Documents

1. Policy Document on Electronic Money [Revised on 31 January 2025]
2. Frequently Asked Questions [Revised on 31 January 2025]
3. Feedback Statement
4. Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024
5. Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024