Payment Systems
Application for Approval to Operate a Payment System or Issue a Designated Payment Instrument or to be Registered to Provide Merchant Acquiring Services
Section 11 of the FSA and Section 11 of the IFSA requires an operator of a payment system to obtain approval from BNM before it may commence its operations. Approval is required for the operation of a payment system which (see Division 1 of Part 1 of Schedule 1 of the FSA and Part 1 of Schedule 1 of the IFSA):
Section 11 of the FSA and Section 11 of the IFSA requires a person who intends issue a designated payment instrument or Islamic designated payment instrument (i.e. debit card, credit card, charge card or e-money) to obtain approval from BNM before it may commence its operations.
Section 17 of the FSA requires a person who intends to provide merchant acquiring services to be registered with BNM.
Reminder:
Proper assessment must be made by the prospective applicant on whether the business model fulfils the definition of operation of a payment system, designated payment instruments or merchant acquiring services before any submission and payment of fee is made to BNM.
Nevertheless, after you have conducted your own assessment but still require further clarification whether your business model fulfils the above definition, kindly contact BNMLINK or BNMTELELINK before considering to submit an official application.
Documents:
1. Submission Requirements for Application to Operate a Payment System or to Issue a Designated Payment Instrument (i.e. Debit/Credit/Charge Card) [Download PDF]
2. Submission Requirements for Application to be Registered to Provide Merchant Acquiring Services
- Application form to provide merchant acquiring services [Download DOC]
3. Submission to issue a Designated Payment Instrument i.e. E-Money or Limited Purpose E-Money, please refer to the Frequently Asked Questions (FAQ) attached for more information [Download PDF]
- Factors for consideration in assessing an application to issue e-money [Download PDF]
