20 September 2021
Part 1 of Schedule 1 to the Financial Services (Requirements and Submission of Documents or Information) (Registered Business) Order 2013 will be amended by the Financial Services (Requirements and Submission of Documents or Information) (Registered Business) (Amendment) Order 2021 P.U. (A) 351/2021 (the Amendment Order).
Pursuant to the Amendment Order, an applicant who is not a financial institution regulated by Bank Negara Malaysia is required to have a minimum capital funds of:
a) RM300,000, if the actual or projected amount of the average monthly transaction value is less than RM10 million; and
b) RM1 million, if the actual or projected amount of the average monthly transaction value is more than RM10 million.
“Average monthly transaction value” refers to the calculation of:
• the actual amount which is calculated based on 12-month moving average; and
• the projected amount which is calculated based on an estimation of the average monthly amount for a period of 12 following months.
The Amendment Order will come into operation on 1 October 2021 and affects those who intend to apply to be registered to provide merchant acquiring services under the Financial Services Act 2013.
For further information, please contact:
Christina S.C. Kow, Partner, Shearn Delamore & Co
christina@shearndelamore.com
