PUC unit gets green light to issue e-money

PETALING JAYA: PUC Bhd’s subsidiary has received the green light from Bank Negara to issue electronic money (e-money) via its mobile application, joining a list of more than 20 other non-bank Malaysian entities to be allowed to do so. E-money is often described as e-wallets.

In a filing with Bursa Malaysia, the company, which was formerly known as PUC Founder (MSC) Bhd, announced that its wholly owned subsidiary, EPP Solution Sdn Bhd, had been granted approval to issue e-money within a year.

“EPP Solution is required to launch its e-money scheme within one year from the date of the central bank’s approval letter, failing which, the said approval granted to EPP Solution to issue e-money will be invalid.

“There are two types of e-money schemes, namely the small scheme and the large scheme, which is determined by the purse size and the outstanding e-money liabilities.

“The approval from Bank Negara to EPP Solution is for the large scheme,” the company said in the statement.