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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , PUC Bhd , e-money , EPP Solution ,

   

Next In Business News

CPO futures may see technical correction after rally
Ringgit to trade in tight range vs US$
New warning system to sound alarm on rainforest 'tipping points'
FOREX-US$ posts second week of gains ahead of Fed meeting
Oil price edges up in weekly rebound on forecasts for tight supplies
GLOBAL MARKETS-US stock markets hit new highs
Hotel industry’s defining moment
The toll on employment
Short Positions - Insurance, Covid-19, ESG
DPI Holdings sees virus-led opportunities

Stories You'll Enjoy


Vouchers