MyEG unit to issue electronic money

KUALA LUMPUR: Bank Negara has allowed MyEG Services Bhd's unit, MyEG Alternative Payment Services Sdn Bhd, to issue electronic money via iPayEasy e-wallet with a limit of RM1,500 per customer.

In a filing with Bursa Malaysia yesterday, MyEG said its unit has received a letter of approval from the central bank.

It said MyEG Alternative would be required to comply with the Financial Services Act and all other relevant conditions issued by Bank Negara as well as be a member of an approved Financial Ombudsman Scheme pursuant to regulation 3 of the Financial Services (Financial Ombudsman Scheme) Regulations 2015.

“The approval would enable MyEG Alternative to carry out activities in relation to the issuance of electronic money, which complements MyEG and its subsidiaries' existing business activities.

“Barring any unforeseen circumstances, the approval is expected to contribute positively to the prospects of the group,” it said. — Bernama

e-Commerce , Myeg