KUALA LUMPUR: Managepay Systems Bhd
’s (MPay) wholly-owned subsidiary, ManagePay Services Sdn Bhd (MPSB) has received approval from Bank Negara for Class A Licence to operate money services, including money exchange and issuing multi-currency prepaid cards and wallets.
In a filing with Bursa Malaysia, Managepay said the approval from Bank Negara to carry out Class A money services business for one year, commencing from July 18, 2024, to July 17, 2025, and renewable yearly, pursuant to Money Services Business Act 2011 (MSB Act 2011).
The Class A licence will enable MPSB to conduct money exchange business via e--money, i.e. multi-currency Mastercard prepaid card and multi-currency wallet under Section 7 of MSB Act 2011 in addition to the Class B Money Service Business Licence (money remittance business) granted to MPSB before this.
It will also be able to provide money exchanging service digitally via mobile application under Section 21 of MSB Act 2011 and issue e-money via multi-currency Mastercard prepaid cards and multi-currency wallets with a total limit equal to RM35,000 for each customer under Section 13 of the Financial Services Act 2013.
Managepay expects the approval to contribute positively to the group's revenue for the financial year ending June 30, 2025 (FY25) onwards.
