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, MPay 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, namely, 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 earlier.
