Transcription of Submission Requirements Attachment - Central …
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Submission Requirements Attachment - Central …
Submission Requirements for Application for Approval to Operate a Payment System or to Issue a Designated Payment Instrument or to be Registered to Provide Merchant Acquiring Services A. BACKGROUND With the enactment of the financial Services Act 2013 (FSA) and the Islamic financial Services Act 2013 (IFSA), which came into force on 30 June 2013, any person who intends to operate a payment system (as set out in Division 1 of Part 1 of Schedule 1 of the FSA or Part 1 of Schedule 1 of the IFSA) or issue a designated payment instrument is required to obtain prior approval of Bank Negara Malaysia (BNM) pursuant to section 11 of the FSA or section 11 of the IFSA, as the case may be, while any person who intends to provide merchant acquiring services is required to register with BNM pursuant to section 17 of the FSA.
3 Financial Services (Designated Payment Instruments) Order 2013 Islamic Financial Services (Designated Islamic Payment Instruments) Order 2013
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