iFast Malaysian unit gets approval to operate as an e-money issuer

It was also approved to hold a Money Services Business Class A licence.

iFast Corporation Ltd. has announced that its Malaysia-incorporated subsidiary, iFAST Pay Malaysia, has received approval from Bank Negara Malaysia to operate as an electronic money issuer and to hold a money services business Class A licence.

According to iFast, this regulatory milestone in Malaysia paves the way to introduce complementary payment-related services to the group’s existing suite of wealth management and digital banking solutions.

iFAST Pay Malaysia will initially focus on expanding and enhancing its multi-currency e-wallet services, prepaid cards linked to the e-wallet, and cross-border payment capabilities.

The group also intends to strengthen the integration between its wealth management platform and its digital payment services, allowing customers to move seamlessly between investing and transacting.