Fasspay Obtains Bank Negara Malaysia’s Approval to Support New Features on its White-Label E-wallet Service

Launch of MyPay’s Digital Payments, Digital Financing and e-Wallet Features
July 9, 2020

 

Bank Negara Malaysia’s approval opens opportunity for Fasspay e-wallet merchant partners to benefit their end users with more product offerings

Kuala Lumpur, 29th July 2020 – Fass Payment Solutions Sdn. Bhd. (“Fasspay”), an e-money license holder regulated by Bank Negara Malaysia, has received the regulator’s approval to support a set of new offerings that will expand the capabilities of its white-label e-wallet solution.

The approval enables Fasspay’s white-label e-wallet to support a limit of up to RM10,000, a significant increase compared to the current e-wallet threshold in the market.

The approval also grants Fasspay the ability to issue physical Visa-branded prepaid cards that can be linked to the e-wallet application thereby giving them access to a virtual card too.

Additionally, e-wallet users can sign up as a principal account holder, which entitles them to apply for multiple physical supplementary cards attached with a QR code, top up credits, and subsequently track transactions made by supplementary parties.

“Bank Negara Malaysia’s approval is a significant milestone for Fasspay, as we believe these features will differentiate our solution from the rest and add value to our existing and potential clients based on their business needs,” said Chris Leong, the Chief Executive Officer of Fasspay. “With these new features in place, Fasspay will be able to branch into various market segments and reach out to wider demographics, such users who will be engaged in cross-border spending.”

With these newly supported offerings, Fasspay’s e-wallet platform is also able to support higher spending, the provision of shared accounts via supplementary parties, as well as the convenience of transacting both domestically and while overseas.

Fasspay is one of the first white-label e-wallet provider regulated by Bank Negara Malaysia. A wholly-owned subsidiary for Asia’s leading fintech player Soft Space, Fasspay operates as a merchant acquiring arm with a network of four e-wallet partners in Malaysia.

In April 2020, Soft Space is the first Malaysian fintech partner to join Visa’s Fintech Fast Track programme, an initiative that allows Soft Space to leverage on Visa’s launch of its prepaid cards in Malaysia through Fasspay.

Enterprises partnering with Fasspay can benefit from a seamless onboarding process, be it the integration with their existing business solutions or developing their own niche e-wallet solution to cater to their end users’ needs. These customisations are cost-effective, relatively simple, and undertaken without lengthy and complicated regulatory process.

Given Malaysia’s government’s aspiration to move citizens towards a digitalised and cashless nation, Fasspay’s white-label e-wallet capabilities will support Malaysians towards that goal.