20 January 2022

On 15 December 2021, Bank Negara Malaysia (“BNM”) issued an exposure draft which sets out the proposed requirements and guidance for payment systems’ operators that have been approved under section 11 of the Financial Services Act 2013 or the Islamic Financial Services Act 2013.

The exposure draft outlines requirements that aim to:

  • ensure the safety, efficiency and reliability of payment systems;
  • preserve public confidence in payment systems and the use of payment instruments; and
  • ensure payment systems are aligned with relevant international standards, such as the Principles for Financial Market Infrastructures by the Bank for International Settlements (BIS).

The exposure draft is available on the BNM website www.bnm.gov.my. BNM is inviting the public to submit written feedback on the exposure draft by emailing paymentpolicy@bnm.gov.my by 31 March 2022.