PUC gets Bank Negara's approval to issue e-money

PETALING JAYA: PUC Bhd, formerly known as PUC Founder (MSC) Bhd, said its unit EPP Solution Sdn Bhd (EPP) has obtained approval from Bank Negara Malaysia (BNM) to issue electronic money (e-money) via its mobile application.
PUC told the stock exchange yesterday that the approval from BNM is for the large scheme, which is determined by the purse size and outstanding e-money liabilities.
PUC said EPP Solution will ensure compliance with the Financial Services Act 2013 requirements stipulated in the guidelines on e-money and any other relevant requirements issued by BNM.
PUC added that EPP is required to launch its e-money scheme within one year from the date of BNM’s approval letter, failing which the approval will be invalid.
E-money is a payment instrument that contains monetary value that is paid in advance by the user to the e-money issuer. The user can make payments for purchases of goods and services to merchants who accept the e-money as payment.
E-money can be issued in different forms, such as card-based and network-based, which can be accessible via the internet, mobile phones or any other devices.