{ "jurisdiction_id": "MY", "jurisdiction": "Malaysia", "url": "https://payments.gi/jurisdictions/malaysia/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 64, "source_register": 115 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malaysia/#w1a-licensing-authorisation-market-access", "standing_position": "BNM regulates payment activity via FSA 2013 and MSBA 2011; the 31 January 2025 revised e-money Policy Document formally carves limited-purpose e-money issuers out of BNM's purview per the 2024 Exemption Orders; BNM continues active new-entrant licence processing (e.g. SunRate, April 2026).", "findings": [ { "finding": null, "instrument_type": "Financial Services Act 2013 (FSA) / Islamic Financial Services Act 2013 (IFSA)", "source": "https://www.lexology.com/library/detail.aspx?g=efce9f8d-681b-47e9-b293-cd3552dbf3c8 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Policy Document on Payment System Operator (PSO)", "source": "https://www.bnm.gov.my/-/pd-pso-2022", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Section 17 FSA — Merchant Acquiring registration", "source": "https://www.bnm.gov.my/application-for-approval-and-registration", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Section 11 FSA approval for designated payment instrument (e-money)", "source": "https://www.pcalaw.com.my/2021/12/09/e-money-overview/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Payment Systems Act 2003 (repealed)", "source": "https://www.commonlii.org/my/legis/consol_act/psa2003221/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malaysia/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "BNM's Technology Requirements Policy Document (TR PD) — a four-tier technology-governance framework for payment regulatees — was issued March 2026 (substantive effect 12 March 2027), overlapping the existing RMiT regime and newly capturing licensed money-services businesses.", "findings": [ { "finding": null, "instrument_type": "Policy Document on Electronic Money (2022)", "source": "https://www.rahmatlim.com/perspectives/articles/23492/mykh_new-bank-negara-policy-document-updates-e-money-regulatory-framework [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Revised Policy Document on E-Money (2025)", "source": "https://fintechnews.my/47925/digital-banking-news-malaysia/bnm-e-money-policy-impact-issuers-consumers/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Trustee Act 1949 trust / minimum capital order", "source": "https://www.pcalaw.com.my/2021/12/09/e-money-overview/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Shariah-compliant e-money (qard structure)", "source": "https://www.lexology.com/library/detail.aspx?g=27648eab-afb4-4322-9f88-cf29c6ed67d5 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Policy Document on Complaints Handling (2025)", "source": "https://www.lexology.com/library/detail.aspx?g=d9ca31ce-34a4-4352-9b88-e9cc03e27f00 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w2-stablecoins-digital-money", "standing_position": "Malaysia has NO finalised payment-stablecoin framework in force as of mid-2026. Crypto/digital assets that exhibit investment characteristics are classified as securities and regulated by the Securities Commission Malaysia (SC) under the Capital Markets and Services Act 2007 and the 2019 Prescription Order; BNM retains monetary/financial-stability and AML oversight, and does not recognise crypto as legal tender. Stablecoins are not yet specifically regulated; routing is activity-dependent (payment-use may trigger BNM payment-instrument licensing, trading/custody falls to SC). BNM launched a Digital Asset Innovation Hub (DAIH) in June 2025 and is evaluating ringgit-pegged stablecoin pilots; reserve expectations are converging on 1:1 fiat backing. A CBDC remains exploratory (Project Dunbar).", "findings": [ { "finding": null, "instrument_type": "SC Guidelines on Digital Assets (s.377 CMSA 2007)", "source": "https://www.sc.com.my/regulation/guidelines/digital-assets", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin licence routing (BNM payment-instrument vs SC)", "source": "https://globallawexperts.com/stablecoins-regulation-malaysia/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin / CBDC status", "source": "https://www.sanctionscanner.com/blog/cryptocurrency-regulations-in-malaysia-1180 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Capital Markets and Services (Prescription of Securities) Order 2019", "source": "https://www.kevinwuassociates.com/post/cryptocurrency-legality-in-malaysia-a-2025-legal-overview [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Digital Asset Innovation Hub / tokenisation consultation", "source": "https://www.lexology.com/library/detail.aspx?g=01ac9292-6db7-4569-91ea-5fa6f006ec7c [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience is governed by BNM's Risk Management in Technology (RMiT) policy document, the Malaysian analogue to DORA/FCA op-res. RMiT was first issued 2019/2020, updated 1 June 2023, and substantially revised effective 28 November 2025. It applies to banks, insurers/takaful, DFIs, payment system operators and approved e-money issuers under the FSA/IFSA/DFIA, covering governance, cybersecurity, third-party/cloud risk, identity controls and incident management. The 2025 revision imposes prescriptive operational-resilience obligations (e.g. critical-system maximum tolerable downtime of 120 minutes per incident / 4 hours cumulative annual) and mandatory rapid incident notification to BNM (within 1 hour of detection).", "findings": [ { "finding": null, "instrument_type": "Policy Document on Risk Management in Technology (RMiT) 2023", "source": "https://regulations.ai/regulations/malaysia-2023-06-bnm-rmit", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "RMiT 2025 (28 November 2025)", "source": "https://www.picussecurity.com/resource/blog/meeting-bank-negara-malaysias-rmit-requirements-with-picus [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RMiT 2025 operational-resilience standards (S 10.31–10.32)", "source": "https://theos-cyber.com/articles/mtdr/bnm-rmit-2025-compliance-malaysia/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RMiT incident-reporting / dual reporting (Cyber Security Act 2024)", "source": "https://www.simplydata.com.my/bnm-rmit-compliance-malaysia/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RMiT Exposure Draft (Nov 2024)", "source": "https://www.ey.com/en_my/technical/take-5-business-alert/inside-the-risk-management-in-technology-rmit-exposure-draft [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w4-scheme-network-compliance", "standing_position": "Card-scheme economics are regulated domestically by BNM's Payment Cards Framework (PCF) policy document (issued 19 August 2022, interchange ceilings effective 1 January 2023), which superseded the 2014 Payment Card Reform Framework (PCRF). The PCF lowered interchange ceilings (credit capped at 0.6%; domestic debit at the lesser of 0.1% or RM0.37 + 0.001%), subject to review every three years from 1 January 2023. Surcharging and minimum-purchase-amount practices on debit/credit card transactions are prohibited, with a cardholder complaint mechanism. Visa/Mastercard/JCB operate as international schemes; the domestic debit scheme MyDebit is operated by PayNet.", "findings": [ { "finding": null, "instrument_type": "Payment Cards Framework (PCF) Policy Document 2022", "source": "BNM Payment Card Reform Framework (interchange ceilings, 3-yr review from 1 Jan 2023) (bnm.gov.my)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange fee ceilings (PCRF→PCF)", "source": "https://www.kansascityfed.org/documents/11143/PublicAuthorityInvolvementPaymentCardMarkets_VariousCountries_August2025Update.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Payment Card Reform Framework (2014)", "source": "https://www.bnm.gov.my/-/payment-card-reform-23122014", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Surcharge prohibition", "source": "https://www.bnm.gov.my/-/response-to-fmt-article-entitled-consumer-body-abolish-surcharges-on-credit-cards-", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w5-payment-corridor-dynamics", "standing_position": "Malaysia's principal domestic instant rail is DuitNow, operating on PayNet's Real-time Retail Payments Platform (RPP, live December 2018) on ISO 20022, with DuitNow QR providing a unified interoperable national QR standard. Cross-border corridors are built on QR-linkage and real-time-transfer interoperability under the ASEAN Regional Payment Connectivity (RPC) framework signed November 2022 by Indonesia, Malaysia, Philippines, Singapore and Thailand. Live linkages include DuitNow–PromptPay (Thailand), DuitNow–QRIS (Indonesia), DuitNow–NETS / PayNow (Singapore), plus China, Cambodia and others; the PayNow–DuitNow real-time fund-transfer link (Nov 2023) was notable for non-bank participation.", "findings": [ { "finding": null, "instrument_type": "DuitNow–PromptPay cross-border QR/transfer linkage", "source": "https://www.bot.or.th/en/financial-innovation/digital-finance/digital-payment/cross-border-payment.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "DuitNow–QRIS (Malaysia–Indonesia) linkage", "source": "https://www.bnm.gov.my/-/duitnow-qris-link-my-id", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "DuitNow / RPP (PayNet)", "source": "https://www.lightspark.com/knowledge/instant-payments-malaysia", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ASEAN Regional Payment Connectivity (RPC)", "source": "https://amro-asia.org/enhancing-regional-payment-connectivity-across-asean3-economies", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "PayNow–DuitNow real-time transfer linkage", "source": "https://www.travelandtourworld.com/news/article/malaysia-joins-philippines-singapore-and-thailand-shatter-global-financial-norms-in-2026-as-unstoppable-cross-border-qr-payment-network-for-booming-travel-what-you-need-to-know/", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w6-industry-structure-commercial-dynamics", "standing_position": "Malaysia's payments market is a bank/non-bank hybrid centred on PayNet (national payments utility, BNM the single largest shareholder alongside 11 financial institutions). The e-wallet segment is led by TNG Digital (Touch 'n Go), Boost, ShopeePay, GrabPay and BigPay; the regulatee population shows non-bank EMIs far outnumbering bank EMIs (~47–48 non-bank vs ~6 bank). The market is rapidly growing (18.4 billion e-payment transactions in 2025, +25% YoY) and is being reshaped by five digital banks licensed by BNM in 2022 (Boost-RHB, GXBank, SeaMoney-YTL, AEON, KAF). Digital payments hold roughly half the fintech market by service proposition.", "findings": [ { "finding": null, "instrument_type": "PayNet ownership / market infrastructure", "source": "https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_Malaysia_RPP_Case_Study.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Market size / transaction volumes", "source": "https://www.zitadelleag.com/news/malaysia-merchant-acquiring-license-mas-regulatory-guide-licensing-support-by-zitadelle-ag", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EMI market composition", "source": "https://www.pcalaw.com.my/2021/12/09/e-money-overview/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Digital banking licences (2022)", "source": "BNM — digital bank licences (29 Apr 2022); FSA 2013 / IFSA 2013 (bnm.gov.my)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Fintech market structure", "source": "https://www.mordorintelligence.com/industry-reports/malaysia-fintech-market", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w7-legal-litigation", "standing_position": "Payments-relevant legal action in Malaysia is dominated by BNM administrative enforcement (compound/monetary penalties) rather than landmark civil litigation, focused on AML/CFT/sanctions-screening and operational-resilience (RMiT) breaches. Notable actions include the May 2023 penalty on TNG Digital (sanctions-screening lapse), the July 2025 RM340,000 fine on Alipay Malaysia (AIMY Merchant Services) for failing to update its sanctions database, and July 2025 penalties totalling over RM7 million on Bank Islam, Bank Rakyat and BSN for RMiT/availability and sanctions-screening breaches. The AMLA was amended in December 2024 to strengthen supervision and enforcement.", "findings": [ { "finding": null, "instrument_type": "BNM enforcement — Alipay Malaysia / AIMY", "source": "https://fintechnews.my/54303/regtech-fintech-regulation-malaysia/bnm-alipay-fine/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "BNM enforcement — RMiT / AML penalties (3 banks)", "source": "https://www.freemalaysiatoday.com/category/nation/2025/07/30/3-banks-fined-more-than-rm7mil-for-regulatory-breaches", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "BNM enforcement — TNG Digital (May 2023)", "source": "https://www.flagright.com/post/bnms-e-money-exposure-draft-aml-cft-implications-for-fintechs-and-wallet-providers", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "AMLA amendment (Dec 2024)", "source": "https://sumsub.com/blog/malaysian-aml-requirements/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring is a registered (not licensed) activity under section 17 FSA 2013, with BNM's Policy Document on Merchant Acquiring Services (issued 15 September 2021) setting governance, operational-risk, IT-management, minimum-capital (non-bank) and merchant-onboarding/recruitment requirements. The PD took effect for bank acquirers from 15 March 2022 and for non-bank acquirers (minimum capital) from 15 September 2023. The registered acquirer base is broad — including TNG Digital, GHL, ShopeePay, Razer Merchant Services, Stripe and FIS Worldpay — and the November 2024 RMiT exposure draft would extend resilience standards to non-bank merchant acquirers.", "findings": [ { "finding": null, "instrument_type": "Policy Document on Merchant Acquiring Services", "source": "https://www.bnm.gov.my/-/pd-merchant-acquiring-services", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MAS policy phasing / minimum capital", "source": "https://www.rahmatlim.com/publication/articles/19392/bank-negara-issues-policy-document-on-merchant-acquiring-services", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Section 17 FSA registration / registered acquirer base", "source": "https://www.zitadelleag.com/news/malaysia-merchant-acquiring-license-mas-regulatory-guide-licensing-support-by-zitadelle-ag", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RMiT extension to non-bank acquirers", "source": "https://www.capco.com/intelligence/capco-intelligence/empowering-compliance-with-bank-negara-malaysias-rmit", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malaysia/#w9-product-innovation-market-development", "standing_position": "DuitNow remains MY's core instant-payments rail; 2026 developments include cross-border QR interoperability expansion (2.5x growth to 29.7m transactions in 2025) and deepened Project Nexus multilateral integration via a PayNet-NETS joint venture appointed Nexus Technical Operator (Feb 2026).", "findings": [ { "finding": null, "instrument_type": "Interoperable Credit Transfer Framework (ICTF)", "source": "https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_Malaysia_RPP_Case_Study.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPP product roadmap (QR, e-mandates, Request-to-Pay, real-time debit)", "source": "https://www.aciworldwide.com/blog/putting-malaysia-on-the-path-to-payments-innovation", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SC sandbox / BNM Digital Asset Innovation Hub", "source": "https://www.lexology.com/library/detail.aspx?g=01ac9292-6db7-4569-91ea-5fa6f006ec7c", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Tokenisation / CBDC exploration (blueprint 2022–2026)", "source": "https://www.ainvest.com/news/malaysia-proposes-major-digital-asset-exchange-regulations-115-trading-volume-surge-2507/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection rests on BNM's conduct framework (Fair Treatment of Financial Consumers; Complaints Handling PD of March 2025, effective April 2026) with redress via the Financial Markets Ombudsman Service (FMOS) — created 1 January 2025 by merging the Ombudsman for Financial Services (OFS) and SIDREC — and BNMLINK. Malaysia has NO statutory mandatory APP-fraud reimbursement scheme equivalent to the UK PSR model; instead BNM requires banks to ensure fair redress for unauthorised-transaction victims who took protective steps and did not act fraudulently, coordinated via the National Scam Response Centre / PDRM / MCMC anti-scam framework.", "findings": [ { "finding": null, "instrument_type": "Unauthorised-transaction redress / anti-scam coordination", "source": "https://www.bnm.gov.my/-/combating-financial-fraud", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Financial Markets Ombudsman Service (FMOS)", "source": "http://www.fmos.org.my/en/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "FMOS consolidation (OFS + SIDREC)", "source": "https://www.scamproof.my/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Complaints Handling Policy Document (2025)", "source": "https://www.lexology.com/library/detail.aspx?g=d9ca31ce-34a4-4352-9b88-e9cc03e27f00", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Financial Consumer Alert List", "source": "https://www.bnm.gov.my/index.php?ch=en_financialconsumeralert", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/malaysia/#w11-aml-cft-financial-crime", "standing_position": "[SENTINEL-FED] Sentinel.gi payments-context position: Malaysia's AML/CFT regime rests on the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), supervised by BNM's Financial Intelligence & Enforcement Department (FIED). Payments-context posture: stringent sanctions/PEP screening and CDD obligations on EMIs and payment institutions, active administrative enforcement (TNG Digital 2023; Alipay/AIMY 2025), AMLA strengthened December 2024 ahead of the 2025 FATF mutual evaluation, with CPF (counter-proliferation-financing) provisions added. No original FIM analysis performed here.", "findings": [ { "finding": null, "instrument_type": "AMLA amendment / CPF (2024)", "source": "sentinel://sumsub.com/blog/malaysian-aml-requirements", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Malaysia operates under the AMLA 2001 (Act 613), supervised by Bank Negara Malaysia, the Securities Commission and the Labuan FSA, coordinated via the National Coordination Committee to Counter Money Laundering. FATF's Dec 2025 MER rates Malaysia compliant on 24 Recommendations and largely compliant on 16, citing a sound legal/supervisory architecture but persistent weaknesses converting investigations into prosecutions, dissuasive sanctions, and BO/TCSP oversight in Labuan.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Malaysia", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malaysia/#w12-correspondent-banking-settlement-access", "standing_position": "Foreign PSPs are gaining direct domestic-rail access: Wise connected directly to PayNet in mid-2026, its ninth global and fifth APAC direct domestic-system connection.", "findings": [ { "finding": null, "instrument_type": "RENTAS (RTGS / LVPS)", "source": "https://www.bnm.gov.my/types-of-payment-systems", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RENTAS PvP / ringgit–USD CHATS link", "source": "https://www.bnm.gov.my/index.php?ch=ps&pg=ps_mps_type&ac=177&lang=en", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Non-bank settlement access", "source": "https://fastpayments.worldbank.org/sites/default/files/2021-09/World_Bank_FPS_Malaysia_RPP_Case_Study.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RENTAS+ (24/7 RTGS, Oct 2025)", "source": "https://fintechnews.my/54449/payments-remittance-malaysia/bank-negara-malaysia-bnm-launches-rentas-plus-for-24-7-interbank-settlement/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/malaysia/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity (run date 2026-06-24) centres on capital injections into e-wallet/digital-banking players and merchant-acquiring/cross-border product expansion. TNG Digital secured ~USD 75 million from strategic investors and targeted first full-year profitability in 2025; Axiata's Boost was reportedly in talks with a potential new shareholder (regulatory approval pending). Funding leaders include TNG Digital (~USD 168m cumulative), BigPay (~RM475m) and Boost (~RM308m). RENTAS+ (Oct 2025) and continued cross-border QR linkages are the principal product releases.", "findings": [ { "finding": null, "instrument_type": "commercial_event — investment (TNG Digital)", "source": "https://www.mordorintelligence.com/industry-reports/malaysia-fintech-market", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event — potential investment (Boost)", "source": "https://fintechnews.my/49867/funding/top-5-most-funded-fintechs-in-malaysia-for-2025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event — cumulative funding (BigPay / Boost)", "source": "https://fintechnews.my/49867/funding/top-5-most-funded-fintechs-in-malaysia-for-2025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event — sector funding totals", "source": "https://tracxn.com/d/explore/fintech-startups-in-malaysia/__7PwJ-m65RwujGFYmL7TNrStzlh1_W8LNMDG2FsXFR7g", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event — product release (RENTAS+)", "source": "https://www.businesstoday.com.my/2025/10/08/rentas-brings-24-7-settlement-to-malaysias-banking-system/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }