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Obtain an E-Payment License in Labuan

Updated on Monday 17th December 2018

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Obtain-an-e-payment-license-in-Labuan.jpgThe e-payment license is necessary for companies with online activities in order to ease the access to goods and services by paying for them on the internet. The Central Bank of Malaysia issues the approvals and the license for having an online payment system. For a good understanding of the requirements involving the e-payment license in Labuan, we invite you to direct your inquiries to our team of company formation specialists in Labuan. They are also at your disposal with complete assistance if you would like to set up an offshore in Labuan.
 

Laws controlling the payment system in Labuan

 
The Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA) are two major sets of laws which regulate the financial activities in Malaysia, including the ones regarding the online payments. The Central Bank in Malaysia issues the needed licenses for e-commerce companies looking to implement a merchant account for online payments.
 

What are the conditions for obtaining the e-payment license?

 
Besides the documents of a company running the activities online, the following requirements are mandatory at the time of applying for an e-payment license in Labuan:
 
  • the applicant needs to offer information about the payment providers, payment instruments and merchant account;
  • the security system for online payments needs to be provided at the time of license application;
  • the operator of the payment system will have to provide a license in this sense;
  • all applications must be submitted to the Central Bank of Malaysia.
 
Please feel free to get in touch with our team of advisors in Malaysia and solicit comprehensive information about how to obtain the e-payment license in Labuan. Also, if you need support for opening a Labuan trust company, you may talk to us.
 

Types of payment instruments in Malaysia

 
Non-cash transactions are mostly used in the e-commerce sector with the help of varied payment instruments. For instance, buyers can purchase their goods and services on the internet with credit cards, debit cards, charge cards or e-money. Cheques are also accepted as a payment method even on the internet, as long as they are valid and used within six months. The internet banking is also an important payment tool, a fast and convenient one which is highly used in Labuan, Malaysia. Internet banking services are widely used, allowing customers to purchase their goods by transferring money through their bank accounts, on the internet. In addition, the mobile payment is often used for online shopping made on a mobile phone. Most of the e-commerce businesses in Malaysia have developed this important payment tool, considering the high interest in this sector. We remind that companies with online activities must, first of all, obtain the e-payment license in order to legally introduce the payment options on the internet. All the requirements involved can be entirely explained by our company formation representatives in Labuan.
 

Short facts about the payment instruments available in Malaysia

 
A charge card is a payment instrument that implies a specific credit line issued by the bank which can be used before the settled date of expiration. The debit card is another important payment tool which is connected to a bank account and which can be used to purchase products and services, including the ones for sale on the internet. As for the e-money, these are available for online transactions with the help of electronic banking systems. This is an international payment method which functions in agreement with the banks and their currency values.
 
Banks and financial institutions in Malaysia are dealing with electronic money networking providers around the world, in order to issue their clients exclusive network cards which enable the electronic money operations from bank accounts to merchants. This also involves the e-commerce sector in Labuan, Malaysia, which has shown signs of fast development in recent years. It is good to know that the digital wallets are also available as payment tools considering that they follow the same financial transaction procedures. Moreover, it is good to know that the digital wallets are widely used as long as they provide complete security on the online market.
 
Having an idea about the ways in which an e-payment license is issued in Labuan, Malaysia will help the entrepreneurs easily establish their activities on the internet. We kindly invite you to get in touch with our team of company formation consultants in Labuan and ask for complete support and information about how you can open a company in Labuan.
 
 

Meet us in Labuan


Call us now at +6018 777 9956 to set up an appointment with our business consultants in Labuan. Alternatively you can incorporate your company without traveling to Labuan.

As a Best March Inc client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Labuan.

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