{"id":4439,"date":"2020-07-30T04:39:21","date_gmt":"2020-07-30T04:39:21","guid":{"rendered":"https:\/\/softspace.com.my\/?p=4439"},"modified":"2026-06-10T08:17:33","modified_gmt":"2026-06-10T08:17:33","slug":"fasspay-obtains-bank-negara-malaysias-approval-to-support-new-features-on-its-white-label-e-wallet-service","status":"publish","type":"post","link":"https:\/\/softspace.com.my\/?p=4439","title":{"rendered":"Fasspay Obtains Bank Negara Malaysia\u2019s Approval to Support New Features on its White-Label E-wallet Service"},"content":{"rendered":"
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Bank Negara Malaysia\u2019s approval opens an opportunity for Fasspay e-wallet merchant partners to benefit their end users with more product offerings<\/span><\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n

Kuala Lumpur, 29th July 2020 \u2013<\/strong> Fass Payment Solutions Sdn. Bhd. (\u201cFasspay\u201d), an e-money license holder regulated by Bank Negara Malaysia, has received the regulator\u2019s approval to support a set of new offerings that will expand the capabilities of its white-label e-wallet solution.<\/p>\n

The approval enables Fasspay\u2019s 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cBank Negara Malaysia\u2019s 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,\u201d said Chris Leong, the Chief Executive Officer of Fasspay. \u201cWith 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.\u201d<\/p>\n

With these newly supported offerings, Fasspay\u2019s 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.<\/p>\n

Fasspay is one of the first white-label e-wallet provider regulated by Bank Negara Malaysia. A wholly-owned subsidiary for Asia\u2019s leading fintech player Soft Space, Fasspay operates as a merchant acquiring arm with a network of four e-wallet partners in Malaysia.<\/p>\n

In April 2020, Soft Space is the first Malaysian fintech partner to join Visa\u2019s Fintech Fast Track programme, an initiative that allows Soft Space to leverage on Visa\u2019s launch of its prepaid cards in Malaysia through Fasspay.<\/p>\n

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\u2019 needs. These customisations are cost-effective, relatively simple, and undertaken without lengthy and complicated regulatory process.<\/p>\n

Given Malaysia\u2019s government\u2019s aspiration to move citizens towards a digitalised and cashless nation, Fasspay\u2019s white-label e-wallet capabilities will support Malaysians towards that goal.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

  Bank Negara Malaysia\u2019s approval opens an opportunity for Fasspay e-wallet merchant partners to benefit their end users with more product offerings Kuala Lumpur, 29th July [\u2026]<\/span><\/p>\n","protected":false},"author":6,"featured_media":4441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,42],"tags":[],"class_list":["post-4439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-announcement","category-news-media"],"_links":{"self":[{"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/posts\/4439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/softspace.com.my\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4439"}],"version-history":[{"count":8,"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/posts\/4439\/revisions"}],"predecessor-version":[{"id":4476,"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/posts\/4439\/revisions\/4476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/softspace.com.my\/index.php?rest_route=\/wp\/v2\/media\/4441"}],"wp:attachment":[{"href":"https:\/\/softspace.com.my\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/softspace.com.my\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/softspace.com.my\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}