E-Money

What is E-Money?

Electronic money (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 of e-money 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 (e.g. prepaid card) and network-based e-money which may be accessed through the internet, mobile phones or other devices.

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Roles and Responsibility of Trustee

1

To open and operate a trust account for the receipt of incoming funds (as per Guidelines of e-Money)

2

Receipt of aggregated sum of collections from the e-Money issuer's collection accounts

3

To inform the e-Money issuer to cover any shortfall in the cash balance of the trust account

4

To place funds with licensed financial institutions, debt securities issued or guaranteed by the Federal Government and Bank Negara Malaysia or Cagamas debt securities

5

To remit payment from Trust account for the purpose of refund, payment to merchant and other fees charged.

Structure

Structure of E-Money

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