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

To open and operate a trust account for the receipt of incoming funds (as per Guidelines of e-Money)
Receipt of aggregated sum of collections from the e-Money issuer's collection accounts
To inform the e-Money issuer to cover any shortfall in the cash balance of the trust account
To place funds with licensed financial institutions, debt securities issued or guaranteed by the Federal Government and Bank Negara Malaysia or Cagamas debt securities
To remit payment from Trust account for the purpose of refund, payment to merchant and other fees charged.


Structure of E-Money

  1. Users and Merchants, which is registered with the e-Money Issuer, deposits fund into a Collection Account
  2. Funds deposited into Collection Account is transferred into Trust Account at the end of the day
  3. The e-Money issuer send in payment instruction to Trustee to make payment to Repayment Account for
    • refund to users
    • and payment to merchants
  4. The e-Money issuer makes payment to merchants and refund to users.

Further Information

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