Minimum Capital Funds Requirement For Merchant Acquiring Services

The Financial Services (Requirements and Submission of Documents or Information) (Registered Business) (Amendment) Order 2021 [P.U.(A) 351/2021] (“the Amendment Order”) was gazetted on 6 September 2021 and will come into operation on 1 October 2021.

The Amendment Order amends Part 1, Schedule 1 of the Financial Services (Requirements and Submission of Documents or Information) (Registered Business) Order 2013 [P.U. (A) 206/2013] (“the Principal Order”) by including an additional requirement for a person who intends to carry on merchant acquiring services under the Financial Services Act 2013 (“FSA”). Merchant acquiring services is a “registered business” under the FSA.

Under the Amendment Order, an applicant which is not a financial institution regulated under the laws enforced by Bank Negara Malaysia (“BNM”) is required to have a minimum capital funds of: