Fasspay’s White Label E-Wallet Solution Receives BNM Approval for RM 10,000 LimitJuly 30, 2020 0 comments
Fasspay an e-money license holder regulated by Bank Negara Malaysia, has received the regulator’s approval to support a set of new offerings that will expand the capabilities of its white label e-wallet solution. Fasspay is a wholly-owned subsidiary of Soft Space a Malaysian based payments specialist.
The approval enables Fasspay’s white label e-wallet to support a limit of up to RM10,000. They said 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.
In May, Fasspay was the first to join Visa’s Fast Track program in Malaysia, the Fintech Fast Track program provides a new commercial framework that includes eased access to Visa’s payment capabilities.
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.
With these newly supported offerings, Fasspay’s 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.
“Bank Negara Malaysia’s 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,”
said Chris Leong, the Chief Executive Officer of Fasspay.
“With 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.”