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Frequently Asked Questions related to Submission Guideline for Operating Payment System or Issuing Designated Payment Instrument (Submission Guideline)
1. What is Payment System or Designated Payment Instrument (DPI)?
Please refer to Bank Negara Malaysia's payment system micro site (http://www.bnm.gov.my/microsites/payment/index.htm) as well as the Submission Guideline for information on payment system and/or designated payment instrument.
2. Is the RM500 fee compulsory? Will I receive a refund if Bank Negara Malaysia (Bank) rejects my application?
Yes, the fee is compulsory and is not refundable.
3. If I am submitting two applications i.e. to apply for written notification and approval pursuant to section 5 and 25 of the PSA, do I only submit one set of documents/information and pay RM500 processing fee for both applications?
Applicant is required to submit a set of the required documents/information and pay a fee of RM500 for each application submitted to Bank Negara Malaysia.
4. For notification to operate a payment system pursuant to section 5 of the PSA, applicant is required to submit information and documents as specified under section B, subsection f(i), f(iii) and f(v) of the Submission Guideline. What are they?
Example of documents required:
(i) System operating procedures that outlines the processes and workflow of the system, which among others, includes:
- Definition and overview of the system
- System components
- General and specific requirements of the system
- Operating hours
- End-to-end system's process flow which should include among others:
- Detailed functions or actions performed by each component/party/process, starting from the initiation until completion of the process
- Process of transfer of funds from one-end to another, if any
- Clearing and settlement arrangement process of each transaction, if any.
- All possible scenarios for the proposed services/system
(ii) Participation and operations rules that establishes governance framework, which among others, includes:
- Membership contract and terms and conditions
- Duties and responsibilities of operators and participants
- Risk management
- Fees and charges
- Specific and general requirements e.g. requirement for confidentiality, integrity and availability (CIA), dispute handlings and resolutions
Note: Sample of agreement will be accepted as supplementary document only
(iii) System documentation that outlines the set up and arrangement to ensure safety, security and operational reliability of the system, which among others, includes:
- System architecture
- Security arrangement e.g. for hardware, software, data and network
- Backup and/or business continuity arrangement
5. The company applying for the written notification to operate payment system and/or approval to issue DPI is newly established and does not have audited financial statement. Does applicant need to submit alternative document to Bank Negara Malaysia?
Applicant shall submit the following alternative documents:
- Parent company's audited financial statement (if available)
- Latest company's bank statement
- Form 24
6. Will Bank Negara Malaysia process my application if I did not submit complete information and documents as required under the Submission Guideline?
The application will only be processed upon receiving the RM500 fee and complete submission of the information and documents.
7. Will Bank Negara Malaysia require additional information/documents, other than the items listed in the Submission Guideline?
Yes, when necessary, Bank Negara Malaysia may request applicant to furnish additional information/documents when processing an application.
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