In this course · 4 of 6
Course 6
Customers, data and payments
6 lessons · 6 min
- 1Online Store Disclosure Rules in Malaysia (Regulations 2024)
- 2Marketplace vs Seller Duties Under Malaysia's 2024 Online Trade Rules
- 3PDPA Rules for Online Stores Collecting Customer Data in Malaysia
- 4How to Check If a Payment Gateway Is Licensed by Bank Negara Malaysia
- 5How to Reconcile Shopee, Lazada and Payment Gateway Payouts with Sales
- 6Is Dropshipping Legal in Malaysia? Registration, Tax, Consumer Law
The short answer
Search the provider's name in the Financial Sector Participants Directory of Bank Negara Malaysia (BNM). BNM regulates payment systems, e-money and merchant acquiring under the Financial Services Act 2013, and judges a provider by its activities, not by whether it calls itself a payment gateway.
Bank Negara Malaysia (BNM) oversees payment businesses under the Financial Services Act 2013 and the Islamic Financial Services Act 2013.
- Section 11: a person who operates a payment system or issues a designated payment instrument (such as debit, credit or charge cards and e-money) needs BNM approval.
- Section 17: a person who provides merchant acquiring services must be registered with BNM.
Payment gateways. BNM's FAQ says that entities calling themselves payment gateways, payment facilitators or third-party acquirers are not automatically required to register as merchant acquirers, and not automatically exempt. The test is the actual activities, contracts and responsibilities, so a provider's label does not settle it.
What a seller can do
- Search BNM's directory for the provider's name, which lists approved e-money issuers, approved payment system operators and registered merchant acquirers.
- Ask the provider which licence or registration covers its services, and in which entity's name.
- Read how settlement works, including when funds are released and what is held back.
- Keep contracts and statements for the books.
A listing in the directory shows authorisation; it does not guarantee a provider's service quality.
Legal basis and sources
The law
- Financial Services Act 2013, s.11 and s.17
- Islamic Financial Services Act 2013
General information for business owners, not legal, tax or professional advice. Rules change, so check the sources or ask a licensed professional before you act.
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