Malaysian fintech startup MoneyMatch today announced that it has been granted an approval in principle for a Class B remittance license from the country’s central bank Bank Negara Malaysia (BNM) to conduct digital remittance services for businesses and individuals.
The approval in principle included permission to conduct electronic know-your-customer (e-KYC) process via their mobile app.
MoneyMatch offers cross-border payments services for businesses and individuals.
It was part of the first batch of approved participants in BNM’s Regulatory Sandbox back in May 2017, being the first startup approved by the central bank’s Financial Technology Enabler Group (FTEG) to offer a complete digital experience, from customer onboarding to executing transactions online.
Source from e27