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Fasspay gets BNM greenlight to offer white-label eWallet with Visa Prepaid card

Fass Payment Solutions Sdn Bhd (Fasspay) has announced that it has received approval from Bank Negara Malaysia (BNM) to expand its white-label eWallet solution. This would enable them to offer a higher eWallet size and the ability to issue physical prepaid cards. Fasspay, which is a wholly-owned subsidiary of Soft Space, is also one of the first white-label eWallet provider regulated by Bank Negara Malaysia.

With BNM’s approval, Fasspay’s white-label eWallet solution can support a limit of RM10,000 which is a significant increase compared to other eWallets in the market. As a comparison, GrabPay has a maximum “Full” wallet size of RM1,500 and Boost has a limit of RM4,999 with a Premium account. Meanwhile, Touch ‘n Go maxes out at RM5,000 while BigPay supports up to RM10,000.

According to Fasspay, the approval also grants them the ability to issue physical Visa-branded prepaid cards that can be linked to their eWallet app. This would also allow them access to a virtual card.

They added that eWallet users can sign up as a principal account holder and they will be able to apply for multiple physical supplementary cards that are attached with QR code, top up credits and the ability to track transactions made by supplementary parties.

Fasspay also operates as a merchant acquiring arm with a network of four eWallet partners. Its parent company Soft Space is the first Malaysian fintech partner to join Visa’s Fintech Fast Track program which allows them to leverage on Visa’s launch of its prepaid cards in Malaysia through Fasspay.

With their solution, Fasspay says enterprises can benefit from a seamless onboard process, be it integration with their existing business solutions or developing their own niche eWallet solution to cater to their end users’ needs. It added that the customisations are cost-effective, relatively simple, and undertaken without lengthy and complicated regulatory process. For more info, you can visit Fasspay’s website.

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Alexander Wong