WeChat obtains e-money license in Malaysia

WeChat has a wide user base in Malaysia, with an estimated 20 million users in the country.

WeChat Pay Malaysia Sdn. Bhd., a subsidiary of Tencent Holdings Limited, has succeeded in its application to the Central Bank of Malaysia for an e-money licence for its landmark and innovative Ringgit-denominated mobile wallet platform in Malaysia.

WeChat has over 1 billion monthly users worldwide, and WeChat Pay Malaysia enables users to conduct peer-to-peer transfer of funds as well as make payments to partner merchants and many other functionalities.

The Malaysian market is the first market in the world beyond China and Hong Kong to issue local currency denominated WeChat Pay e-wallet.

WeChat were advised by Wong & Partners, a member firm of Baker & McKenzie International, with the team being led by partner Brian Chia.

“It has been a privilege to represent Tencent on this breakthrough matter which sets a milestone in the Malaysian mobile payments segment. The availability of WeChat Pay Malaysia in Ringgit will further enhance our country’s efforts towards a cashless society” said Brian, who heads the firm’s Corporate, Commercial and Securities practice.