The Islamic Financial Services (Minimum Amount of Capital Funds) (Approved Person) (Amendment) Order 2022 came into operation on 30 December 2022 and amends the Islamic Financial Services (Minimum Amount of Capital Funds) (Approved Person) Order 2013.(1)

This amendment order:

  • affects only electronic money issuers;
  • deletes the old categories of "large electronic money scheme" and "small electronic money scheme";
  • introduces new categories of electronic money issuer, which are "standard electronic money issuer" and "eligible electronic money issuer" (as defined in the amendment order); and
  • sets out the minimum amount of capital funds required of a standard electronic money issuer and an eligible electronic money issuer respectively.

For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.

Endnotes

(1) PU (A) 210/2013.