Wong & Partners Advises WeChat Pay Malaysia Sdn. Bhd. On WeChat Pay’s Successful e-Money License Application In Malaysia.
Legal News & Analysis - Asia Pacific - Malaysia - Regulatory & Compliance
12 November, 2018
Wong & Partners, the member firm of Baker McKenzie in Malaysia, advised WeChat Pay Malaysia Sdn. Bhd., a subsidiary of Tencent Holdings Limited, on its successful application to the Central Bank of Malaysia to apply for an e-money license for its landmark and innovative ringgit-denominated mobile wallet platform in Malaysia.
WeChat Pay Malaysia enables users to conduct peer-to-peer transfer of funds and to make payments to partner merchants and many other functionalities. WeChat has over 1 billion daily monthly users worldwide and the Malaysian market is the first market in the world beyond China and Hong Kong to issue local-currency-denominated WeChat Pay e-wallet.
Partner Brian Chia led the team, supported by associate Jordan Tsen.
"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 is the head of the Corporate, Commercial and Securities practice of the Firm.