Malaysia E-Money Issuers: Google, WeChat Pay Out; Wise In

Bank Negara Malaysia lists 49 non-bank e-money issuers in its directory of financial service providers. The newest is iFAST PAY Malaysia, which appeared on the list after 21 September 2026.

HaiPay compared the list with an archived copy from April 2022, when it named 47. Over those four and a half years, nine issuers have left the list and 11 have joined. Firms that only changed their name, such as Alipay Malaysia, now AIMY Merchant Services, are counted once.

Who left

The nine no longer listed include Google Payment Malaysia and WeChat Pay Malaysia, along with Razer Pay Wallet and two mobile operators, Maxis Broadband and U Mobile Services.

The directory gives no reason or date for a removal. A firm can leave because its licence was surrendered, revoked or transferred.

Who joined

The 11 newcomers include Wise Payments Malaysia, Airwallex (Malaysia), iFAST PAY Malaysia, LazadaPay and True Money Malaysia. Two others, IME and WorkerzDirect, also hold remittance licences on the list.

Caption: Non-bank e-money issuers no longer listed and newly listed by Bank Negara Malaysia, April 2022 to October 2026. Source: BNM and Internet Archive captures; chart by HaiPay.
Alt: Two lists comparing Bank Negara Malaysia’s non-bank e-money issuers in April 2022 and October 2026: nine no longer listed, including Google Payment Malaysia and WeChat Pay Malaysia, and eleven newly listed, including Wise, Airwallex and iFAST PAY

More than e-money

For many issuers the e-money licence is one of several. Twenty of the 49 are also registered merchant acquirers, able to sign up merchants to accept payments, including Touch ‘n Go, TNG Digital, ShopeePay Malaysia, Airwallex and BigPay. Thirteen carry BNM’s white labelling provider designation, letting partners offer e-money under their own brand.

Twenty-four hold no other licence or registration on the list.

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Why this matters

For merchants and payment providers in Malaysia, the list is the starting point for checking a wallet partner. It also changes: since 2022 a fifth of the issuers on it have turned over.

What this does not show

The directory lists current issuers only and gives no dates or reasons for changes, so entries and exits are dated to archived copies. It carries no data on users or volumes. HaiPay did not contact Bank Negara Malaysia or the firms named.

What to watch

Whether more cross-border players follow Wise, Airwallex and iFAST onto the list.

Whether any of the nine departed brands returns under a new entity.

And how many of the 49 add merchant acquiring.