🧠 Food for thought

Implications, context, and why it matters.

Malaysia’s Class B license is a specific and hard-won approval

• The Class B license is not a general banking permit. It covers remittance services, which means sending money into or out of Malaysia for individuals or businesses 1.
• Getting approval from Bank Negara Malaysia, Malaysia’s central bank, is a high bar. Applicants need a solid business plan, proper governance, internal controls, enough capital, and compliance programs for anti-money laundering and counter-terrorism financing rules 1.
• This is different from licensed banks. Banks do not need a separate license under the Money Services Business Act 2011, though they still have to meet similar standards 2.
• Running this business without a Class B license is a criminal offence. Penalties can reach 5 million ringgit (US$1.26 million) in fines or imprisonment 1.

The license broadens Sunrate’s remittance approvals and sits apart from its wider cross-border payments business

• Local licenses are part of offering regulated payment services country by country. Separately, Sunrate has partnered with Flutterwave, an African payments company, to simplify collections from Africa for its customers 3.
• The approach aims to cut reliance on correspondent banking, the system banks use to move money across borders through partner institutions. SUNRATE has said digital tools and multilateral network structures can make these flows clearer and more efficient 4.