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 licence 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.