KUALA LUMPUR ( Aug 29): PUC Bhd’s wholly-owned subsidiary EPP Solution Sdn Bhd has received a Letter of No Objection from Bank Negara Malaysia (BNM) to commence the issuance of its e-money product via its mobile application.

In a filing with the exchange this evening, PUC said that it received the letter from BNM dated Aug 28, which stated that the Central Bank has no objection to EPP’s request.

As a regulated e-money issuer, EPP would be required to comply with regulatory requirements which include, amongst others, to comply with the Financial Services Act and all other relevant requirements and standards issued by BNM from time to time.

EPP will also need to seek BNM’s approval for the introduction of new products, services or variation under its e-money scheme that result in any material change in its risk profile or impacts the terms and conditions of approval.

BNM had earlier granted its Approval Letter on Sept 6 last year for EPP to issue e-money.

The Approval Letter and the Letter of No Objection issued by BNM would allow EPP to carry out activities in relation to the issuance of e-money, which complement the existing businesses of the company and its subsidiaries.

The issuance of e-money will also enhance the company’s e-commerce business as well as its in-house developed digital lifestyle platform and mobile application, Presto App.

PUC shares were down 3% today to 16 sen, for a market capitalisation of RM265.84 million.