Malaysia wants the world’s mobile payment (cashless) companies to share financial data with Governments to prevent money laundering, tax evasion.
According to Malaysia Finance Minister Lim Guan Eng, with the data sharing, “tax administrators would be able to catch tax evaders and monitor for compliance,” reported FMT.
“A data-sharing platform must therefore be developed so that countries can monitor capital flows and not be under the thumb of multinational corporations.”
With data sharing, he said, tax administrators would be able to catch tax evaders and monitor for compliance.
“When you don’t use regular payment systems, and you use mobile ones, then you don’t have to buy currency. Just click one button, and you lose complete economic sovereignty.
At the moment, there are a number of mobile payment systems in Malaysia including major banks such as Maybank and CIMB. For non-banks, there are over 40 companies that are listed and regulated by Bank Negara. List below:
| 1 | AEON Credit Services (M) Berhad | AEON Member Plus Card |
| 2 | AirPay Malaysia Sdn. Bhd. | ShopeePay |
| 3 | Alipay Malaysia Sdn Bhd (formerly known as helloPay Malaysia Sdn Bhd) | Lazada Wallet |
| 4 | Axiata Digital eCode Sdn. Bhd. | Boost |
| 5 | Bandar Utama City Centre Sdn. Bhd. | ONECARD / 1PAY |
| 6 | BigPay Malaysia Sdn. Bhd. | BigPay |
| 7 | Chevron Malaysia Limited | Caltex StarCard Debit |
| 8 | DIV Services Sdn Bhd (formerly known as ePetrol Services Sdn Bhd) | Whalet |
| 9 | Fass Payment Solutions Sdn. Bhd. | Fasspay |
| 10 | Finexus Cards Sdn. Bhd. (formerly known as MAA Cards Sdn. Bhd.) | Visa / Master Prepaid Card |
| 11 | Fullrich Malaysia Sdn Bhd | TaPay |
| 12 | Gkash Sdn. Bhd. | Gkash eWallet |
| 13 | Google Payment Malaysia Sdn. Bhd. | Google Play Gift Card |
| 14 | GPay Network (M) Sdn Bhd | GrabPay |
| 15 | Instapay Technologies Sdn. Bhd. | Instapay e-Wallet Instapay Card |
| 16 | iPay88 (M) Sdn. Bhd. | iPay88 e-Wallet |
| 17 | I-Serve Payment Gateway Sdn Bhd | UChatPay |
| 18 | JuruQuest Consulting Sdn. Bhd. | QBpay e-wallet |
| 19 | KiplePay Sdn. Bhd. (formerly known as Webonline Dot Com Sdn. Bhd.) | kiplePay / kiplePark |
| 20 | ManagePay Services Sdn. Bhd. | Mpay |
| 21 | Maxis Broadband Sdn. Bhd. | Prepaid Airtime |
| 22 | Merchantrade Asia Sdn Bhd | Merchantrade Money |
| 23 | Mobile Money International Sdn. Bhd. | Money Pin |
| 24 | MobilityOne Sdn Bhd | eM-onei |
| 25 | MOL AccessPortal Sdn. Bhd. | Razer Gold / Pay |
| 26 | MRuncit Commerce Sdn. Bhd. | Mcash |
| 27 | MyEG Alternative Payment Services Sdn Bhd | iPayEasy |
| 28 | Numoni DFS Sdn. Bhd. (formerly known as Com2U Sdn. Bhd.) | NAPP (Numoni App) |
| 29 | PayPal Pte. Ltd. | PayPal |
| 30 | Petron Fuel International Sdn. Bhd. | Petron Prepaid Fleet Card |
| 31 | Presto Pay Sdn. Bhd. (formerly known as EPP Solution Sdn. Bhd.) | Presto Pay |
| 32 | qBayar Sdn. Bhd. | qBayar |
| 33 | Raffcomm Sdn. Bhd. | e-Info |
| 34 | Shell Malaysia Trading Sdn. Bhd. | Shell Prepaid Card |
| 35 | SiliconNet Technologies Sdn. Bhd. | Sarawak Pay |
| 36 | SMJ Teratai Sdn Bhd | eWANG |
| 37 | Touch ‘n Go Sdn. Bhd. | Touch ‘n Go Prepaid card |
| 38 | TNG Digital Sdn. Bhd. | Touch ‘n Go eWallet |
| 39 | Valyou Sdn. Bhd. | Valyou |
| 40 | Wavpay Systems Sdn Bhd | Waypay |
| 41 | WeChat Pay Malaysia Sdn. Bhd. | WeChat Pay |
| 42 | XOX Com Sdn. Bhd. | XOX eWallet |
| 43 | U Mobile Services Sdn. Bhd. | GoPayz |
“You are now at the mercy of companies, and the countries lose control. With the amount of data that these companies such as Facebook and other giants have, can you imagine the trouble we would go through in accessing them?
“That is why we need a uniformed, multilateral platform to address this issue. We need to look at all the latest tech, fintech, blockchain … whether it is Facebook or other giants,” he told reporters after opening the Commonwealth Association of Tax Administrators’ (CATA) 40th annual technical conference, hosted by the Inland Revenue Board (LHDN) at a hotel on Monday.
