Labuan Payment System
Payment Systems Overview
The idea of having a Payment System is mainly aiming towards cashless transactions. Goods and services are paid electronically using the conventional payment systems such as debit card, credit card, online internet banking and the best renowned Paypal. These legacy payment systems will be affected by advancement in fin techs and blockchain technology.
These fintechs and blockchain are developing fast in various sectors and industries. The technology is capable of introducing advance and innovative electronic payment system for mass market consumer at a lower cost base. There are two types of Payment System models which are Single Merchant Payment System and Merchant Community Payment System. Both models can be applicable to Crypto Currencies. To operate the payments systems in Labuan will required additional operating license to conduct for Crypto Exchange and Initial Coin Token (ICO).
Model 1: SINGLE MERCHANT PAYMENT SYSTEM
The Single Merchant Payment System enables the merchant to have the payment flexibility for the consumer to have more options to make payment for online and offline products, which company can reduce manpower and reduce the risk of loss or theft as there is no cash in hand.
Model 2: MERCHANT COMMUNITY PAYMENT SYSTEM
The Merchant Community Payment System is the model connecting consumers to the merchant’s associates within a community. Payment System unites all merchants in the community by sharing the same system, often using e-wallets mechanism. This enables all merchants to work together in promoting better sales and further promote greater database for future products and events.
Tax Structure for Labuan Payment System
Commercial Substance For Taxing Proof Your Business!
Labuan not only has a similar time zone for the Asia Pacific region and easy access, but it also offers an affordable cost to operate with easily available offices, staff and legal professional supports to comply with CRS (common reporting system) and all other regulations. Marketing Office can be anywhere in Malaysia!
How To Get Started
Eligibility To Apply For Payment System
- Companies with 3 years’ good financial track record with new Payment System model OR Companies with current Payment System
- Proof of Fund: USD 100,000
We provide complete solutions for Labuan Payment System application:
- Advisory, crafting Business Plan, Operation System manuals, AMLA/KYC manuals
- Due diligence, preparation of all necessary documents for the application form submission to approval follow-up including arranging an interview with Labuan FSA (if any) and compliance officer qualifying
- Set up the right company structure after approval
- Compliance Operation Guidance and System Set-Up
- Act as a liaison person
- Bank account set up onshore and offshore
- Operation office set up @ Labuan
- Marketing office set up @ anywhere in Malaysia
TRICOR TRUSTCO provides a one-stop application solution for Labuan Payment System License includes:
- Consultation of your eligibility and procedures based on your profile
- Profiling, due diligence and guidance on documents preparation
- Preparation of Business Plan and Financial Forecast, AMLA and KYC Framework
- Submission and supervise the application process
- Act as your liaison and contact point with Labuan FSA for all correspondence and arrange an interview (if any)
- Track the license approval and attend all queries from Labuan FSA
WHY TRICOR TRUSTCO for Your LABUAN SET UP?
We are a full-fledged licensed Labuan Trust Company (Trust License No. LT 0034) with a highly experienced team of dedicated professionals handle all license applications. We provide complete “one-stop” solutions in pre-assess, meet, planning, structuring, establishment, and corporate service for your Labuan Payment System (E-wallet) Business, ensuring you get a bespoke service that meets your insurance business needs as well as onwards operation.
Feel free to contact us at +603-2783 9191 (Labuan Division) or send us an inquiry form for us to advise for your eligibility for Labuan Payment System. TRICOR’s One Labuan Platform easy to elevate your Labuan operation efficiently!
Trade Without Barriers
Tap into ASEAN Market Through Labuan
Labuan Blockchain and Crypto
Labuan Wealth Planning
Labuan Tax Matters
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