Malaysia legislation
Section 24
of Act 627
Section 24
(a)
a payment instrument may be of widespread use as a means of making payment and may affect the payment systems of Malaysia; and
(b)
it is necessary to protect the interest of the public or it is necessary to maintain the integrity, efficiency and reliability of a payment instrument, the Bank may prescribe such payment instrument as a designated payment instrument.
(2)
Where a payment instrument is prescribed as a designated payment instrument, the issuer of that designated payment instrument shall comply with the requirements of subsection 25(1) within such period as the Bank may specify.
Issuing of designated payment instruments