"We feel the e-KYC is a perfect solution to provide non-face-to-face onboarding of customers to facilitate payment services, ensuring security and data integrity for users and merchants alike," said KPSB acting chief executive officer Ricky Lew.

The e-KYC feature is a crucial aspect for KPSB to enforce when offering its e-money products to the market, added Green Packet.

The approved e-KYC feature will be able to digitally identify a customer by performing due diligence and risk assessment by analysing the information gathered.

Meanwhile, Green Packet said the licence to issue virtual and physical prepaid cards linked into kiplePay’s e-wallet will enable users to make payments to any merchant both online and offline that accepts payments via the payment network.

With the approval from BNM, kiplePay users will also be able to make transactions with a higher e-wallet limit up to RM10,000 by using kiplePay mobile application or kiplePay prepaid card.

"The issuance of the kiplePay prepaid card and new wallet limit of RM10,000 is in line with KPSB’s business expansion plan to enhance kiplePay’s e-wallet service which will allow users to perform higher value transactions. The increased e-wallet limit will also pave the way for new services such as remittance, opening of a salary account and recruiting large merchants," Lew added.

Shares of Green Packet were down 0.5 sen or 2.13% to close at 23 sen for a market capitalisation of RM283.63 million.