Bursa Malaysia, The Securities Commission Malaysia (SC) and Bank Negara Malaysia have introduced an electronic share payment facility for share transactions to promote the use of e-payments in the stock market.
With e-Share payment, stockbroker can directly deposit share sales proceeds directly into the investors’ bank accounts.
For share purchases, investors can initiate payments to their stockbrokers via electronic channels or can avail auto-debit facility by authorizing their banker to debit their designated bank account directly.
The e-Share payment facility does away with the need to deposit and collect cheques, and eliminates issues of misplaced, lost or expired cheques. Investors can subscribe to the e-Share payment facility with their respective brokers. The service will be provided by all the stockbrokers at no extra charge.
The e-Share payment initiative is jointly undertaken by the SC, Bank Negara Malaysia, Bursa Malaysia, the Association of Stockbroking Companies Malaysia, the Association of Banks Malaysia and Malaysian Electronic Payment System.