Ascertaining your regulatory requirements
This section provides an overview of the regulatory requirements for authorisation and declaration, primarily to assist first-timers in determining the appropriate process to follow.
Find your answers:
Who needs to be authorised?
An entity must be authorised to carry out a credit business or credit service business involving credit consumers. The authorisation framework comprises two regimes: licensing for credit businesses and registration for credit service businesses.
Licensing
Credit business (Conventional and Islamic)
- Buy now pay later scheme
- Factoring
- Leasing
Registration
Credit service business
- Impaired loan or financing acquisition
- Debt collection
- Debt counselling and management
Who needs to make a declaration?
An entity that does not involve credit consumers in its credit business or credit service business must submit an annual declaration to Suruhanjaya Kredit Pengguna (SKP) pursuant to section 79 of the Consumer Credit Act 2025 (CCA). This declaration must include, among others, that:
- At the point of making the declaration, the entity does not provide credit to a credit consumer as defined in the CCA;
- It will submit a declaration on annual basis; and
- It will seek authorisation from SKP should it intend to serve any credit consumer.
Who is a Credit Consumer?
An individual who obtains, has obtained, or intends to obtain credit for personal, domestic or household purposes.
A micro or small enterprise* that obtains, has obtained, or intends to obtain credit up to RM300,000.
*As defined in the Guideline for SME Definition (March 2024) issued by SME Corporation Malaysia
An individual who acts as a social guarantor to a credit consumer.
Guide for Application
Select an option below to learn more about the respective guides.