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ShopeePay has raised the holding limit for Money+, its feature that lets users invest, shop and pay from the same balance, to RM30,000.

The company says the increase comes at no extra cost to users and places the limit among the highest in the Malaysian market.

When ShopeePay lifted its main e-wallet limit to RM30,000 in January, Money+ stayed capped at RM20,000 until now.

Money+ launched in January through a partnership with iFAST Capital, a subsidiary of Singapore-listed iFAST Corporation, a fintech firm that distributes investment funds through digital platforms.

It invests in the Eastspring Investments Islamic E-Duit Fund, managed by Eastspring Investments Berhad, with indicative annualised returns of up to 3%.

Funds carry no lock-in period and remain available for spending or withdrawal.

Money+ Promotion Offers Up To 5% p.a.

A promotional campaign runs until 30 November.

Under the campaign, users can earn indicative returns of up to 5% p.a. on eligible balances of up to RM10,000, provided they maintain a minimum Money+ balance of RM200.

The promotional rate includes a 2% annualised bonus from ShopeePay on top of the fund’s returns.

There was also a 6% promotional rate, but it was an earlier campaign that has already ended.

ShopeePay classifies Money+ balances as investments rather than e-money or bank deposits.

Returns are not guaranteed, and because Money+ is an investment rather than a bank deposit, the Malaysia Deposit Insurance Corporation (PIDM), which insures eligible deposits, does not protect the funds.

The RM30,000 cap exceeds the RM20,000 holding limit on TNG eWallet’s GO+ feature, which was increased in November 2024.

ShopeePay said millions of Malaysians have used Money+ since launch.

Money+ Sits Beside a Buy Now, Pay Later Service

Money+ operates alongside SPayLater, Shopee’s buy now, pay later (BNPL) service.

The Ministry of Finance has moved to bring BNPL providers under the Consumer Credit Act, overseen by the Consumer Credit Oversight Board (CCOB).

The framework requires affordability assessments, caps on late fees, and credit data sharing.

The Khazanah Research Institute (KRI) has warned that BNPL could distort household debt measurements.

Shopee, Grab (PayLater) and Atome hold 97% of the market.

73% of Malaysian BNPL users earn less than RM5,000 a month and often use the service for groceries and emergency purchases.

ShopeePay Malaysia chief executive Alain Yee said Shopee freezes accounts after a single missed payment instead of charging compounding late fees.

A flat RM10 unfreezing fee applies.

Yee said BNPL accounts for 0.2% to 0.3% of total Malaysian household debt, and Shopee reported an overdue rate of about 2.9%.

READ MORE: Malaysian Youths Make 4 In 10 BNPL Transactions, Owe RM2.4 Billion

This article is for general information only and does not constitute financial, investment, or legal advice. Money+ balances are investments, not deposits, and returns are not guaranteed. Promotional rates are indicative and may change or end without notice. Readers should consider their own financial situation and seek advice from a licensed professional before making any decision.

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