FPX vs DuitNow for Forex Broker Deposits in Malaysia: Which Rail to Offer First

If you take deposits from Malaysian customers for a forex or other high risk product, the card question is usually settled early: issuers often decline these payments, so operators turn to bank-based rails. In Malaysia that means a choice between FPX, its newer DuitNow Online Banking and Wallets flow, and DuitNow QR. All three are run on infrastructure operated by PayNet, the national payments network, and all three feel instant to a customer. They differ in how the player pays, how fast you receive funds, and how easy deposits are to match. This guide compares them at the moment you are choosing a provider.

Start with the legal position

Malaysia is not a free-for-all for these verticals. Online gambling is restricted by national law, and the Securities Commission Malaysia publishes an Investor Alert List naming unauthorised investment and forex schemes. Bank Negara Malaysia supervises payment systems and the banks that sit behind them. In practical terms, any operator or provider using Malaysian rails for a high risk product carries real legal and banking exposure. Take your own legal advice for your specific product before you route a single ringgit. Nothing below is a way around that.

How FPX works

FPX is the long-standing online banking checkout. The customer is redirected from your site to their bank's login page, reviews a pre-filled transaction and approves it, usually with a secure device prompt or a TAC code. According to the payment provider Curlec, the customer never shares banking details with the merchant, and you get real-time authorisation, while funds typically settle in T+1 or T+2 days.

That last point matters for a broker. You can credit the trading account at once, but your own cash arrives a day or two later, so your working capital has to cover that gap. Refunds and withdrawals are a separate flow that you fund yourself.

How DuitNow Online Banking and DuitNow QR work

Two different things share the DuitNow name, and buyers often confuse them.

DuitNow Online Banking and Wallets is the redirect flow that PayNet introduced to replace FPX at banks. Newswav reported that Maybank began moving customers to it from 31 March 2025, and that the only visible difference for the payer is the login page, since the rest of the payment process is the same. The same report gave a default limit of RM3,000 per day, shared with the FPX limit, which a customer can raise to RM30,000 per transaction and RM50,000 per day after a 12-hour cooling-off period. Other banks set their own limits, so treat those figures as one example, not a rule.

DuitNow QR is the national QR standard, where one code can be paid from many bank and e-wallet apps. Curlec notes that funds settle in seconds, 24/7, and that QR is more natural for mobile shoppers than desktop users. PayNet reported that DuitNow QR acceptance points passed three million nationwide, with 681,250 added in 2025, so most players already know how to scan.

Side by side

Where each one fits

For a first-time deposit, the redirect flow gives the cleanest audit trail. Each payment has a bank-confirmed reference and a clear pass or fail, which makes disputes easier to settle. Use it as the default for larger initial deposits, where the customer expects to log in to their bank.

DuitNow QR suits repeat, smaller top-ups on mobile, and its fast settlement helps cash flow. It only works well if the provider generates a dynamic QR for each deposit. A single static QR shared by many players turns reconciliation into guesswork.

Many operators end up offering both and letting the customer pick. The real question for a provider is not which rail exists, but how deposits from each are matched, held and passed on to you.

Payouts

Withdrawals go back to the customer's own bank account. Ask whether the provider pays out by DuitNow Transfer, how beneficiary names are checked, and whether payouts come from collected funds or a prefunded balance. Name mismatches are the most common reason a payout fails or gets held.

What to ask a provider

Which rails are live today and which are planned? Is QR dynamic per deposit? What is the settlement schedule for each rail, in writing? How are deposits matched to player accounts, and can you export a daily file with bank reference, amount and timestamp? What happens to funds if a receiving account is reviewed? Written answers matter more than the lowest quoted rate.

FAQ

Is FPX being replaced by DuitNow? PayNet introduced DuitNow Online Banking and Wallets to replace FPX at banks, and Maybank has begun moving customers across. For a merchant, the checkout still looks like a bank redirect, but confirm with your provider which version your customers will see.

Which rail settles faster? DuitNow QR, which Curlec describes as settling in seconds, 24/7. Redirect-based flows typically settle in one to two days.

Can I run on one rail only? You can, but a second rail gives you a fallback when a bank has maintenance or a limit blocks a large deposit. Most operators offer a redirect flow plus QR.

Working with BestPay24

BestPay24 is a high risk payment gateway for Asia with local-rail collections and payouts across several corridors, and reconciliation data for your back office. There is no setup fee and no prepayment: you start accepting deposits first and pay on what you process. To discuss Malaysia or any other Asian corridor, message us on Telegram at @Bestpay24SalesSupport.