An app store listing is not a licence. Apple and Google host apps, but they do not give anyone permission to offer investments in Malaysia.
Under the Capital Markets and Services Act 2007, activities such as dealing in securities, dealing in derivatives and investment advice are regulated. Only the holder of a Capital Markets Services Licence (CMSL), or a registered person such as a licensed bank, can carry them on. So the question is not whether the app is licensed, but whether the company behind it is.
This guide covers what is different when you check an app. For the general steps, see SmartChecker's guide on how to check if a broker is licensed in Malaysia.
Step 1: find the company behind the app
Every app store listing shows a developer or seller name. Open the listing and note that name.
Then open the app's website. Look for the full legal company name and company registration number. They are usually in the footer, the terms of use or the "About us" page.
Check that the names match. If the developer name, the website company name and the name in the terms are all different, write each one down. You will need to check them all.
Step 2: search the SC register
Go to sc.com.my/investment-checker. You can search an entity by name or by company registration number. The result shows whether the company is licensed or registered with the Securities Commission Malaysia (SC), its status and the regulated activities it may carry on.
Look at the activities, not just the name. A licence only covers the activities it permits. Ticking "Include inactive records" also shows firms whose licence is no longer active.
Parties on the SC Investor Alert List are also included in Investment Checker results.
Step 3: watch for clone apps
Some unlicensed operators copy the name or look of a licensed firm. The SC Investor Alert List flags some entries as "potential clone" entities. Its entries can include websites, Apple App Store and Google Play links, and WhatsApp group links. That means you can compare the exact app link you were sent.
A licensed firm's name in a search result does not prove the app is theirs. Compare the app's developer name, website address and contact details with those the licensed firm publishes. If anything differs, call the SC on 03-6204 8999 before going further.
The SC has also warned that some investment offers spread through social media ask people to download an application, which can expose them to cybercrime risk.
Step 4: check the alert lists
The SC Investor Alert List names unauthorised entities and individuals. The SC says that if you deal with them, you will not be protected under Malaysian securities laws. It also says the list is not exhaustive.
Bank Negara Malaysia's Financial Consumer Alert List names companies and websites that are not licensed or approved by the relevant regulators. It is also not exhaustive. A name missing from both lists does not mean an app is licensed. Only a match on the register shows that.
SmartChecker shows register records and reviews for the companies it lists, with links back to the official sources.
Common questions
Does being on Google Play or the App Store mean an app is approved in Malaysia? No. App stores do not license investment services. Only the SC register shows whether the company behind the app may carry on a regulated activity.
What if the app's company is licensed overseas but not in Malaysia? A foreign licence will not show up in the SC Investment Checker. See SmartChecker's guide on whether it is legal to use an overseas broker or trading app in Malaysia.
What if I cannot find the operator's name anywhere? An app that does not clearly name the company running it gives you nothing to check against the register. Treat that as a warning sign.
Where can I get help? Call the SC on 03-6204 8999, or use the complaint option on sc.com.my.