How convenient! Look forward to this soon!
The application no need any new approval from Bank Negara because this new application is actually a merge feature between Samsung Pay and Samsung Pass. Anything from Samsung Pay previously already approved. It won't have any problem for the release. The only delay for the release is by market/ region like what we had for the software update between Asia, Europe, US, etc.
FYI, there's also a new application which is similar to Samsung Wallet from Google soon and it called 'Wallet'. I am not sure will it be release here in Malaysia or not. You can google it for more details.