MyMy Payments Malaysia Sdn Bhd has received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia and is expected to launch its e-wallet services within the year.
The home-grown brand has signed Malaysia’s biggest seed fundraising round from Koperasi Tentera in September 2020 and inked a partnership with Sukaniaga to form Malaysia’s first digital banking consortium just last month.
Until all conditional requirements are met by Bank Negara, MyMy remains reserved about disclosing their full product proposition. However, MyMy acknowledges the large number of wallets already in the market and has assured the market they aren’t just another e-wallet player.
Through previous statements, it is seen that MyMy has ambitions to provide Shariah-compliant products and services within its wallet. “Our plans to become the world’s first Shariah-compliant digital bank is still within our sights and will take its form with the right conditions set by our committee and our consortium partners,” said Chairman, Tunku Dato’ Ahmad Burhannudin who was a senior banker in one of Malaysia largest banks and currently sits on the board of Bank Rakyat.
He was quoted last month that, “Since receiving our investment from Koperasi Tentera, we have been working diligently on utilising digital financial services for the betterment of the co-operative community and the larger population covering the different segments of our multicultural Malaysians.”
MyMy’s Co-Founders Kishore Samuel and Joe McGuire said that MyMy is humbled to receive this conditional approval from Bank Negara Malaysia. They see this is a major step in MyMy being Malaysia’s first unicorn and reiterated their commitment to keep all high-skill jobs in Malaysia. “We want to become the Revolut of ASEAN. We started in Malaysia and are committed to building and remaining a key member of the local ecosystem.”
MyMy’s brand at its core not only stands for ‘My Malaysia’ but also ‘My Money, My Way.’ The Co-founders also added that, “We are extremely proud of our progress thus far and we would like to thank Bank Negara Malaysia, MyMy team members, investors, Koperasi Tentera, Seed Space and supporting partners for entrusting us with this opportunity.”
To keep pace with the MyMy journey, you can pre-register for access to MyMy’s beta programme www.my-my.com/#RegisterNow. Access will only be granted when Bank Negara has sufficed all of the conditional requirements and given final approval.