7th October 2021 - 2 min read
Homegrown e-wallet service provider MyMy Payments Malaysia has obtained a principal membership with Mastercard, which allows MyMy to include physical and virtual prepaid cards as one of their offerings. MyMy also highlighted that it is the only Malaysian start-up to gain this privilege from Mastercard thus far.
In announcing this partnership, the co-founder and chief executive officer of MyMy, Kishore Samuel said that MyMy aims to empower Malaysians so that they can take greater ownership of their finances. “Thanks to our partnership with Mastercard, we are one step closer in building something truly unique for Malaysians and their needs,” Samuel stated, adding that the company wants to build a financial service that puts Malaysians at the centre of the solution.
Meanwhile, the vice president of market development for Mastercard Malaysia, Devesh Kuwadekar commented that Malaysia-based financial technology companies have been pivotal in driving the country’s digital economy in recent years. “Across the world, the payments ecosystem is vast and changing, and partnerships like this will be crucial in opening doors for underserved markets such as cooperatives, addressing the gaps on the fintech roadmap and enabling those businesses access to better use of financial services,” he said.
Aside from enabling MyMy to offer physical and virtual prepaid cards, the Mastercard-MyMy partnership has also added a further RM4 million in foreign direct investment to MyMy’s funding, bringing it in total to RM23 million.
For context, MyMy had received conditional approval for a large scheme electronic money licence from Bank Negara Malaysia in April last year, and also obtained earlier investment from Koperasi Tentera. The homegrown brand is said to offer Malaysia’s first real multi-currency account and card that lets customers change their money into 11 different currencies with zero hidden fees and real-time exchange rates.
Interested Malaysians can pre-register to obtain early access to MyMy’s offerings upon launch.
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