26th April 2021 - 3 min read
The Malaysian public can soon expect to see another new e-wallet player in the market as MyMy Payments Malaysia has received conditional approval for a large scheme electric money licence from Bank Negara Malaysia (BNM). Following this development, the local fintech company aims to launch its e-wallet services within the year.
While the company has yet to fully reveal its full product proposition – at least until it has met all conditional requirements by BNM – MyMy said in a statement that it has ambitions to provide shariah-compliant products and services within its wallet. It also stated that although the e-wallet space in Malaysia is already occupied by many players, MyMy will not be just another face in the crowd.
For context, MyMy offers Malaysia’s first real multi-currency account and card that lets you change your money into 11 different currencies with zero hidden fees and real-time exchange rates. Its cards are accepted in over 200 countries, and the service is currently in its beta phase. Additionally, the homegrown brand has also successfully signed Malaysia’s biggest seed fundraising round from Koperasi Tentera last year, on top of inking a partnership with Sukaniaga to form Malaysia’s first digital banking consortium in March 2021.
“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 the chairman of MyMy, Tunku Dato’ Abdul Burhannudin, who currently sits on the board of Bank Rakyat and was a senior banker in one of Malaysia’s largest banks.
Tunku Dato’ Burhanuddin also noted that since receiving investment from Koperasi Tentera, the company has been working diligently on utilising digital financial services for the betterment of various communities. These include the cooperative community and the larger population covering different segments of multicultural Malaysia.
Meanwhile, the co-founders of MyMy, Kishore Samuel and Joe McGuire said that MyMy is humbled to receive this conditional approval from BNM. They view it as a major step in MyMy becoming 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,” they said.
You can find out more about MyMy’s services, as well as pre-register for the beta programme on its website here. Access will only be granted when BNM has provided the final approval after all conditional requirements are met.
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