MyMy Secures Malaysia’s Largest Fintech Seed Funding Round of RM 12 Million
by Fintech News Malaysia September 22, 2020MyMy today announced that it has secured Malaysia’s largest fintech seed round of RM 12 million at the valuation of RM 50 million. Koperasi Angkatan Tentera Malaysia Berhad led this fund raising round with an investment of RM10 million.
The startup founded in 2018 and headquartered in Kuala Lumpur, it primarily focuses on digital payments and financial inclusion. Fintech News Malaysia previously highlighted MyMy as one of the top 5 underdogs to watch in Malaysia’s fintech in scene in a 2018 article.
With this fresh funding secured, MyMy said it now has the required regulatory capital to pursue an e-Money license in Malaysia.
MyMy CEO and Co-founder Joe McGuire said the company plans to partner with the Koperasi Angkatan Tentera to offer digital financial services to its 160,000 members. Brigadier General Dato’ Ahmad Zahudi (RTD) further explained that they will work with MyMy to introduce a number of new digital financial services to their members over the next 12 months. The services include; dividend pay-outs, providing digital accounts and e-wallets, and multi-currency solutions.
Kishore Samuel, COO and Co-founder MyMy shared that this is its first step towards pursuing Malaysia’s virtual banking license. He also revealed the company’s ambition of being Malaysia’s first unicorn and a shariah compliant digital bank.
He stresses that MyMy is not another e-wallet, instead he says the company is reimagining financial services from the ground up with a core vision of “combining modern technology with traditional values”.
He said the MyMy brand stands for providing customers the ability to manage “My Money, My Way”.
