MyMy Forms Shariah-Compliant Digital Banking Consortium with SukaniagaMarch 3, 2021
MyMy and Sukaniaga Sdn Bhd announced their partnership to form a digital banking consortium and bid for one of five digital banking licenses to be issued next year by Bank Negara Malaysia (BNM).
The parties said that while the collaboration covers most requirements laid out by Bank Negara Malaysia, they are still considering one final partner to strengthen their bid. Both entities consider their ideal partner to be a tier-one Malaysian company with strong financials and a large customer base for distribution.
Their joint statement added that “both MyMy and Sukaniaga have ambitions to revolutionise banking for the betterment of Malaysia’s six million and the 100 million-strong co-operative members across ASEAN”.
In September 2020, MyMy had secured one of the largest fintech seed funding rounds in Malaysia with RM12 million from Koperasi Tentera (KT) and has strong links in the co-operative industry.
Meanwhile, Sukaniaga provides end-to-end solutions to digitise loan application processes and has secured a 15-year concession from 2018 to 2032. In 2020, its scope has been expanded to include a marketplace, e-wallet and B2B digital platform with ANGKASA as its business partner. This extended its products to member co-operatives subscribing to ANGKASA’s accredited and recognised Salary Deduction System (SPGA).
The Malaysian central bank had released the digital banking framework on 31st December 2020 where 40 parties are reportedly eyeing the 5 licenses that will be issued by the first quarter of 2022.
“MyMy’s ambition is to become the world’s first Shariah-compliant digital bank. 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.
Our technology and extensive digital banking experience, combined with Sukaniaga’s leading products and customer base, can together future proof the co-operative industry’s role, servicing over six million members.”
stated Tunku Ahmad Burhanuddin, Chairman of MyMy.