MyMy Secures BNM’s Conditional Approval for E-Money License; E-Wallet to be Launched SoonApril 26, 2021 0 comments
MyMy announced today that it has received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia. The fintech company is expected to launch its e-wallet services within the year.
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.
In September 2020, MyMy had raised RM12 million from Koperasi Tentera which was considered Malaysia’s biggest seed fundraising round at that time.
Additionally, they have also inked a partnership with Sukaniaga to form a Shariah-compliant digital banking consortium just last month.
“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.
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.”
said their Chairman, Tunku Dato’ Ahmad Burhanuddin who was a senior banker and currently sits on the board of Bank Rakyat.
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’s ambitions in 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 beta programme is available for pre-registration here, access will only be granted when Bank Negara has sufficed all of the conditional requirements and given final approval.