Homegrown e-wallet player MyMy announced its partnership for a principal membership from Mastercard to add prepaid physical and virtual cards to their offering.
MyMy said in a statement that it is the only Malaysian startup that was able to receive this approval from Mastercard.
It also added a further raised RM 4 million in funding from an undisclosed source, bringing the company’s total funding to RM23 million.
MyMy had previously received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia and plans to launch its services in early 2022.
Users can now pre-register to join MyMy.
“If the pandemic has shown us anything, it’s that Malaysians deserve better financial services. Having to visit bank branches for the most simple of tasks is outdated.
We want to build financial services from the ground up with all Malaysians at the center of the solution. We also want to show all Malaysians that fintech entrepreneurship is possible without moving to Silicon Valley, ”
said Kishore Samuel, CEO and Co-Founder of MyMy.
“In recent years, Malaysia-based financial technology companies have played a pivotal role in driving the country’s digital economy.
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,”
says Devesh Kuwadekar, Vice President of Market Development, Malaysia, Mastercard.
