MyMy Raises US$2.4M with An Aim to Become The First Shariah-Compliant Digital Bank in Malaysia

MyMy Raises US.4M with An Aim to Become The First Shariah-Compliant Digital Bank in Malaysia

Malaysia-based digital payments startup MyMy Holdings has raised over US$2 million from Koperasi Tentera (KT), one of the oldest co-operative banks in the country.

This takes MyMy’s total funds raised so far to US$2.9 million, valuing it at US$12 million.

The fresh capital will be used to introduce new digital financial services to its users, including dividend pay-outs, digital accounts, e-wallets and multi-currency solutions.

“With this large capital injection from KT, we will seek approval for an e-Money license from BNM to operate in the coming months. This is the first step in our journey towards securing one of Malaysia’s highly sought-after Digital Banking Licenses due to be released in 2021,” said Joe McGuire, Co-founder of MyMy.

Founded in 2018, MyMy is a digital payments startup that aims to remove traditional costs and hidden fees associated with financial services in Malaysia. It currently has 160,000 members.

Co-founder and COO Kishore Samuel positions MyMy as not simply an e-wallet but as a “financial services that combine modern technology with traditional values”. Yet is ambiguous on how exactly MyMy plans to do that.

“We aspire MyMy to be Malaysia’s first unicorn and shariah-compliant digital bank,” he told Fintech News Malaysia.

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