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.

South Africa Today

 


Read more at VolaNews

Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.