MyMy raises US$2.4M 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.
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.
Ever since the onset of COVID-19, global fintech industry has seen an accelerated growth. While organisations are adopting fintech to increase their efficiency, others are simply adapting to it because of the changes caused by the pandemic.
MyMy is not the only company benefitting from the shift in trend. Malaysia is not new to the fintech industry as there have been many players who have come and gone in the region. Some of them include GHL, MoneyMatch, Axiata Digital and more.