MyMy receives conditional e-money licencing from Bank Negara

• Homegrown Malaysian claims to have had “remarkable success” in 2020
• Set to launch e-wallet services within 2021; 'Not just another e-wallet player.'

MALAYSIAN fintech company, MyMy Payments Malaysia Sdn Bhd, has received conditional approval for a large scheme Electronic Money License from the Bank Negara. MyMy is expected to launch its e-wallet services within 2021, the company said in a statement.

The homegrown Malaysian brand claimed to have had “remarkable success” over the course of 2020, signing Malaysia’s biggest seed fundraising round from Koperasi Tentera in September. Last month, MyMy also inked a partnership with Sukaniaga to form what it claimed to be Malaysia’s first digital banking consortium.

MyMy said it remained reserved about disclosing their full product proposition until all conditional requirements are met by Bank Negara. However, MyMy acknowledged that there are a large number of wallets already in the market and has stated that it isn't “just another e-wallet player.”

The company reiterated its ambitions to provide Shariah-compliant products and services within its wallet.

“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,” said Ahmad Burhannudin, chairman of MyMy.

MyMy’s co-founders Kishore Samuel and Joe McGuire said that the company is humbled to receive this conditional approval from Bank Negara Malaysia. They claimed to see this as a major step in MyMy 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.

“We are extremely proud of our progress thus far and we would like to thank Bank Negara Malaysia, MyMy team members, investors, Koperasi Tentera, Seed Space and supporting partners for entrusting us with this opportunity.”

Those interested to pre-register to MyMy’s beta program can do so here. However, access will only be granted when Bank Negara has sufficed all of the conditional requirements and given final approval.