MyMy raises $2.4m from Koperasi Tentera (KT),

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MyMy Holdings, a Malaysian digital payments fintech startup has announced it has raised US$2 accelerate growth in a press statement dated September 22, 2020. The funds secured from US$2 million from Koperasi Tentera (KT), a Kuala Lumpur-based c-operative society in a joint statement.

The fresh fund will be invested in acquiring the highly sought after e-money license from BNM to operate in the coming months, develop neew digital services to users of the platform, 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 by Joe McGuire and Kishore Samuel in 2018, MyMy is a digital payments startup promises users it removes traditional costs and hidden fees associated with financial services in Malaysia

Co-founder and COO Kishore Samuel projects MyMy as not simply an e-wallet but as a “financial services that combine modern technology with traditional values”.

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

 

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