back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Bank Negara gives MyMy conditional approval for e-money licencing

By Leandra Monteiro

April 29, 2021

  • Bank Negara
  • Malaysia
  • Mymy
Share

MyMy, Bank NegaraMalaysian FinTech, MyMy Payments, has received conditional approval for a large scheme Electronic Money License from the Bank Negara. MyMy is anticipated to launch its e-wallet services in the coming months, the company said in a statement.

“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. Since receiving our investment from Koperasi Tentera, we have been working diligently on utilising digital financial services for the betterment of the co-operative community and the larger population covering the different segments of our multicultural Malaysians,” said Ahmad Burhannudin, chairman of MyMy, according to media reports.

The company’s announced that until all required conditions are met (as specified by Bank Negara), MyMy will remain reserved regarding its plans for its complete product offering. MyMy also went on to state that it will offer Shariah-compliant products and services within its online wallet.

MyMy’s beta program is currently available for pre-registration. But access will only be provided after Bank Negara has determined that all conditional requirements have been met. The company’s management has stated that this is a key step in MyMy’s goal of becoming the country’s first Unicorn. The company’s management team also claimed they are committed to keeping all high-skill jobs in Malaysia. MyMy aims to “become the Revolut” of the ASEAN region. They pointed out that they began operations in Malaysia and are focused on building the local industry and remaining a key player in the region.

Previous Article

April 29, 2021

Saudi Central Bank adds Geidea & STC Pay to national payment system

Read More
Next Article

April 30, 2021

Omnio selects Scottish FinTech AutoRek for reconciliation solution

Read More










IBSi Daily News Analysis

The Weekly Wrap

September 30, 2022

Bank Negara

The Weekly Wrap: all you need to know by Friday COB | Sept 30th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Newtek selects Apiture’s digital banking platform to power Newtek Bank

Read More

Today

Frost raises £1.1m in major seed funding round

Read More

Today

Speedchain and Mastercard partner to modernise commercial debit and credit payments

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022