Bank Negara gives MyMy conditional approval for e-money licencing

By Leandra Monteiro

Malaysian 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.