MyMy Receives Approval from BNM for e-money license

Payments Malaysia Sdn Bhd, a Malaysian fintech company, has received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia. The fintech company is expected to launch its e-wallet services within the year. Until all conditional requirements are met by Bank Negara, MyMy remains reserved about disclosing their full product proposition. However, MyMy acknowledges the large number of wallets already in the market and has assured the market they aren’t just another e-wallet player.

Through previous statements, it is seen that MyMy has 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 their chairman, Tunku Dato’ Ahmad Burhannudin

MyMy’s Co-Founders Kishore Samuel and Joe McGuire said that MyMy is humbled to receive this conditional approval from Bank Negara Malaysia. They see this is 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.”

To keep pace with the MyMy journey, you can pre-register for access to MyMy’s beta program www.my-my.com/#RegisterNow. Access will only be granted when Bank Negara has sufficed all of the conditional requirements and given final approval.

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