KUALA LUMPUR (Sept 23): Malaysian Armed Forces Co-Operative (Koperasi Angkatan Tentera Malaysia Bhd or Koperasi Tentera) is investing RM10 million in Australia-registered fintech start-up MyMy Holdings Pty Ltd as a part of its plans to introduce a lot of new digital monetary companies to its members.
In a joint assertion yesterday, MyMy mentioned it goals to develop into Malaysia’s first unicorn and the world’s first syariah-compliant digital bank.
The agency mentioned with Koperasi Tentera’s newest funding of RM10 million, coupled with current investments, MyMy’s seed spherical totals RM12 million.
It mentioned this spherical values the fintech at over RM50 million and offers it with the regulatory capital required to use for Bank Negara Malaysia’s (BNM) e-money licence.
Koperasi Tentera chief govt officer (CEO) Brigadier Basic (Rtd) Datuk Ahmad Zahudi Salleh mentioned the collaboration contains digitising dividend payouts (in lieu of issuing cheques), offering digital accounts and e-wallets.
“We are also looking at offering multi-currency solutions for members travelling outside Malaysia post Covid-19,” he mentioned.
MyMy CEO and co-founder Joe McGuire mentioned with the capital injection from Koperasi Tentera, the agency will search approval for an e-money licence from BNM to function within the coming months.
“This is the first step in our journey towards securing one of Malaysia’s highly sought after digital banking licences due to be released in 2021.”
In the meantime, MyMy chief working officer and co-founder Kishore Samuel mentioned MyMy is a fintech firm which goals to develop into Malaysia’s first unicorn and the world’s first syariah-compliant digital bank.
He mentioned the agency is reimagining monetary companies from the bottom up, with a core imaginative and prescient of mixing fashionable know-how with conventional values typically forgotten by know-how corporations.
“There are various query marks about whether or not society has sacrificed values and privateness for comfort.
“Our brand stands for My Malaysia, but it is also about giving customers the ability to manage ‘My Money, My Way’,” he mentioned.