Local e-wallet player MyMy has announced its partnership for a Mastercard master membership to add prepaid physical and virtual cards to its offering.
MyMy said in a statement that it was the only Malaysian startup that was able to receive this approval from Mastercard.
It also added additional funding of RM 4 million from an undisclosed source, bringing the company’s total funding to RM 23 million.
MyMy had previously received conditional approval for a large e-money licensing program from Bank Negara Malaysia and plans to launch its services in early 2022.
Users can now pre-register to join MyMy.
“If the pandemic has shown us anything, it’s that Malaysians deserve better financial services. Having to go to bank branches for the simplest of tasks is over.
We want to create financial services from scratch with all Malaysians at the center of the solution. We also want to show all Malaysians that fintech entrepreneurship is possible without moving to Silicon Valley ”,
said Kishore Samuel, CEO and co-founder of MyMy.
“In recent years, Malaysia-based fintech companies have played a pivotal role in driving the country’s digital economy.
Around the world, the payments ecosystem is large and changing and partnerships like this will be crucial in opening doors to underserved markets such as co-ops, filling gaps in the fintech roadmap and enabling these businesses to access better use of financial services ”,
says Devesh Kuwadekar, vice president of market development, Malaysia, Mastercard.
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