MyMy raises RM12m seed round to fuel BNM e-money license bid
MyMy, a Malaysian fintech startup, has raised RM12 million in seed funding to accelerate its push for Bank Negara Malaysia’s e-money license, positioning itself as a front-runner in the upcoming digital banking license…
Source: Investopedia · Vulcan Post · September 22, 2026 at 8:02 AM · AI-assisted report
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BEIJING, 22 SEPTEMBER 2026 —
MyMy, a Malaysian fintech startup, has raised RM12 million in seed funding to accelerate its push for Bank Negara Malaysia’s e-money license, positioning itself as a front-runner in the upcoming digital banking license race.
Market Impact
The round, led by Koperasi Angkatan Tentera Malaysia Berhad (Koperasi Tentera) with a RM10 million investment, values MyMy at over RM50 million. CEO Joe McGuire told Vulcan Post the capital will support its regulatory application, while COO Kishore Samuel said the startup aims to become Malaysia’s first unicorn and the world’s first shariah-compliant digital bank.
Founded in 2018, MyMy offers real-time multi-currency payments and a zero-fee card for global transactions, targeting ASEAN’s 1.9 billion Muslim population.
MyMy’s shariah-compliant model is overseen by a committee of academics and business leaders, including Chairman Tunku Dato’ Ahmad Burhanuddin. The startup is among five vying for Malaysia’s five digital banking licenses, due to be awarded in 2021. McGuire highlighted its in-house technology development as a key advantage, though its pre-launch status and lack of legacy infrastructure may pose challenges against established competitors like Grab and Boost.
For Malaysian markets, MyMy’s funding reflects growing fintech momentum, particularly in Islamic finance, which accounts for nearly 40% of total banking assets. However, its pre-revenue stage and regulatory hurdles limit near-term impact. Koperasi Tentera’s involvement—backing a startup with RM1.2 billion in assets—signals institutional confidence in MyMy’s potential to bridge traditional finance and digital innovation.
The RM12 million round follows MyMy’s beta applicant phase, currently open on its website. While the startup’s shariah focus aligns with Malaysia’s Islamic finance sector, its ability to scale and demonstrate user traction will determine its success. McGuire emphasized cash management and lending as core revenue streams, with a digital banking license seen as the surest path to profitability.
MyMy’s ambition extends beyond e-wallet services, with plans to expand its multi-currency offerings and zero-fee model globally. The 2021 license window presents a critical test, as competition from incumbents and the need to prove operational scalability could delay its unicorn ambitions. For investors, MyMy’s progress will serve as a barometer for fintech’s ability to disrupt traditional banking in Malaysia.