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MALAYSIA, 23 SEPTEMBER 2026 —

MyMy, a pre‑launch fintech startup founded in early 2018, secured a fresh RM12 million seed round on Thursday, taking its total funding to RM22 million and pushing its valuation above RM50 million.

The injection of funds comes as Malaysia prepares to award its first batch of digital banking licences, slated for 2021, and positions MyMy to compete for one of the five licences that have attracted interest from both local incumbents and regional players.

By securing the e‑Money licence, MyMy will gain a stepping‑stone toward a full digital banking charter, a prerequisite for the company’s ambition to become Malaysia’s first unicorn and the world’s first shariah‑compliant digital bank.

The RM12 million round was announced by Vulcan Post and confirmed by the startup’s leadership.

MyMy’s chief operating officer and co‑founder Kishore Samuel said the company intends to become “Malaysia’s first unicorn and the world’s first shariah‑compliant digital bank, adding that they’re not just another e‑wallet.” Samuel highlighted the platform’s ability to convert ringgit into 11 currencies with zero hidden fees and real‑time exchange rates, and to issue a card that enables users to shop and travel in more than 200 countries.

The service is currently in beta, with applications being accepted on the company’s website, and the public launch will be deferred until the e‑Money licence is granted.

Chairman Tunku Dato’ Ahmad Burhanuddin underscored the shariah focus, stating, “From its inception, MyMy has sought the expertise of shariah experts, forming a committee of academics and business leaders.

This has ensured that MyMy has been constructed from the very start to cater for ASEAN, and eventually, to the world’s 1.9 billion Muslim population.” The shariah committee is intended to guide product design, compliance and governance, aligning the platform with Islamic finance principles that are increasingly demanded across the region.

Koperasi Tentera, the RM10 million investor, is a credit co‑operative established in 1960 that evolved from a military thrift and loan scheme into one of Malaysia’s leading financial cooperatives. Its participation signals confidence from a traditional financial institution in MyMy’s business model and its potential to serve the unbanked and under‑banked segments of the Malaysian and ASEAN markets.

CEO Joe McGuire, speaking to Vulcan Post, said the seed round strengthens the company’s odds of winning a digital banking licence. “Every applicant brings their own strengths and weaknesses. We are new which is a disadvantage, but we are the only team in Malaysia who has built all their core technology in‑house. Our ability to ship product is second‑to‑none in this region,” McGuire said.

He added that “in the consumer banking world, roughly 90 % of revenue comes from cash management and lending. Gaining a banking licence is the surest path to profitability.” The emphasis on in‑house technology reflects MyMy’s strategy to control the end‑to‑end stack, reduce reliance on third‑party providers and accelerate product rollout.

The e‑Money licence, which MyMy now aims to obtain, will allow the firm to issue electronic money, provide payment services and operate a digital wallet under BNM’s regulatory framework. Holding the licence is also a prerequisite for applying for a full digital banking licence, a coveted status that would enable MyMy to accept deposits, extend credit and offer a broader suite of financial services.

The upcoming digital banking licences have attracted a wave of applications from established banks, fintechs and venture‑backed startups across Malaysia and Singapore, making the competition intense.

Industry observers note that the Malaysian market, with a population of over 30 million and a high mobile‑penetration rate, offers fertile ground for digital‑only banking models. The country’s push for financial inclusion, coupled with a sizable Muslim demographic, aligns with MyMy’s shariah‑compliant proposition. If successful, the startup could tap into the estimated 1.9 billion Muslim consumers worldwide, a market that has shown growing appetite for fintech solutions that respect Islamic finance rules.

MyMy’s roadmap includes the rollout of its beta solution, which will allow early users to test currency conversion, fee‑free transactions and card functionality. The company plans to expand the number of supported currencies beyond the current 11, and to integrate additional services such as micro‑lending and cash‑management tools once the digital banking licence is secured.

The timing of the launch will hinge on BNM’s assessment of the e‑Money licence application, which is expected to be processed within the next few months.

The fresh capital also bolsters MyMy’s balance sheet, ensuring compliance with BNM’s minimum capital thresholds for e‑Money operators. By meeting the regulatory capital requirement, the startup can demonstrate financial resilience and operational readiness, factors that BNM considers critical when evaluating licence applications. The RM12 million injection, combined with the earlier RM10 million from Koperasi Tentera, brings the total funding to RM22 million, a level that places MyMy among the better‑capitalised fintech ventures in the region.

Looking ahead, MyMy’s leadership is confident that the combination of in‑house technology, shariah compliance and a clear focus on cross‑border payments will differentiate the firm in a crowded market. McGuire concluded, “Our ability to ship product is second‑to‑none in this region,” reinforcing the company’s belief that rapid execution will translate into market share once regulatory approvals are secured.

The next milestone for MyMy will be the BNM decision on its e‑Money licence, after which the startup will move to apply for a digital banking licence, a step that could unlock a broader revenue base and cement its status as a pioneering shariah‑compliant digital bank in Malaysia and the wider ASEAN region.

Related: MyMy · Bank Negara Malaysia · Kishore Samuel · Malaysia