MyMy, Mastercard to empower Malaysians with new financial services

• Claims to be only Malaysian startup to receive approval from Mastercard
• Partnership with Mastercard adds US$959k in foreign direct investment to its funding

Homegrown e-wallet player, MyMy has obtained a principal membership from Mastercard, allowing it to include prepaid physical and virtual cards to its offerings. 

In a statement, the company claims that it is the only Malaysian startup to receive this approval from Mastercard. MyMy also stated that it has added a further US$959,400 (RM4 million) in foreign direct investment, bringing the company's total funding to US$5.5 million (RM23 million).

[RM1 = US$0.234]

Chief executive officer and co-founder of MyMy, Kishore Samuel said that MyMy aims to empower Malaysians to take greater ownership of their finances. 

“Thanks to our partnership with Mastercard, we are one step closer in building something truly unique for Malaysians and their needs.'' he said, adding that the company aims to build a financial service that puts Malaysians at the centre of the solution.

Meanwhile, Mastercard Malaysia’s vice president of market development said that in recent years, Malaysia-based financial technology companies have played a pivotal role in driving the country’s digital economy. 

“Across the world, the payments ecosystem is vast and changing and partnerships like this will be crucial in opening doors for underserved markets such as cooperatives, addressing the gaps on the fintech roadmap and enabling those businesses access to better use of financial services,” he added.

MyMy is solidifying its app to ensure that Malaysians have access to a quality-driven e-wallet that makes payment journeys easier, locally or around the world. Interested Malaysians can pre register here.