Koperasi Tentera invests RM10m in fintech start-up MyMy Holdings

KUALA LUMPUR: Koperasi Angkatan Tentera Malaysia Bhd is investing RM10mil in fintech start-up, MyMy Holdings Pty Ltd to provide new digital financial services to its almost 160,000 members.

Koperasi Tentera chief executive officer (CEO), Brigadier-General (rtd) Datuk Ahmad Zahudi Salleh said with MyMy as a strategic fintech partner, “we plan to introduce a number of new digital financial services to our members and their families over the next 12 months.

“These include digitising dividend pay-outs (in lieu of issuing cheques), providing digital accounts and e-wallets.”

Both parties would also look at offering multi-currency solutions for members travelling outside Malaysia, post Covid-19, Ahmad Zahudi said in a joint statement with MyMy CEO and co-founder Joe McGuire after the signing of the agreement on Tuesday.

McGuire said following the RM10mil capital injection from Koperasi Tentera, MyMy would seek approval for an e-money licence from Bank Negara Malaysia to operate in 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, ” he said in a joint statement on Tuesday following the signining of the agreement.

With Koperasi Tentera’s latest investment of RM10mil coupled with existing investments, MyMy’s seed round totals RM12mil.

MyMy chief operations officer and co-founder Kishore Samuel said MyMy aimed to be Malaysia’s first unicorn and the world’s first shariah-compliant digital bank.

MyMy chairman Tunku Datuk Ahmad Burhanuddin Tunku Adnan added that from its inception, MyMy had 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, ” he said.

The agreement was signed by Ahmad Zahudi and McGuire and witnessed by Koperasi Tentera chairman, Major General (rtd) Datuk Zulkiflee Mazlan, Tunku Ahmad Burhanuddin and Kishore.