Big changes from Malaysia's fintech and e-wallet provider MyMy
MyMy, Malaysia’s fintech, and homegrown e-wallet provider, on Wednesday, released its wave of leading-edge card and app features as it gears up for targeted beta testing this January 2022.
Backed by demands from in-depth market studies, MyMy’s frontline offerings include a numberless prepaid card that enhances the security of physical payment transactions.
As for online transactions, it introduces a seamless biometric feature to authenticate transactions – an element of security that replaces risks associated with other cumbersome authentication methods.
“We hear what Malaysians want and we take the rise of digital payment fraud and online scams very seriously. That’s why we’ve identified the necessity to implement biometric features as part of our security measures, and very soon, facial recognition capabilities as well. Our numberless card also provides enhanced security to reduce fraudsters from committing unauthorized purchases,” MyMy Co-Founder Joe McGuire said in a statement.
With the world slowly opening up for travel from 2022 onwards, he added that MyMy’s numberless prepaid card is not only a cheaper alternative to debit and credit cards but is also globally accepted at over 80 million merchants and automated teller machines (ATMs) worldwide – unlike QR codes which have limited use and are only accepted in Malaysia.
He also said that MyMy users can further enjoy peace of mind with additional quick control abilities on its app such as lock card, pin reset, on and off control for overseas, online and contactless transactions, even allowance and limit setting for ATM withdrawals.
As the brand continues to echo Bank Negara Malaysia’s (BNM) vision for more efficient and secure financial systems, MyMy proceeds to innovate with technology and is expected to announce more breakthroughs in the next few months.
In September 2020, the company secured an RM10 million capital injection from Koperasi Tentera (KT), and earlier this April, received conditional approval for an e-money license from BNM. Most recently in October, MyMy further emerged as one of the first Malaysian startups to welcome a principal membership from Mastercard.
“The team is currently working diligently on perfecting MyMy’s app and product offerings,” said Kishore Samuel, MyMy Co-Founder, and Chief Executive Officer.
“We are also well in progress to kick-off the new year with our beta testing phase which will involve our very supportive and enthusiastic pre-registered users. We are organized for growth, and there is going to be much innovation and opportunity from MyMy moving forward,” Kishore concluded.
MyMy is a Malaysian-inspired e-wallet service provider aimed at becoming the country’s first fintech unicorn. Daring to challenge Malaysia’s financial products and services by leveraging technology to create world-class innovations and solutions, MyMy successfully secured conditional approval for an e-money license from Bank Negara Malaysia in 2021.
This rising Malaysian upstart is ultimately dedicated to the delivery of beautiful financial control for empowered Malaysians that focus on high security, global accessibility, and transparent pricing.
