In 2017, the world bank noted that 500 million people in S.E. Asia have a mobile phone, but no bank account. MyMy plans to become ASEAN's leading digital bank. Based in Malaysia we can provide a bank account in 45 seconds before offering a traditional facility and a Shariah Compliant solution.
Current Status
Awaiting Regulatory Approval to Launch Technology Ready
Market
ASEAN based with Malaysia head office
Problem or Opportunity
Problem- Financial Inclusion. Banking the unbnaked in ASEAN Opportunity- Digital Bank
Solution (product or service)
Solution Benefits 1) 45 seconds to create bank account through eKYC (eKnow your customer checks) 2) 30 currency accounts instantly- a truly global solution 3) Shariah compliant for 1.6 billion Muslims in the world (traditional banking also available for non-muslims
Product: App based + Visa/Mastercard
Competitors
BigPay MerchantTrade Revolut N26 Monzo Chime Xinja Volt Bank Judo
Advantages or differentiators
We are the cheapest in the market offering multi-currency settlement We have the smartest digital onboarding in the world- only company that can guarantee document authenticity We are the only Shariah compliant digital bank in the world
Finance
Raised Pre-Seed of USD1.4m Closed lead investor for Seed for USD2m Seeking secondary investor and strategic VC partners
Business model
Revenue is transactional We make money per user transaction In the second phase when we become an actually bank money is from NIM (net-interest-margin)
Money will be spent on
Expanding engineering team for future product releases Capital requirements with regulators Expansion into other market