Photo - MyMy
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MyMy

Digital Bank

Malaysia
Market: Internet and IT
Stage of the project: Prototype or product is ready

Date of last change: 06.05.2020
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Idea

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

Offer for investor

TBA

Team or Management

Risks

Licensing delays- Regulators

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

e27- Judges Choice- best Malaysian Fintech
Fintech Malaysia- One of 5 fintechs to watch-out for in Malaysia
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video