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Deepti Sri · · 1 min readMalaysia-based MyMy, Sukaniaga team up for digital banking bid
“Malaysian fintech companies MyMy and Sukaniaga joined forces to form a Shariah-compliant digital banking consortium and bid for one of five digital banking license to be issued by the central bank Bank Negara Malaysia,” reported e27.
Details:
- The two firms are seeking an additional strategic partner for their consortium.
- The third partner should ideally be a tier-one local company with strong financials and a large customer base for distribution.
Context:
- The development comes after Bank Negara Malaysia said that 40 parties have registered their interest with the central bank to bid for a digital banking license.
- In September 2020, Malaysia-based digital payments startup MyMy banked US$2 million from co-operative bank Koperasi Tentera.
Editing by Miguel Cordon
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