Malaysia’s MyMy sets out stall to become world’s first standalone central bank-licensed digital Islamic bank
KUALA LUMPUR - Freshly flush with millions in fundraising, Joe McGuire is now preparing to take the next steps on his path to launching the world’s first standalone central bank-licensed Islamic challenger bank.
In September, McGuire’s fintech start-up, MyMy, was on the receiving end of a 10 million ringgit ($2.45 million) seed injection from Koperasi Tentera, an association of armed forces veterans and one of Malaysia’s leading credit co-operatives. This money will be used to pave the way for McGuire’s ultimate goal.
“It's our ambition to be the first digital Islamic bank in the world. Really, it's going to be a matter of time before that happens,” he told Salaam Gateway over coffee in Kuala Lumpur, where MyMy is based.
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