Malaysian homegrown digital wallet MyMy is preparing to enter beta testing phase in January 2022. Leading up to that, it has released a prepaid card and new features on its app including a biometric-driven authentication process.
“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,” explained Joe McGuire, the co-founder of MyMy.
McGuire noted that MyMy’s numberless prepaid card is globally accepted at over 80 million merchants and ATMs. Having received a capital injection of RM10 million (US$2.37 million) from Koperasi Tentera in September 2020, the start-up secured a conditional approval for an e-money license from Bank Negara Malaysia this April. It expects to officially launch in March 2022.
MyMy previously expressed intentions to apply for an Islamic digital bank license from BNM but did not go through with the process.