Malaysia launches mobile payment channel

MyMobile will eventually be interoperable between all banks.

Bank Negara Malaysia, the central bank, recently launched MyMobile through its wholly owned subsidiary, Malaysian Economic Clearing Corporation or MyClear.

MyMobile has teamed up with Malaysia’s three largest banks, CIMB, Maybank and Public Bank and the three largest mobile operators, Maxis, Celcom and DiGi, to kick off the new payment service.

MyMobile will be interoperable eventually between all banks and across all mobile operators. Malaysia’s financial regulators also support the new system.

The three mobile operators collectively represent 93% of Malaysia’s market. Celcom and Maxis, however, have been offering their own mobile banking initiatives for years but have not been able to dominate this sector.

The lack of interoperability prior to MyMobile was a key factor held standalone operator models back from being used by the masses.