A mobile-only remittance service for the unbanked migrants in their mother tongue
Applicant name: MYCASH MONEY PTE. LTD.
Innovation Name: MyCash Money
Innovation Type: Product
Mission: MyCash Money is a mobile-only remittance service for the unbanked migrants in their mother tongue
Innovation Description: Around 40 Million in Asia including South East Asia, Middle East & the EU. Most of them do not have access to any bank account or credit card. This forces them always need to carry cash. In Malaysia, a large sum of migrant workers working in the plantation industry, for them, the nearest money services shop some times 30-40 KM far from their gardens. So most of the time they give us traveling to the shops and end up using illegal means of sending money. Even in Singapore, most of the money transfer company is located nearby the Little India area. So it is sometimes difficult for them to visit those shops on their only off-day on Sunday. MyCash Money is aimed to solve these problems by providing an eWallet, where migrants can save their money and can transfer money just by a few clicks on their mobile phone. We are also offering instant money transfer services 24X7 and we also charge cheaper fees and offer better rates than any other online services.
Innovation Inspiration: We were running MyCash Online is an e-Marketplace fully customized for the migrants in Malaysia and Singapore. We have more than 100,00 customers and last year our yearly GMV was 140 Million Malaysian Ringgit in Malaysia. We have seen that migrants wanted more than a marketplace for them. They need an eWallet that can help them save money so that they can send money to their family whenever they need. During our last 3 years, we have seen more than 87% of migrants now have a mobile phone and they now like to use a mobile app during remittance. MyCash Money is a mobile-only cross border remittance service for the unbanked migrants in their mother tongue. This app is designed for the unbanked migrants that actually earn less money and they want to send money instantly to their home with a better rate. We are also connected to other eWallet provides like bKash & Rocket in Bangladesh, Wings in Cambodia, Easy Paisa in Pakistan, where users can send money almost on a real-time basis from our app.
Who benefits from the innovation most? Our services are designed for the unbanked migrants, those can do real-time money transfer to their family, those are also unbanked. For example, in Bangladesh, only 17% of adults have a bank account, but most of them have a mobile wallet account. For example, bKash is very much popular in Bangladesh and they have the widest network of agents and cashout partners. It is very safe to say that, almost every Bangladeshi adults have a bKash account. Migrants Bangladeshis in Malaysia and Singapore sends a small amount of money to their family almost every week using bkash. Our MyCash Money app will have instant money transfer services to bkash (Bangladesh), Wings (Cambodia), Wavemoney (Myanmar), EasyPaisa (Pakistan) and many more partners. Our goal is to help both unbanked sender and receiver and offer them an easy to use service that offers cheapest services fees and best rates. We are starting this service in Malaysia and Singapore and next year we will bring it to the middle east and Europe.
What are you most proud of about your innovation? MyCash Online is in the market since 2016 and we have already performed more than 2.5 million transactions worth around USD 80 Million. During this time, we had served around 200,000 unique migrants in Malaysia, Singapore & Australia. Currently, in Malaysia every month we perform on an average of 80,000 transactions which are worth more than USD 2.5 million USD. Moreover, every month 10% month on month growth of our monthly gross transacted amount. We have also achieved many awards including First runner-up in the ASEAN Open category at the Singapore FinTech Award 2019 by The Monetary Authority of Singapore.
MyCash Money is the new mobile-only money transfer platform for the migrants. Due to regulatory issues, we wanted to keep remittance services out of our MyCash Online platform and developed as different services. But we will be cross-sale this product to the same user group. We hope this will be helping them to send money more easily and effectively.
Status of Innovation: Pilot
Innovation Active Since: 05/01/2020
Applicant Type: Private Company
Headquarter City: Singapore
Headquarter Country: Singapore
Year Founded: 2019
Main Category Choice: Remittances For Development
Why do you think you should win this category?:
Our service for the migrant workers. More than 70% of customers do not have a bank account and even most of the time their family back home is also unbanked. We wanted to make some positive changes to the lives of millions of migrants by offering this app to them. Firstly, our app is fully customized to the migrant’s mother tongue, so that it has become very easy for them to use this. 2ndly, our services are open 24X7, the migrants can open an account just using their mobile phone and by scanning their passport or any IDs. Our eKYC process took less than 2 minutes to onboard a customers. 3rdly, we are connected to many mobile money partners in Asia. So that migrants can send money to their family 24X7, just using our app. Lastly, we are making a huge impact on the market already by supporting unbanked migrants. We are also helping their families by offering free insurance while they send money using our app. We offer the best rate and lowest service fees to the customers as we know they belong to the low-income groups.
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
We have recently signed a partnership with Bank Asia Ltd. a Bangladeshi commercial bank. We have recently got approval from Bangladesh Central Bank to connect with Bank Asia through API and perform Electronic Fund Transfer to Bangladesh. With this partnership, we will be making remittance more efficient and easy to use for our customers. Apart from that, we are also helping our customers to open Bank Account at Bank Asia in Bangladesh so that they can send money to their own bank account and save some money. In the near future, we will be offering more products, including insurance, monthly saving products and so on.
We have already had more than 100K customers for MyCash Online, we believe most of them will be using MyCash Money as their preferred resistance partners as we have already build a great relationship with them. Moreover, they now trust us with their money. We believe this is the most remarkable achievement for us and this will help us to make MyCash Money successful.
Full Name: MD MEHEDI HASAN SUMON
Full Name: LOOI YIN LIN
Full Name: NURUL AMIERA BINTI ZAILAN
Role: Chief Operating Officer
Full Name: Dr. Imam Hasan Limon
Pitch Deck: https://www.dropbox.com/s/
Process Flow: https://www.dropbox.com/s/
News Link: https://kr-asia.com/the-
News Article: https://e27.co/exclusive-
Full Name: MD MEHEDI HASAN SUMON