Online platform for the unbanked migrants in Malaysia & Singapore
About
Applicant name: MyCash Online
Innovation Name: MyCash Online
Innovation Type: Service
Website: http://mycashmy.com/
Mission: MyCash Online is an online platform for the unbanked migrants in Malaysia & Singapore
Innovation Description: Elevator Pitch: MyCash Online is a Reliable, Secure & Convenient platform for the unbanked migrants to purchase products & services online without any bank account.
The problem: Currently, there are more than 5 million unbanked migrants in Malaysia & over 27 Million in South East Asia & The Middle East. Most of them do not have access to any banks or credit cards. This force them always need to carry cash and use it in a traditional way, which is sometimes dangerous and not cost effective. Currently they do not have any reliable way to save their money, or send money home or even purchase any products or services online.
The solution: To solve this issue, we have developed a reliable, secure and easy to use online platform, where they can purchase products & services securely using their mobile phone. In the same platform, they also can save money and transfer money home. They can use our services using their smart phones or they can use our services at 1000+ nationwide Mobile Sales Person (MSP) location.
Status of Innovation: In-market
Applicant Type: Private Company
Headquarter City: Singapore
Headquarter Country: Singapore
Year Founded: 2016
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
MyCash Online is an e-Marketplace fully customized for the massive pools of Migrants across Asia. MyCash Online is offers all the services in migrant’s mother language, which make it very easy for them to use. With a simple Android phone, they can download MyCash Online App can use from their convent location and time. By using MyCash Online they can save their time, money as well as offers security to them.
Before MyCash Online Most of the migrant workers either uses 3rd party or not authorized ways to send money home. But that is expensive and some time it is dangerous. There is many stories of lost & theft of their hard earn salary.
MyCash Online truly working for the change of the status of the migrants. In less than 2 years time, we have served more than 90,000 people, who have performed more than 1 Million transactions in our platform. From simple mobile topup to cross border remittance, all is possible in our platform in a less cost than any traditional player. We are making a positive changes in the life of migrants.
Secondary Category
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
We work for the people who cannot read and write English and secondly they never used bank in their life. Beside, all though they earn less money, still they cannot buy any products & services (e.g. AirAsia Ticket online), because they do not have a credit card or bank account. My Cash is changing this user experience and proving them a whole new banking experience in simple mobile app. Our app is available in 6 languages, so that the users can use their app in their mother language. To make their experience even better, we have made our app picture base and by just clicking on the picture and logos users can use our app very easily.
Currently we are offering our services only to the registered Mobile Sales Personal (MSP). We are offering only Business to Business service. Our 1000+ MSP’s actually serving migrants nationwide at their shops. We started our business in April 2016, and we already performed more than 1 Million transactions . During this time, we served around 80,000 unique migrant workers in Malaysia.
Team Members
Full Name: MD MEHEDI HASAN SUMON
Role: CEO & Co Founder
Linkedin: https://www.linkedin.com/in/
Full Name: AKM NUROL HAQ
Role: CFO & Co Founder
Link: https://www.linkedin.com/in/a-
Full Name: Looi Yin Lin
Role: Co Founder
Link: https://www.linkedin.com/in/
Full Name: Shah Arafat Hossain
Role: Operations Manager
Link: https://www.linkedin.com/in/
Supporting Links
MyCash Pitch Deck: https://www.dropbox.com/s/
News Article: https://www.techinasia.com/
Demo Video: https://www.youtube.com/watch?
MyCash Pitch: https://www.youtube.com/watch?
Entry Representative
Full Name: MD MEHEDI HASAN SUMON
Role: CEO & Co Founder
