SoCash’s Latest Partnership to Enable ATM-Free Cash Withdrawals at 10,000 Locationby Fintech News Malaysia November 29, 2019
soCash a Singaporean fintech startup that enables users to withdraw cash from retailers, has announced their partnership in Malaysia with Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) to establish ATM free cash withdraw at services operated by Malaysian cooperatives.
SoCash’s services are similar to BSN’s agent banking model, where it is currently able to serve customers who reside in areas where ATM machines aren’t within a convenient distance. While Malaysia’s access to ATMs are relatively high with 4.6 ATMs per 10,000 adults, the distribution of these ATMs aren’t necessarily even across the nation making services as such necessary to these undeserved communities.
According to their press statement, this partnership will enable soCash’s services to be made available in Angkasa’s network of over 10,000 cooperatives and the approximately six million individuals who are cooperative members.
soCash recently secured US$ 6 Million in funding from Japan based cashed automation player Glory Ltd and participated by Standard Chartered’s SC Ventures alongside Vertex Ventures.
From our observations, besides targetting underserved segments the company seems to also have set their sights on supporting virtual banks by enabling them to have more cash withdrawal points. Their increased focus in Malaysia comes at a time where Malaysia is in the midst of finalising its virtual banking framework.