Onfido bags MyCash Money as its latest customer in the region, providing the company identity verification and authentication services. Besides MyCash, Onfido also counts fintechs like BigPay and MoneyMatch among its base of customers in Malaysia.
MyCash Money, is an e-marketplace designed for migrants in Malaysia and Singapore that is helping to drive financial inclusion by offering secure and convenient online services to foreign workers in said countries who do not have access to online banking or credit cards.
By integrating Onfido’s verification service, MyCash Money users are able to sign up by taking a photo of their government-issued identity document (ID) and a selfie. Onfido first checks that the ID seems genuine and is not fraudulent, and then matches it to the user’s face.
This ensures the person presenting the identity is its legitimate owner and is physically present. It purports that users would be able to start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets financial regulatory requirements.
Since launching in June 2020, MyCash Money is said to have facilitated remittance of more than S$1.5 million, for over 5,000 workers. With over 100,000 Bangladeshis currently working in Singapore, there is significant potential for growth.
“MyCash Money is a mobile-only remittance service connecting unbanked migrant workers with technology driving true financial inclusion. Through our partnership with Onfido, we are simplifying the KYC process while enabling our users to open an account in just a few quick and easy steps.”
said Mehedi Hasan, Group CEO and Founder at MyCash.
“In today’s digital age, more and more organisations are moving their business online but the problem of exclusion is growing with it. Nearly a third of the world’s population are either ‘unbanked’ or ‘underbanked’ and we’re proud to be partnering with organisations such as MyCash Money to help solve this. With just a smartphone and a government ID, users can now more easily get access to send and receive money.”
said Husayn Kassai, CEO and Co-founder at Onfido.