The e-Marketplace and remittance service driving financial inclusion partners with Onfido for secure and seamless onboarding experience
MyCash Money, the e-Marketplace specially designed for migrants in Malaysia and Singapore, has today announced it has partnered with Onfido to provide streamlined identity verification to its users.
MyCash Money is helping to drive financial inclusion by offering secure and convenient online services to foreign workers in Singapore and Malaysia who do not have access to online banking or credit cards. MyCash Money is the only remittance app with native language support in English, Bengali, Bahasa Indonesia, Bahasa Melayu, and Chinese that specifically caters to the Bangladeshi community.
By integrating Onfido’s AI-powered ID verification service, MyCash Money users are able to sign up by simply taking a photo of their government-issued identity document (ID) and taking 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. Users are able to start their digital journey anywhere, anytime, through a simple and user-friendly online experience that meets financial regulatory requirements.
As the remittance platform scales, Onfido’s identity verification solution will be further leveraged to new territories empowering users to verify their identity within minutes. Since launching in June 2020, MyCash Money has 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,” said Mehedi Hasan, Group CEO and Founder at MyCash. “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.”
“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,” said Husayn Kassai, CEO and Co-founder at Onfido. “With just a smartphone and a government ID, users can now more easily get access to send and receive money.”