of customers approvals automated end-to-end
to fully verify and onboard new customers
The challenge
MyCash is a market-changing app providing essential financial services to a traditionally underserved segment of the market: migrant workers. Trusted by millions of migrants around the world, they are making money fair and accessible, starting with remittance.
Headquartered Singapore, MyCash is rapidly expanding. As a licensed payments institution in Singapore, MyCash has stringent regulatory requirements, including performing customer verification for KYC/AML.
As a mobile-first business, MyCash are unique. Without branches to meet customers face-to-face, they must go above and beyond to verify their customers digitally. If MyCash doesn't take the appropriate steps to know their customers, they risk losing their operating license.
MyCash had a few options when it came to digital verification. Singapore has its own National Digital Identity, Singpass, available for residents. But as MyCash’s core audience is migrants, they couldn't rely on this alone. MyCash would still need to manually verify the vast majority of customers who are not familiar with Singpass, which would put a strain on their internal operations team.
MyCash wanted to verify their customers digitally in line with regulation, while ensuring a seamless experience for their multinational migrant customer base. That’s where Onfido came in.
Mehedi Hasan, Group CEO and Founder, MyCash
The solution
MyCash chose Onfido as their preferred provider to help them onboard and trust their customers as part of their KYC process. This is powered by Onfido’s ID Check, Face Check, and Watchlist products.
When creating an account with MyCash app, customers are prompted to take a snapshot of their ID and a quick Selfie using their smartphone. They’re verified in moments - and once that process is complete, they can start sending and receiving money through the MyCash app.
Kenneth Goh, Director, MyCash
The results
Top of mind for MyCash is complying with local KYC/AML regulations, while ensuring a seamless customer experience. Onfido gives them confidence in balancing these goals.
MyCash feels assured that they are receiving accurate assessments of the customers applying for their service. Onfido’s ID Check provides up to 38 granular breakdowns to determine a document’s authenticity. And coupled with Onfido’s face matching and anti-spoofing technology, the MyCash team are better enabled to automatically approve customers. 45% of customers are approved without MyCash’s internal teams needing to manually review them, increasing their operational efficiency as a business.
For customers, this means a seamless, inclusive experience. Onfido can verify documents from 195 countries, compared with more limited local electronic ID schemes. And with Onfido’s customizable and intuitive mobile SDKs, the MyCash team can craft experiences in their customers’ local languages — to date, they’ve built the app in six languages. With Onfido, MyCash can fully verify new customers in just five minutes, without the fear of leaving customers behind.
Driving a seamless mobile-first experience is freeing up MyCash to make innovations elsewhere. As they don’t require a branch to verify customers, MyCash has developed ‘experience centres’ to support their customers in-person.
What’s next for MyCash? They’re continuing their expansion from Asia into the Middle East, to better serve customers globally. With Onfido, they’re confident they can grow their business through evolving financial regulation, too.
About MyCash
MyCash is a mobile-only remittance service for unbanked migrants. 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.
