A remittances platform that is specially designed to serve migrants in Malaysia and Singapore has announced a new partnership with identity verification and authentication company Onfido that will provide its customers with streamlined identity verification for a secure onboarding experience.
MyCash Money offers secure online services to foreign workers in Singapore and Malaysia who don’t have access to online banking or credit cards. It is the only remittance app available with native language support in English, Bengali, Bahasa Indonesia, Bahasa Melayu, and Chinese tailored to cater to the Bangladeshi community.
“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.”
Through its partnership with Onfido, MyCash Money users are now able to sign up by taking a photo of their government-issued identity document, and verifying it against a selfie. Onfido does this by first verifying the authenticity of the ID before matching against the selfie provided by the user.
Remote authentication solutions like Onfido’s have been growing in popularity over the past several years as biometric technologies have matured to become more reliable and secure than traditional alternatives. The COVID-19 pandemic and the various restrictions it has placed on the movement of people has served to accelerate this trend even further this year.
“In today’s digital age, more and more organisations are moving their business online but the problem of exclusion is growing with it,” said Husayn Kassai, CEO and Co-founder at Onfido. “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.”
MyCash Money has already facilitated remittance for more than 5,000 workers to the tune of $1.5 million, and with over 100 thousand Bangladeshis currently employed in Singapore alone, the potential for growth for the service is significant.
September 11, 2020 – by Tony Bitzionis