Earlier this week, CEO of MyCash Online, Mehedi Hassan, announced the Malaysia-based fintech company will be moving its headquarters to Singapore. According to Digital News Asia, Hassan reported that the move is due to the fact that Singapore offers the startup with more opportunities, especially in terms of securing funding.
Founded in 2015, MyCash Online describes itself as an e-marketplace that is specially designed for migrants in Malaysia and Singapore. It offers easy, secure, and convenient online services to the foreign works who do not have access to online banking or credit cards:
“We are working for making more possible. To provide services to the specific segment of the people, who do not have access to bank or any other financial services. As this is their first such experience, we want to make it memorable. With our years of experience and knowledge on the segment, we have designed wide variety of services, and customized them according to their needs.”
The platform also revealed:
“My Cash Online provides end to end online services in 3 easy steps. Be that Bus Ticket, Air Ticket, Mobile Top up, International reload or bill payment, we provide you all of these services online and also ensure an easy, secure, accurate and convenient service delivery.”
The platform has notably received regulatory approval from the Monetary Authority of Singapore. Last summer, MyCash Online successfully secured $300,000 USD (1.3 Million RM) through its equity crowdfunding campaign. MyCash also won a pitch competition during the Singapore Fintech Festival 2017 and received $20,000 in funding from the Monetary Authority of Singapore and $50,000 worth of legal services from Allen & Gledhill LLP law firm.
MyCash will be looking to apply for its remittance license in Singapore later this year.