Onfido will be providing identity verification services for a new remittance company in Southeast Asia. MyCash Money currently offers remittance services to migrant workers in Singapore and Malaysia, and plans to expand coverage to other areas in the future.
The partnership with Onfido will make it easier to scale because it will enable the remote onboarding of new users. In that regard, Onfido’s solution leverages face and document recognition, asking users to take a photo of their official government ID before taking a selfie to prove that they are present and that they are indeed the owner of the document.
MyCash Money has transferred upwards of $1.5 million and gained a user base of more than 5,000 workers since it debuted in June. The platform is particularly targeted at the underbanked Bangladeshi migrant population, which numbers 100,000 in Singapore alone. The app offers native language support in Chinese for the Bangladeshi community in addition to English, Bengali, Bahasa Indonesia, and Bahasa Melayu.
“MyCash Money is a mobile-only service connecting unbanked migrant workers with technology driving true financial inclusion,” explained MyCash Founder and CEO Mehedi Hasan.
“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,” added Onfido Co-Founder and CEO Husayn Kassai. “With just a smartphone and a government ID, users can now more easily get access to send and receive money.”
The news builds on Onfido’s stellar performance in 2020. The company’s global sales were up 40 percent in its most recent quarterly report thanks to an ever-expanding roster of new clients. That includes the UK-based WorldRemit, which partnered with Onfido in May and runs its own international money transfer platform.
Onfido has since been named as one of CB Insights’ annual FinTech Top 250.
September 11, 2020 – by Eric Weiss