Mehedi Hasan, Founder & Group CEO at MyCash Online while conversing with Daily NewsPK explained how they are addressing the issues concerning financial inclusion among migrant workers in Asian markets and at the same time offering ease and security with their transactions.
1. What led you to create ‘MyCash Online’? When was it founded?
In 2019, an estimated 200 million people in the global migrant workforce sent home US$715 billion. There are more than 6 million unbanked migrants currently working in Malaysia & Singapore and over 50 Million in Asia including the Middle East. Most of them do not have access to any bank account or a debit card. This forces them to always carry cash and use it in a traditional way, which is sometimes dangerous and not very cost-effective. Currently, they do not have any reliable way to save their money or to send money home or even purchase any products or services online.
MyCash Online started to offer services in Malaysia in 2016. We now have around 100,000 registered customers in Malaysia. Recently we have received a payment institute license in Singapore.
2. What is the core service/solution you are providing? What are the pain points that you are targeting and what is the key differentiating factor from similar offerings?
MyCash started business as an e-marketplace in 2016. It was fully customized for the massive pools of migrants across Asia. MyCash is offering all the services in migrant’s mother language, which makes it very easy for them to use. With a simple Android phone, they can download the MyCash App and use it at their convenient location and time. By using the MyCash app they can save their time, money as well as offers security to them. With our remittance license, we are now focusing more on the cross border payment and digital wallet to wallet transfers from Malaysia, Singapore & Australia to countries in South and Southeast Asia.
Currently, MyCash has 22 full-time employees in 3 offices in Malaysia, Singapore, and Bangladesh.
3. What are the parameters to measure client satisfaction?
Our solution is unique as this is developed by the migrants for the migrants. We have 3 co-founders. I was living in Malaysia for the last 12 years. On the other hand, Nurol was in Dubai for 2 years and now in Malaysia for the last couple of years. Lin is also now migrating to Singapore to take care of business from the HQ. Even our other team members are mostly migrants and from many different backgrounds, countries, and cultures.
4. What is your future outlook and what do you stand to achieve by next year?
We hope by the end of the year, we shall have around 50,000 customers in Singapore. In early 2021, planning to start our operation in Saudi Arabia, as they have more than 100,000 migrants. We have already secured two rounds of funding and by next couple of years we are aiming to bring our services to the Middle East, especially in Saudi Arabia, UAE, Qatar, and so on.
