IN Financial Technologies (INFT), a community-driven neo-Bank, headquartered in Singapore, announced in a press note last month that it has fully acquired MyCash, a Singapore-based international money transfer company focused on migrant workers. The companies did not disclose the details of the deal.
The leadership of MyCash will continue to work with the INFT group after the acquisition. MyCash founder and CEO Mehedi Hasan will retain his position as MyCash’s CEO while helping the INFT group to expand in the emerging market. The company plans to set up an SME Buy Now Pay Later business in Bangladesh.
Launched in 2016, MyCash has built a customized platform for the unbanked migrant population that enables migrants to purchase products and services online without using bank accounts, credit cards, or prepaid cards. The company provides a range of services including mobile top-up, internet recharging, online insurance, e-commerce payments, cross-border remittance, bills payment, and bus ticketing. In 2019, MyCash raised an undisclosed amount in financing from 500 Startups and Malaysian architect Ng Sek San.
INFT is a one-stop, end-to-end (employer to employee) Fintech platform that empowers micro and small businesses in Asia to transform their business banking processes from traditional to digital. Its one-stop banking solution includes an Online Business account, Virtual Debit Card, Spend Management Tools, and Business Cash Line.
INFT group started its operation in Singapore last year. The company has since expanded its operations in Malaysia and Indonesia. The company says it has already secured a lending license in Malaysia and is in the process of securing an e-money license in Indonesia. The group plans to extend its network to seven countries that cover significant markets in Asia, including Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.
"The expanded demand for cross-border business-to-business remittance will continue to drive further growth for both companies," said Eldwin Wong, CEO, and Founder of INFT Group.
INFT can take advantage of MyCash's consumer remittance business while MyCash will have the capacity to expand geographically in other Asian markets, including Malaysia and Indonesia.
MyCash Founder and Chief Executive Officer, Mehedi Hasan, said the acquisition amplified the value of its offerings to its shareholders and stakeholders with the strategically-planned growth trajectory to strengthen its position further.
"Additionally, INFT's Business Banking Platform would enhance MyCash's efforts to drive expansion for its Business-to-Business & Business-to-Customer remittance solutions," he said.
More: Read our interview with Mehedi Hasan here.