On Financial Technology (INFT), a Singapore-based community-driven neobank, has completed the acquisition of MyCash, an international money transfer provider specializing in migrant labour. The deal’s magnitude has not been revealed.
According to a news release, the agreement will allow INFT to benefit from MyCash’s consumer remittance operation. Simultaneously, MyCash, established in Singapore, will expand geographically into other Asian regions, such as Malaysia and Indonesia.
Following the completion of the transaction, MyCash’s leadership will continue to collaborate with IN Financial Technology. Mehedi Hasan, the founder and CEO of MyCash, will remain in his role while assisting the neobank in its expansion into new regions.
IN Financial Technology is a fintech platform that connects employers and employees. Its goal is to help micro and small enterprises in Asia transition from traditional to digital banking methods. An online business account, virtual debit card, spend control tools, and a business cash line are among the company’s offerings.
IN Financial Technology began operations in Singapore last year and has since expanded to Malaysia and Indonesia. In Malaysia, it has a lending license, and in Indonesia, it has an e-wallet license. Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh are all on the list of countries where it wants to expand its network.
INFT is considering launching an initial public offering (IPO) in Singapore as early as 2025. Its value might rise to between $500 million and $1 billion as a result of the proposed listing.
“The expanded demand for cross-border B2B remittance will continue to drive further growth for both companies,” said Eldwin Wong, CEO and Founder of INFT Group.
IN Financial Technology now offers a PayDay Advance platform that allows employees in Singapore to track salary advance payments. INFT announced last month that it was launching INFT BNPL, a purchase now, pay later service to assist clients to build their companies.
Mehedi Hasan, Founder and CEO of MyCash, said the purchase increased the value of the company’s products to its shareholders and stakeholders, while also strengthening its position. “Additionally, INFT’s business banking platform will enhance MyCash’s efforts to drive expansion for its B2B and B2C remittance solutions.” Mehedi stated that he is now working on a new Bangladeshi SME buy-now-pay-later enterprise.
MyCash, which was founded in 2016, provides a tailored platform for the unbanked migrant community. It enables migrants to make internet purchases without the need for bank accounts, credit cards, or prepaid cards. Mobile top-up, internet recharging, online insurance, e-commerce payments, and cross-border transfer are among its offerings. MyCash allows users to pay bills and purchase bus tickets. MyCash received an unknown sum of money from 500 Startups and Malaysian architect Ng Sek San in 2019. MyCash has received RM500,000 (US $120,000) through equity crowd-funding site pitchIN a year before.
