Singapore- and Malaysia-based fintech company MyCash Online has launched a campaign on equity crowdfunding (ECF) platform pitchIN to raise RM5 million (US$1.2 million).
The money is being raised to increase the company’s paid-up capital to RM5 million, which is mandatory to obtain an eMoney license in Malaysia.
The eMoney license will allow MyCash to operate a wallet for the migrant community. It is planning to offer a Visa prepaid card for them.
Since its raising of a funding round from 500 Startups last year, it launched its remittance services in Singapore. Sumon said that the firm has already bagged more than 10,000 customers in the city-state.
In January, MyCash is also opening a physical customer support centre in the Little India in Singapore.
He also shared that over the past year, MyCash has grown from being just a mobile marketplace for migrants to a licensed financial institution. It is now fully licensed in Singapore and Australia.
The company now intends to apply for SandBox in Qatar with the help of Qatar Development Bank (QDB).
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