IN Financial Technology (INFT), a community-driven neo-bank headquartered in Singapore, has fully acquired MyCash, a Singapore-based international money transfer company focused on migrant workers.
MyCash will be completely rebranded as INFT Payments in the next few weeks and its founder, Mehedi Hasan will be appointed as Managing Director and CEO of the newly established INFT Bangladesh Ltd.
The value of the acquisition, however, was not disclosed.
“INFT Bangladesh will be working in Bangladesh, with the partnership of banks and other NBFIs to provide innovative financial services and solutions to the SMEs in Bangladesh,'' Mehedi Hasan told Dhaka Tribune.
INFT is a one-stop, end-to-end (employer to employee) fintech platform that started its operations in 2021 to empower micro and small businesses in Asia by transforming their business banking processes from traditional to digital, following the disruptions of the pandemic.
Their one-stop banking solution includes an online business account, virtual debit card, spend management tools and business cash line.
However, it has also established its operations in Malaysia and Indonesia by securing a lending license in Malaysia and an eWallet license in Indonesia. The group now plans to extend its network to seven countries that cover significant markets in Asia, including Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.
INFT will be able to provide an initial public offering in Singapore as early as 2025. which could potentially push the firm’s valuation between $500 million and $1 billion.
According to Eldwin Wong, the 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.
“The expanded demand for cross-border business-to-business remittance will continue to drive further growth for both companies,” said Eldwin.
He also said the company had planned to further maximize its potential by developing an ecosystem to assist the community by providing end-to-end financial solutions. INFT’s focus will be empowering employer efficiency, and MyCash has a seamless solution for its employees.
INFT is currently offering unique services like the PayDay Advance program that allows the tracking of salary advance payments to employees and users in Singapore. One can start signing up for an account via www.inft.co.
MyCash founder also told Dhaka Tribune that the acquisition amplified the value of its offerings to its shareholders and stakeholders with the strategically-planned growth trajectory to strengthen its position further.
In that regard, the INFT group is already working on setting 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, bill payment, and bus ticketing.
In 2019, MyCash raised an undisclosed amount in financing from 500 start-ups and Malaysian architect Ng Sek San.
