MYCASH ONLINE (MC ONLINE)
e-Marketplace for the Unbanked Migrants
MyCash Online is an e-Marketplace specially designed for massive pools of Migrants in Malaysia & Singapore. MyCash Online is offering easy, secure and convenient online services to the foreign workers, who do not have access to online banking or credit cards. With years of experience of working for migrants, we take pride in providing quality & convenient online services 24X7.
Currently, there is around 4.3 Million migrant workers in Malaysia (both legal & illegal) and most of them do not have any bank account or any way to save money. They need to receive cash salary and also save cash (if they want). This is very vulnerable for them, and there is numerous reports of money theft, hijack in this very community.
We are solving this issue by providing a web & app (online solution) and our agent network (offline solution), where they can purchase various services, without using any bank account or credit / debit card. In our platform, currently they can purchase mobile reload, pay bill, gift voucher, bus ticket, air ticket, digital gift, micro health insurance and also can do cross border remittance . We have started our operation last year April. Until today, we have served 60,000 unbanked customers and did more than 250,000 transactions worth 3.6 Million Malaysia Ringgit.
MYCASH ONLINE (MC ONLINE SDN BHD) TEAM MEMBERS
Looi Yin LinCEO
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MC ONLINE Sdn Bhd Update
MC ONLINE Sdn Bhd Update
We are happy to report that MC ONLINE Sdn Bhd (“MyCash Online”) has achieved tremendous performance since the start of 2018,
2018 started very well for us. We achieved improved financial performance in Quarter 1 2018 as compared to Q1 2017.
MyCash Online saw steady growth in Q1 2018. And this trend continued in Q12 too. In the first 6 months of this year, we achieved total sales revenue of RM 28 Million. And we hope that by end of the year, we will have revenue of more than RM 50 Million. We have also start earning some revenue from our Singapore operation.
We are delighted to announce that we have received a remittance license in Australia, to operate Non-Cash Payment Services as well as operate as Independent Remittance Dealer. We hope to start remittance services from end of September.
We have also applied for a remittance license in Singapore with the help of our legal advisor A&G Singapore. We are looking to meet MAS next month to present our case to them. We hope to get this license by end of the year. In the meantime, we have notified MAS about our Store Value Facility services in Singapore and started operating from this month and we have seen encouraging sales.
Furthermore, we are in the process of registering a Technology Company in the Republic of Lithuania which we plan to use to operate remittance business in the EU. We hope our company registration process will be completed by this month, and we will then start working towards obtaining money service license.
To extend our business in the rural areas of Sabah & Sarawak, we have ventured into a partnership with a local company based in Sabah and started a new brand named Yape Cash (Yape Cash Sdn Bhd) based out of Tawau, Sabah. MC Online owns 40% of this company and we are now in the process of applying for a remittance license from BNM. This is because Yape Cash is majority owned by Malaysian and all its directors are Malaysian. This is a strict requirement from BNM to get any MSB license.
In summary, we hope that by end of this year, we will achieve 4 remittance licenses in Malaysia, Singapore, Australia and European Union.
We believe this will be a great achievement for us and we express our gratitude for this to all of you. We could not have done it without your support. Thank you for trusting in us and for your sustained encouragement toward us.
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