A mobile-only remittance service for the unbanked migrants in their mother tongue




Elevator Pitch:
MyCash Money is a convenient digital wallet for the unbanked migrant workers to purchase financial products including cross-border remittance, without any bank account or credit/debit card in their mother tongue.  

During this  COVID Pendamic, we have implemented MyCash Money in Singapore with the approval of MAS. We are working with the Ministry Of Manpower (MOM) and extended our services at 6 dormitories in Singapore and registered around 10,000 customers. They have performed more than 30,000 transactions during this time, which worth around 3 Million SGD. In Malaysia, we have achieved an average of 40% month on month growth for our mobile topup and other digital services. 

The problem:
In 2019, an estimated 200 million people in the global migrant workforce sent home US$715 billion. There are more than 6 million unbanked migrants currently working in Malaysia & Singapore and over 50 Million in Asia including the Middle East. Most of them do not have access to any bank account or a debit card. This forces them always need to carry cash and use it in a traditional way, which is sometimes dangerous and not cost-effective. Currently, they do not have any reliable way to save their money or send money home or even purchase any products or services online.  

The solution: 
To provide easy access to online financial services to the 50 million unbanked migrant workers in Asia, we have developed a reliable, secure, and easy to use the online platform, where they can purchase products & services securely using their mobile phone. In the same platform, they also can save money and transfer money home electronically. They can either use our services using their smartphones. 

MyCash started business as an e-Marketplace in 2016. It was fully customized for the massive pools of Migrants across Asia. MyCash is offering all the services in migrant’s mother language, which makes it very easy for them to use. With a simple Android phone, they can download the MyCash App can use it from their convent location and time. By using the MyCash app they can save their time, money as well as offers security to them. With our remittance license, we are now focusing more on the cross border payment and digital wallet to wallet transfers from Malaysia, Singapore & Australia to countries in South and Southeast Asia. 

Currently, we are offering our services directly to our customers through a smartphone. We do work with partners and employees to help the customer on board. 

Revenue Model:
We charge our customers either a small transaction fee or take a commission from our suppliers for every transaction. Additionally, we also receive a discount from our product partners and suppliers for purchasing products at a wholesale rate.  

MyCash started business in April 2016, and we already performed more than 2.5 million transactions worth around USD 80 Million. During this time, we had served around 200,000 unique migrants in Malaysia, Singapore & Australia.  Currently, in Malaysia every month we perform on an average of 80,000 transactions which are worth more than USD 2.5 million USD. Moreover, every month 10% month on month growth of our monthly gross transacted amount.     

Over the years, we have partnered with Banks, Digital Wallet Player, Payment Network Provider. We are also connected to other eWallet provides like bKash & Rocket in Bangladesh, Wings in Cambodia, Easy Paisa in Pakistan, where users can send money almost on a real-time basis from our app.                              



We are honored to be funded by a successful ECF campaign of RM500,000 through PitchIN in 2017 and 2019, we received a US$290,245 investment from a leading global early-stage VC Fund, 500Startups.



MyCash is an award winner FinTech Startup. We believe in the development of a financial ecosystem for migrant workers. We have been featured in local and international news outlets and won numerous prestigious awards.


500 Startups invests in MyCash Online, gives ECF investors 44.2% returns – Digital News Asia https://www.digitalnewsasia.com/startups/500-startups-invests-mycash-online-gives-ecf-investors-442-returns

Top 20 Malaysian FinTechs in 2020 – FinTech News Malaysia   https://fintechnews.my/22562/editors-pick/top-20-malaysian-fintechs-in-2020/

Gobi Partners, Sunway Group announce Final Four winners of its sports-meets-startups SuperSeed II Championship https://www.digitalnewsasia.com/startups/gobi-partners-sunway-group-announce-final-four-winners-its-sports-meets-startups-superseed

7 Fintechs in South East Asia That’s Making Financial Inclusion Its Mission – FinTech News SG https://fintechnews.sg/40762/financial-inclusion/7-fintechs-in-south-east-asia-thats-making-financial-inclusion-its-mission/

MyCash Introduces Remittance Services from Singapore to Bangladesh https://fintechnews.sg/40597/remittance/mycash-introduces-remittance-services-from-singapore-to-bangladesh/

MyCash partners Bangladeshi bank to bring financial inclusion to migrants https://www.digitalnewsasia.com/business/mycash-partners-bangladeshi-bank-bring-financial-inclusion-migrants

MyCash Money Picks Onfido to Power its eKYC https://fintechnews.my/24862/regtech-fintech-regulation-malaysia/mycash-money-picks-onfido-to-power-its-ekyc/

 Malaysian fintech startup MyCash in talks to raise US$2M for expansion into Australia, Europe https://e27.co/malaysian-startup-mycashonline-talks-raise-us2m-expand-australia-europe-20180917/

Global ID Verification Provider, Onfido, to Offer Authentication Services to Malaysia’s MyCash Money https://www.crowdfundinsider.com/2020/09/166678-global-id-verification-provider-onfido-to-offer-authentication-services-to-malaysias-mycash-money/

PitchIN’s First ECF Exit with MyCash Online Gives its Investors 44.2% Returns https://fintechnews.my/21811/crowdfunding-malaysia/pitchins-first-ecf-exit-with-mycash-online-gives-its-investors-44-2-returns/

MyCash Online Expands Remittance Service to Australia https://fintechnews.my/19930/fintechaustralia/mycash-online-australia-money-transfer-remittance/

MyCash Online raises RM1.3mil in ECF campaign https://www.thestar.com.my/business/business-news/2017/06/17/mycash-online-raises-rm13mil-in-ecf-campaign

Here Are the Winners of the Singapore FinTech Hackcelerator and FinTech Awards 2019 https://fintechnews.sg/35055/fintech/winners-of-the-singapore-fintech-hackcelerator-and-fintech-awards-2019/

  • No shares will be allotted or issued based on this document after six months from the closing of the offer period.

  • This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.

  • This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.

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MC ONLINE Sdn Bhd Update

over 5 years ago by MEHEDI HASAN SUMON

Dear shareholders,

MC ONLINE Sdn Bhd Update

August 2018


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.


1. Revenue:

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.

2. Growth:

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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