IN Financial Technologies (INFT), a community-driven neo-Bank, headquartered in Singapore, has fully acquired MyCash, a Singapore-based international money transfer company focused on migrant workers. The value of the acquisition was for an undisclosed amount.
INFT is a one-stop, end-to-end (employer to employee) Fintech platform that empowers micro and small businesses in Asia to transform their business banking processes from traditional to digital. This one-stop banking solution includes an Online Business account, Virtual Debit Card, Spend Management Tools and Business Cash Line.
INFT group started its operation in Singapore last year and has now established its operations in Malaysia and Indonesia. They have already secured a lending license in Malaysia and in the process of securing an e-money license in Indonesia. The group plans to extend its network to seven countries that cover significant markets in Asia, including Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.
"The expanded demand for cross-border business-to-business remittance will continue to drive further growth for both companies," said Eldwin Wong, 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.
Eldwin 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.
Together, we will be serving both employers and employees equally. INFT is looking to offer unique services like our PayDay Advance program that allows for the tracking of salary advance payments to employees in Singapore.
MyCash Founder and Chief Executive Office, Mehedi Hasan, said the acquisition amplified the value of its offerings to its shareholders and stakeholders with the strategically-planned growth trajectory to strengthen its position further.
"Additionally, INFT's Business Banking Platform would enhance MyCash's efforts to drive expansion for its Business-to-Business & Business-to-Customer remittance solutions," he said.
The leadership of MyCash will continue to work with the INFT group after the acquisition. Mehedi retains his position as MyCash’s CEO while helping the INFT group to expand in the emerging market. Already in the works are plans of setting up an SME Buy Now Pay Later business in Bangladesh. Kenneth Goh will join the group as Head of Payments and help the company grow its payment business.
INFT is a group of companies which started out in 2020 in Singapore. The group came together with one goal and that is to solve the most prevalent problems faced by businesses every day. INFT creates an ecosystem for SMEs by smoothing out the creases of their everyday processes. Digitizing workflow improves efficiency and saves costs for SMEs. The One-Stop-Solution Provider INFT solutions are secure, fast, and affordable, helping SMEs stay not just relevant but also self-sustainable.