Singapore-based IN Financial Technology Set to Acquire Mehedi Hasan’s MyCash 

IN Financial Technology (INFT), a Singapore-based community-driven neobank, has completed the acquisition of MyCash, an international money transfer provider specializing in migrant labor. According to a news release, the agreement will allow INFT to benefit from MyCash’s consumer remittance operation.

Singapore-based IN Financial Technology Set to Acquire Mehedi Hasan’s MyCash

MyCash, established in Singapore, will expand geographically into other Asian regions, such as Malaysia and Indonesia, Vietnam, Thailand, Sri Lanka, Nepal, and Bangladesh.

“The expanded demand for cross-border B2B remittance will continue to drive further growth for both companies,” said Eldwin Wong, CEO and Founder of INFT Group. Last month, INFT said it was rolling out a buy now, pay later feature, called INFT BNPL, to help customers grow their businesses.

According to MyCash Founder and CEO Mehedi Hasan, the acquisition amplified the value of its offerings to its shareholders and stakeholders with the strategically-planned growth trajectory to strengthen its position further.

He added that, 

“Additionally, INFT’s business banking platform will enhance MyCash’s efforts to drive expansion for its B2B and B2C remittance solutions. We are currently working on a new SME buy-now-pay-later business in Bangladesh.”

About MyCash

MyCash, which was founded in 2016, provides a tailored platform for the unbanked migrant population. It enables migrants to make internet purchases without the use of bank accounts, credit cards, or prepaid cards. Mobile top-up, internet recharging, online insurance, e-commerce payments, and cross-border transfer are among its offerings. MyCash received an undisclosed sum of money from 500 Startups and Malaysian architect Ng Sek San in 2019.