Intracorp and Maybank of Singapore are getting together on a range of projects which will promote a cashless society in Singapore. The first mobile payment project will be a mobile app which is block chain-based and which is designed to make life easier for migrant workers.
Recently, Maybank and InfoCorp Technologies signed a MOU (Memorandum of Understanding) because both companies want to partner in terms of offering financial inclusion to people in Singapore who are classified as “unbanked”. The fintech projects will also serve those in the greater ASEAN area.
Learn About Project One
The initial project in the new partnership will be a CrossPay mobile payment solution from InfoCorp. It’s designed to be a mobile solution for sixteen thousand and eight hundred migrant workers who currently live at the Tuas View Dormitory. The solution is block chain-based and it will make it easier for migrant workers to make payments which are cashless. There are a lot of merchants that operate within the residence (a dormitory-style setting) and workers will be able to buy from them in a quick and convenient manner once the new mobile pay system is up and running.
With this solution, workers will have the capacity to store their identities on their smart phones and then pay through a secure platform of the block chain type, which allows them to purchase a variety of services and goods within the dormitory environment. Merchants will be able to settle their payments via Maybank, through the operator of the dormitory.
Cashless solutions will decrease stealing and help merchants and workers alike!
At present, eighty percent of transactions are done with cash. The existing “no cash” payment options provided aren’t meeting the needs of the workers on site. A survey performed indicated that workers have to spend long periods of time, such as fifteen to twenty minutes, waiting in line to access paper money from ATMs. Also, a lot of workers don’t have ATM cards or bank accounts because these workers don’t have enough money to meet the “minimum sum” rules that most banks have in place. Workers who do have bank accounts get money only via ATMs.
With CrossPay, it’s easier for workers to get and utilize money each day. Also, the risk of theft or loss go down for the migrant worker. As well, merchants get benefits, as they are able to access a new mode of payment which is really efficient. For example, merchants will be at decreased risk of loss of cash due to theft or due to human error.
Right now, within Singapore, there are a variety of payment options which are cashless and these existing methods of payment are not really intended for migrant workers. They are meant for those who have mobile wallet apps, regular bank accounts, etc. Migrant workers aren’t as sophisticated about banking, so CrossPay will help migrant workers by meeting their special needs. Information about the new CrossPay fintech initiative came from the Chief Executive Officer of InfoCorp, who is named, Roy Lai.
Maybank Also Has Plans
Another facet of the new agreement between InfoCorp and Maybank is a Phase 2 project for the migrant workers. Maybank plans to join with InfoCorp and provide partners for remittance via an affordable program that workers may utilize in order to send money home, to their loved ones.
Maybank’s Head of Global Banking in Singapore is psyched up about the potential of this new, fintech-based solution. The Head of Global Banking is Amos Ong and he feels that migrant workers currently lack the mobile payment applications that they need, as many of these workers are “unbanked”. Since Maybank operates in ten countries (in every nation in ASEAN, to be precise), Ong knows that there is great potential. It will partner with InfoCorp in order to serve people who don’t have access to typical banking services.
The first trial of the new system will start in the fourth quarter of 2017.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Which eCommerce Payment Gateway and Why?, Top 10 must know facts about Mobile App Security and all topics related to Business and Tech, if you are interested about Singapore Company Registration visit our website.
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