MyCash launches $1.2m crowdfunding campaign for eMoney license

To increase the company's paid up capital to RM5 million

Alfred Lee

27 Nov, 2020

MyCash launches $1.2m crowdfunding campaign for eMoney license | BEAMSTART News

- From our Sponsors -

MyCash, an e-marketplace providing financial services for migrants in Southeast Asia, has launched an equity crowdfunding campaign to raise $1.2 million.

According to CEO Mehedi Hasan, the purpose of the fundraise is to increase the company's paid-up capital in Malaysia, in order to obtain an eMoney license.

With the license, MyCash will be allowed to operate an e-wallet for the migrant community, and offer various other services along with it. 

The company also plans to offer Visa prepaid debit cards for migrants who use their e-wallet service in the future.

The MyCash Online app.

Since the company's launch, MyCash has grown from being an online mobile marketplace to a licensed financial institution.

In 2018, the company moved its headquarters from Malaysia to Singapore, later obtaining the Standard Payment Institutes (SPI) license for money remittance.

In fact, this isn't the first time MyCash has run an equity crowdfunding campaign, as the company had previously raised RM1.3 million back in 2017 on PitchIn, with 500 Startups eventually buying out its early investors in 2019.

“As Malaysia has a significant numbers of unbanked migrant workers, we believe that there will be a huge demand for our wallet and prepaid card. We will also add remittance services to our wallet. For this, we are signing a partnership with a local remittance giant. We are in the midst of getting necessary approval from the central bank of Malaysia,” mentioned CEO, Mehedi Hasan.

- From our Sponsors -

Latest Jobs

Legal Counsel, Asia

Gallons & Grapes Pte Ltd

Buona Vista, Singapore

Full Time

SGD 9000 — SGD 10500 monthly

English-Korean Freelance Transcriber in Singapore

Elite Asia


Contract / Freelance

Salary Undisclosed

Account Manager (Hybrid)


New York, NY, United States

Full Time

Salary Undisclosed

Customer Service Representative

Gamer's Hideout Sdn. Bhd.

Dataran Prima, Petaling Jaya, Malaysia

Full Time

MYR 3000 — MYR 4000 monthly



SIngapore, Singapore

Contract / Freelance

SGD 9 — SGD 11 monthly

English Technical/Legal Writer

Pacston Technology Group

Kuala Lumpur, Malaysia

Full Time

USD 20000 — USD 60000 monthly

Junior Accounts Cum Admin Assistant


Kallang, Singapore

Full Time

SGD 1600 — SGD 1800 monthly

Head of Developers


Manila, Philippines

Full Time

USD 2000 monthly

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Work Experience Not Specified

Education Not Specified

Also Mentioned

More Related Stories

Community Discussions

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).