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.

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.