You are here
Maybank, Singapore fintech InfoCorp launches mobile payment app for migrant workers
INFOCORP Technologies, a Singapore-based fintech company, has signed a memorandum of understanding (MOU) with Maybank Singapore to provide services to unbanked people in Singapore and the Asia-Pacific region.
Under the pact, InfoCorp has launched, for 16,800 workers living in Tuas View Dormitory, CrossPay - a mobile application that facilitates cashless payments between the workers and merchants operating within the dormitory.
InfoCorp specialises in delivering financial services, through blockchain solutions, to people who cannot afford formal banking services.
Using CrossPay, workers can store their identities on mobile devices and transact via a private blockchain platform for goods or services within the dormitory.
Merchants can then settle these payments through Maybank with the dormitory operator.
The initial trial, conducted by dormitory operator TS Group, is targeted for Q4 2017 in a supermarket at the dormitory. There are plans to extend it to other merchants.
TS Group also aims to trial the app in its 2,000-worker dormitory in Mandai.
Roy Lai, chief executive of InfoCorp, said that current cashless payment solutions are designed for customers who have online banking access and mobile wallets.
"These solutions are not suitable for migrant workers as many of them have no experience with banking services. Introducing CrossPay to migrant workers therefore makes sense as it is a solution that specifically caters to their needs," he said.
Amos Ong, head of global banking at Maybank Singapore, said that they were looking forward to providing fintech solutions to migrant workers in Singapore.
"We see the potential to work with InfoCorp on serving those with little access to conventional banking services," he said.