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FINANCIAL SERVICES | Staff Reporter, Singapore

Maybank, InfoCorp ink deal on financial inclusion projects

The first project is a blockchain app for migrant workers.

InfoCorp Technologies (InfoCorp) signed a Memorandum of Agreement (MOU) with Maybank Singapore for partnerships geared towards financial inclusion in Singapore and the ASEAN.

According to a press release, the first project will be InfoCorp's CrossPay mobile application for 16,800 migrant workers in the Tuas View Dormitory.

The blockchain-based application will facilitate cashless payments within the dormitory.

Migrant workers will be able to store their identities on their mobile devices.

Meanwhile, merchants will be able to settle payments through Maybank with the dormitory operator.

InfoCorp chief executive officer Roy Lai said, "Although there are different cashless payment solutions in Singapore, they are designed for more sophisticated bank customers with online banking access and mobile wallet apps. 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."

Maybank will open bank accounts for the dormitory operator and the businesses within the compound.

The bank will also work on a remittance product for the migrant workers.

The trial stage of the product will start from a supermarket then expand to other merchants by the end of 4Q2017.

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