{"id":1058,"date":"2020-09-10T00:00:00","date_gmt":"2020-09-10T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-91-mycash-money-works-with-global-ai-powered-identity-verification-company-to\/"},"modified":"2021-07-23T07:41:02","modified_gmt":"2021-07-23T07:41:02","slug":"durians-daily-91-mycash-money-works-with-global-ai-powered-identity-verification-company-to","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=1058","title":{"rendered":"Daily Markup #91: MyCash Money works with global AI-powered identity verification company to\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"493\" data-height=\"533\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1fxT5JU-MwFe72dk4WLAhSw.png\"><\/figure>\n<p><strong>Quick verification<\/strong><\/p>\n<ul>\n<li>MyCash, the 500-backed fintech company designed for migrants in Southeast Asia, has teamed up with Onfido, a global identity verification and authentication company, to provide identity verification to its users.<\/li>\n<li>Through Onfido\u2019s AI-powered verification service, MyCash Money users are able to sign up by taking a photo of their government-issued identity document (ID) with a matching selfie.<\/li>\n<li>Onfido first checks the ID\u2019s authenticity and then matches it to the user\u2019s face. This ensures the person presenting the identity is its legitimate owner and is physically present.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"850\" data-height=\"567\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da9e316f3.jpg\"><figcaption class=\"wp-caption-text\">Credit: MyCash<\/figcaption><\/figure>\n<ul>\n<li>\u201cMyCash Money is a mobile-only remittance service connecting unbanked migrant workers with technology driving true financial inclusion. Through our partnership with Onfido, we are simplifying the KYC process while enabling our users to open an account in just a few quick and easy steps,\u201d said Mehedi Hasan, founder and CEO of MyCash.<\/li>\n<li>To date, MyCash has <a href=\"https:\/\/www.finextra.com\/pressarticle\/83973\/mycash-money-picks-onfido-to-power-remittance-services-with-id-verification\" target=\"_blank\" rel=\"noopener\">facilitated remittance transactions<\/a> amounting to more than S$1.5 million, for over 5,000 migrant workers in Singapore.<\/li>\n<\/ul>\n<p><strong>Rent, worry-free<\/strong><\/p>\n<ul>\n<li>To address concerns of fraudulent tenants in Malaysia, 500-backed property platform Speedhome is launching an insurance package that provides landlords with cashback guarantees when dealing with a tenant that overstays.<\/li>\n<li>Called the Overstay Cash Defender (OCD), landlords who source for tenants through Speedhome and opt-in for the cash guarantee package are protected.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1440\" data-height=\"1080\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da9e90996.jpg\"><figcaption class=\"wp-caption-text\">Credit: Speedhome<\/figcaption><\/figure>\n<ul>\n<li>\u201cSpeedhome will pay the rent to the landlord during the tenant\u2019s overstay period in the house and bear the legal fees for evicting out the bad tenant. In addition, after successfully evicting the tenant, the landlord can also claim their loss for the theft and damage from the insurance company,\u201d said Wong Whei Meng, CEO and founder of Speedhome.<\/li>\n<li>Whei Meng says OCD gives landlords peace of mind and can help to eradicate racial discrimination in the rental market.<\/li>\n<li>\u201cMalaysia often sees racial discrimination in the rental market. It may be due to bad experiences in the past, many homeowners have their own ethnic preferences during the process of choosing tenants. Rent discrimination should not continue to occur in Malaysia,\u201d Whei Meng added.<\/li>\n<li>Speedhome offers a detailed explanation of OCD in this <a href=\"https:\/\/www.youtube.com\/watch?v=NOr7r1TNFMw&amp;ab_channel=SPEEDHOME\" target=\"_blank\" rel=\"noopener\">video<\/a>.<\/li>\n<\/ul>\n<p><strong>Drone tech lands in Mexico<\/strong><\/p>\n<ul>\n<li>500-backed drone tech company Aerodyne\u2019s US outpost is partnering with Mexico\u2019s leading renewable energy provider, Ecopulse, to utilize drone tech for the management of clean energy assets in the country.<\/li>\n<li>\u201cMexico is an important piece of the puzzle for us to solidify, consolidate, and accelerate our market position in North America.<\/li>\n<li>With the country targeting 30% renewable energy generation by 2021, and 35% by 2024, joining forces with a renewables major made absolute business sense,\u201d Kamarul A Muhamed, founder and Group CEO, Aerodyne Group said of the partnership.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"960\" data-height=\"500\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da9f36e9d.jpg\"><figcaption class=\"wp-caption-text\">Credit: eMAG<\/figcaption><\/figure>\n<ul>\n<li>Founded in 2012, Ecopulse specializes in providing, managing, and supporting renewable energy solutions.<\/li>\n<li>To date, the company has installed more than 150,000 solar panels throughout Mexico.<\/li>\n<li>The Ecopulse partnership is the latest in Aerodyne\u2019s aggressive expansion plans. In <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-68-aerodyne-works-with-leading-uk-port-operator-for-drone-solutions-engplugs-a2452fae035d\" target=\"_blank\" rel=\"noopener\">July<\/a>, the company announced a collaboration with Associated British Ports (ABP), a leading port owner and operator in the UK.<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da9f815b6.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.<\/p>\n<hr>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick verification MyCash, the 500-backed fintech company designed for migrants in Southeast Asia, has teamed up with Onfido, a global identity verification and authentication company, to provide identity verification to its users. Through Onfido\u2019s AI-powered verification service, MyCash Money users are able to sign up by taking a photo of their government-issued identity document (ID) [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[334,426,449],"class_list":["post-1058","post","type-post","status-publish","format-standard","hentry","category-daily","tag-aerodyne","tag-mycash","tag-speedhome"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #91: MyCash Money works with global AI-powered identity verification company to\u2026 - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=1058\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #91: MyCash Money works with global AI-powered identity verification company to\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"Quick verification MyCash, the 500-backed fintech company designed for migrants in Southeast Asia, has teamed up with Onfido, a global identity verification and authentication company, to provide identity verification to its users. 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