InfoCorp Technologies and Maybank Singapore have signed an MOU to provide financial inclusion to the unbanked in Singapore and the wider ASEAN region.

Under this MOU, the first project to be launched will be InfoCorp's CrossPay, a blockchain-based mobile delivery tool for inclusive banking services, for 16,800 migrant workers residing at Tuas View Dormitory. This solution will facilitate convenient cashless payments between the workers and merchants operating within the multi-purpose dormitory.

The solution will enable migrant workers to store their identities on their mobile devices and make payments via a private blockchain platform for goods and services within the dormitory compound. It will reduce the need for workers to withdraw or use cash on a daily basis, thereby reducing the risk of loss or theft.

Merchants will be able to settle the payments from the workers through Maybank with the dormitory operator. Benefits for merchants include more efficient cashless method of payment, with a lower risk of cash loss due to human error or theft.

"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," said Roy Lai, CEO of InfoCorp.

Maybank will be an integral player supporting this cashless ecosystem, starting with opening bank accounts for the dormitory operator and the businesses within the compound. Dormitory operator TS Group will conduct a pilot trial of the solution in the supermarket at Tuas View Dormitory. TS Group aims to then expand the trial to other merchants in the compound at the end of Q4 2017. It is also in talks with InfoCorp to trial CrossPay in its other dormitory in Mandai, which houses 2,000 workers.

"We are excited to be a part of this innovative project to provide FinTech solutions to migrant workers in Singapore, as they are a relatively unbanked customer segment. With our broad business footprint in all 10 ASEAN countries, we see the potential to work with InfoCorp on serving those with little access to conventional banking services," said Amos Ong, Head, Global Banking, Maybank Singapore.

The Phase 2 of the project is targeted for 2018. In this phase, Maybank plans to work with InfoCorp and other remittance partners on a cost-effective remittance solution that migrant workers can use to send money home to their families.