Malayan Banking Bhd. - Singapore Branch and Infocorp Technologies, a Singapore-based fintech company, signed a memorandum of understanding to provide services to unbanked people in Singapore and Asia-Pacific, The Business Times reported Oct. 4.
As part of the agreement, Infocorp launched CrossPay, a mobile application for 16,800 workers living in a dormitory in the city-state. The CrossPay application will facilitate cashless payments between the workers and merchants operating within the dormitory.
Singapore Maybank is a unit of Malayan Banking Bhd.