MiM launches in Singapore

MiM, the first digital wallet focusing on Overseas Workers in the Domestic sector in Singapore, to go live in November.

Singapore is the emerging powerhouse of FinTech ranging from various products and services that will cater to the users’ every need and want and by focusing on different target markets. According to YouGov, about one in six Singaporean households hires a Foreign Domestic Worker (FDW) which has significantly increased since 1990 which only has a ratio of one in thirteen households then and due to this increase, the FDW population is now at 255,800 in 2019 coming from countries across Asia including Bangladesh, Cambodia, Hong Kong, India, Indonesia, Macau, Malaysia, Myanmar, Philippines, South Korea, Sri Lanka, Taiwan, and Thailand.

What is MiM and why are they trying to change the game?

MiM is a digital wallet specialized to focus on the blue collared overseas workers. MiM stands for Moolah in Motion which is a straightforward branding that means that its users keep the money rolling as these domestic helpers and construction workers work hard to sustain their family’s needs and wants. This is a very special target niche, and the purpose is to provide services that will improve the lives of its users. It aims to focus on a segment that has so much potential but at the same time, a segment that is usually forgotten and neglected. With the increase of various platforms, there is still no platform focusing on them and their development. Like any other user, they too deserve the best and that is why MiM is here to change the game by focusing on them in providing not only their needs and wants but at the same time by providing them tools to improve their lives and their families back home by releasing phase-wise features.

MiM will be starting with a digital wallet that offers a remittance feature equipped with the best foreign exchange rates, and as well as a MiM Mastercard that they can use to shop in stores or online and use it on-the-go on buses and MRTs. With the ever-changing payments system, MiM is providing a Mastercard to make use for purchases. The platform steps up its game to provide this to a special niche as this niche are not issued any EMV-enabled cards in Singapore.

Why the Foreign Domestic Workers as a target niche?

The real question is, why not? Foreign Domestic Workers are considered as of the modern-day heroes, with families getting busier with school and work, the help of a FDW is greatly appreciated. Their day-to-day tasks are comprised of cleaning the house, cooking the food, washing the dishes, doing the laundry, and taking care of the children. For FDWs worldwide, some of them are living their best life as some employers treat their helpers as part of the family while some are not that lucky enough as some faces domestic violence. This segment is often neglected and through this platform, MiM will continuously offer the best services and best rates to improve the lives of these workers.

"No limits, just endless possibilities"

MiM’s tagline works both ways – for the brand and its users. The MiM platform will continuously release features in the future creating endless possibilities for users and at the same time, no one can stop these domestic helpers and construction workers in reaching their dreams and making them come true and MiM will serve as a tool in making sure that there is a platform focusing on endless possibilities that will surely improve the lives of these workers.