Parlo launches biometric workforce management platform for Myanmar migrants
Parlo Bhd has launched a biometric digital ID platform for migrant workers from Myanmar across South East Asia, reports The Edge Markets. This platform will aim to service 360,000 employees by next year, though Parlo hopes for it to expand to the estimated 10 million Myanmar workers worldwide.
Though a specialist in corporate and travel services, the Malaysian company saw its potential in responding to the issues that foreign migrant workers face when connecting with employers, as a result of the pandemic. To accomplish this, Parlo partnered with Myanmar-based Diamond Palace Group in a 30 year concession to assist Myanmar labour migrants in workforce management services.
The digital platform incorporating both software and hardware, will make employment related administration efficient and convenient via a mobile device. A worker’s personal and biometric information will be collated to manage enrolment and registration, including digital travel arrangements, money transfers to family and assistance services all in one place.
A cashless e-wallet is in the works while future fintech solutions for financial management will include a place for bill payments, legal assistance and remittances. Already the share price has risen 450% between August and November this year, with the expected projection of 420 million RM (approximately US$102 million) by the end of 2021.
Parlo plans to raise US$6.3 million via a private placement to fund its new migrant workforce-related services business, and to repay bank borrowings.
Parlo hopes to see an increased demand as borders open after COVID restrictions are gradually waived.
Digital financial solutions key for global financial recovery
Last week the International Monetary Fund (IMF) praised worldwide development of digital solutions, a COVID response initiative as being crucial in global economic recovery.
Since the pandemic began, technological solutions have embraced developing countries in particular, answering demand when normal life became impossible. Suddenly people’s needs were placed at the center of online systems and services, and being financially and digitally literate became a citizen’s biggest asset.
Across the world, innovative responses highlighted the importance of financial inclusion.
For example, Kenya raised the threshold of low value transactions, leading to an attraction of 1.6 million more customers. China has rolled out ‘contactless loans’, while India released a ‘coronavirus insurance policy’ to protect employees. These are all aiding in post-covid financial recovery, yet the IMF stresses that developers need to ensure security and data privacy especially for new users of technology who could be susceptible to cyber attacks.