MyRent, Singapore’s Leading On-Demand Item Rental Marketplace To Increase Lender Protection Guarantee; Doubles Down On User Security

Singapore, 6 November 2019 – MyRent, one of Singapore’s first peer-to-peer on-demand item rental marketplaces, today announces that it will increase its Lender Protection Guarantee limit, with renters being covered five times more if items are mishandled or stolen. The enhanced Lender Protection Guarantee will be rolled out from the end of this year until Q1 2020. This means that users on the platform will be covered up to S$5,000 for Singapore residents, and up to S$1,000 for foreigners.
Ishwar Dhanuka, CEO and Co-Founder of MyRent, said: “Our goal is to build an on-demand rental platform for people to monetize their possessions, and connect to the on-demand economy. The GoPro you need for vacation is sitting idle on someone’s desk.”
“Building a platform to make renting both safe and simple and fostering a community of trust has always been a goal at MyRent. Increasing Lender Protection Guarantee reaffirms MyRent’s commitment to putting users first by providing a safe rental platform, and also lets users put up high value items worry-free, and we are proud of what we have achieved!”
To further enhance user security, MyRent also announces the launch of fraud prevention services through partnerships with Persona, a best-in-class identity verification and fraud prevention platform, and Dyneti, a market-leading card scanning company. These partnerships are formed as part of MyRent’s mandate of building a community of trust to make renting safe and simple in Southeast Asia.
The partnership with Persona and Dyneti serves to protect MyRent users against fraudulent activities across all critical touchpoints in the customer journey, from identity verification during sign up, to authenticating transactions when items are rented out. Persona uses proprietary technology to securely store and verify personal information such as phone numbers and government-issued IDs to ensure users who rent out their items via the site, and people who rent items from the site, are who they say they are before they are allowed to conduct any transactions on the MyRent platform.
Recognising that payments are a hotbed for potential e-Commerce fraud, MyRent has partnered with Dyneti to ensure that transactions made are non-fraudulent. Users are asked to take a picture of their credit or debit card, at which point Dyneti verifies that the card is real and not fraudulent. Through these fraud detection tools, both existing and new users can transact safely and securely on MyRent.
“In an increasingly complex e-Commerce world, both trust and security are critical to maintain a healthy marketplace. This is why we’ve taken steps to safeguard MyRent by partnering with Persona and Dyneti, and are confident that these new security measures will help us keep more scams at bay.
According to a study jointly published by Temasek, Google, and Bain & Company, the internet economy in Southeast Asia has reached US$100 billion, which has tripled in size over the past four years. In less than five years, the figure is expected to increase to US$300 billion. Customers’ expectations are also evolving as the Internet economy continues to transform the region. A report on Fraud Management by Cybersource found that mobile-related frauds and account takeover are two main challenges that businesses face in the e-Commerce industry.
MyRent was founded to address a shift in consumer behaviour, with an increasing number of people opting to rent items and engage in a sharing economy — rather than purchasing products for their own use. Since its official launch in May this year, MyRent has almost 1,500 active listings on its site, and close to 15,000 downloads on the MyRent dedicated mobile app to date.
Alongside the developments of constantly improving its platform, MyRent is also looking to make its peer-to-peer rental platform available in more markets, with Malaysia and Taiwan launches in the pipeline for 2020. It is also exploring merchant partnerships to help traditional brick-and-mortar stores rent out unused inventory, and ecosystem partnerships (insurance, logistics sector), and is looking into the possibility of adding a delivery option in the future.
– END –
About MyRent
MyRent is Singapore’s first peer-to-peer on-demand rental marketplace. We uniquely allow consumers in Singapore to rent items including photography and sporting equipment to seasonal apparel and video games. At MyRent, we believe in owning experiences, not things.
The GoPro you need for vacation is sitting idle on someone else’s desk. Amazing adventures shouldn’t come with a hefty price tag. We aspire to make them affordable by building a digital marketplace to connect individuals and make renting safe and simple.
For more information visit www.myrent.sg
Media Contact
PRecious Communications for MyRent
[email protected]
+65 6303 0567

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Workplace

The Power of Introverts at the Workplace

Psychologist Carl Jung describes introverts as people whose interests are directed inwards and towards their own thoughts or feelings. They typically struggle to adjust to social settings and are perceived as being reserved. Thus, at a workplace, the introvert might come across as a quiet or unsociable person and end up unnoticed, no matter how big their contributions might be.

Cryptocurrency without the Risk

The Benefits of Cryptocurrency without the Risk: Stablecoins

As of October, Tether, the largest stablecoin in the world, is the fifth largest cryptocurrency in the world. As of October 18, Tether has a market capitalization of over US$69 billion. However, to make sense of this development, let’s break down what a stablecoin is, and then look at the various kinds of stablecoins and what the future holds for them.

TikTok Takes the Crypto Plunge into NFTs

TikTok Takes the Crypto Plunge into NFTs

The NFT craze does not seem to be going away anytime soon. The global hype around immutable digital assets has only gone up as TikTok hops on the bandwagon, allowing fans to “own a moment that broke the internet”.

Top Five Data Breaches By Tech Giants In Recent Years

Top Five Data Breaches By Tech Giants In Recent Years

From Facebook to Adobe, we often hear about data breaches in the news. In today’s digital world, data breaches can affect hundreds of millions of users simultaneously. By definition, a data breach means an incident in which secure or private data is released intentionally or unintentionally into an untrusted environment.

How Can You Launch an Air Taxi Startup

What Is an Air Taxi and How Can You Launch an Air Taxi Startup?

It’s finally happening. Flying cars—a concept we saw in Harry Potter and the Chamber of Secrets and Back to the Future—are becoming a reality. While many people might scoff at the idea of flying cars—“What’s next? Teleportation? Pfft”—investors are all about taking the chance. So much so that they have set aside US$4.3 billion to meet the requirements.