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.
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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
PRecious Communications for MyRent
+65 6303 0567
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