Fintech start-up Remsea is working with migrant workers and their employers to remit salaries from the payroll, saving them the need to stand in line on their days off for remittance services.
Under this initiative that started last month, workers agree to have a portion of their salaries sent back to their home countries, and provide information on their beneficiaries. Workers are informed once the transaction is completed.
Remittance fees are currently waived, and Remsea plans to waive fees for at least the next three months. Fees typically range from $8 to $15 per transaction.
So far, about 50 migrant workers from one construction company have joined the initiative, Remsea’s general manager Bernard Lim said.
Remsea is also working with the National Trades Union Congress’ Centre for Domestic Employees and non-governmental organisations such as the Migrant Workers’ Centre to get more workers on board.
The two-year-old firm is licensed by the Monetary Authority of Singapore to provide cross-border money transfer services and has an outlet at Boon Lay MRT station.
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Source: The Straits Times, 8 June 2020