SINGAPORE - Media OutReach - 6 May 2020 - TranSwap, a home-grown cross-border
payments platform for businesses, today announced that it has launched an e-remittance service,
for employers of foreign domestic workers (FDWs) to digitally send money back
to their FDW's families during Circuit Breaker. The launch comes at a time when
it has been challenging for FDWs to access remittance services to send money
home and support their families. The home-grown FinTech start-up provides
services mainly for SMEs and businesses, but they are now stepping up to help
FDWs affected by the circuit breaker measures with their remittance woes.
With just a few clicks on TranSwap's digital platform,
employers will be able to transfer money on behalf of their FDWs in their local
currency (mainly Rupiah, Pesos, Kyat, Rupee) seamlessly and conveniently while
staying safe at home. It takes less than 5 minutes to send the money, and
remittance can be tracked in real-time with end-to-end status updates. This
will allow the employers to send the money on behalf of foreign workers upon
the worker's request.
The cross-border payments company has also set out
to provide Non-Face-To-Face (NFF) Transactions which includes having e-KYC to
onboard customers. Unlike traditional remittance agents which rely on
face-to-face KYC and compliance, TranSwap boasts an electronic know-your-customer (e-KYC). There is also a
simple step by step video user guide to guide the employers. For FDWs, the user
guide is available in English, Indonesian, Tagalog, Burmese, Hindi and Tamil.
By tapping on TranSwap's remittance service,
employers will have the flexibility of choosing between paying to a bank
account or to a digital wallet,
where the latter option is more commonly used by FDW's families as some of them
may not have bank accounts. The mobile wallet option brings further benefits to
FDWs as their families can withdraw cash through ATMs without having a bank
Mr Benjamin Wong, CEO and co-founder of TranSwap
said, "With the
circuit breaker measures in place, we want to contribute to the society by
providing our payment solution to affected foreign domestic workers. During these trying times, we
are glad to step up to offer a safer, cheaper and more convenient online
remittance service. In this way, FDWs can continue to remit money to their
families who may rely on their money."
To sign-up for TranSwap's e-remittance service,
kindly visit www.transwap.com.