TranSwap Launches E-Remittance Service for Foreign Domestic Workers

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), which is easy and fast for fuss-free customer onboarding. There is also a simple step by step video user guide to guide the employers. The process of opening a free new account takes less than 5 minutes. 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 account. This is crucial especially during Covid-19 where many cash pick-up points’ services are not only disrupted but are also expensive.

 

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.”

 

He added, “There is no need to go out and join long queues. Our fees start from $2.50, compared to $12 or more that are charged by physical remittance agents. Furthermore, FDWs and their employers are able to remit money from the comfort and safety of their home, without having to travel to these agents.”

 

To sign-up for TranSwap’s e-remittance service, kindly visit www.transwap.com.

SHARE THIS STORY

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

RELATED POSTS

Elon Musk Buy Next

What Is Elon Musk Going to Buy Next?

There are moments in our lives—perhaps we are in the shower or struggling to sleep at 2 A.M.—when we think about all the ways we could influence the world. We find solutions to crypto volatility, world hunger and our neighbor’s ultra-dry plants.

5 Technologies

5 Technologies That Are on Stage in Russia’s Invasion of Ukraine So Far

On February 21, 2022, Vladimir Putin, President of the Russian Federation, declared the independence of the Donetsk People’s Republic and Luhansk People’s Republic. Arousing international outcry, this ignited the ultimate invasion of Russia on Ukraine three days later. While Ukrainians are still defying Putin’s covetous ambitions, new technologies have been floating on the surface to take advantage of each other.

Technology Joy Ghose

Technology Pioneers – Interview With Joy Ghose of FreeD Group

Over the past 15 years, the Chief Commercial Officer (CCO) of FreeD Group Limited, Joy Ghose, has accumulated plenty of experience in the travel and technology industry. Before joining FreeD Group, Ghose was involved in sales, marketing and management roles at companies like Merlin Entertainments and The Hong Kong Tourism Board.

Creamy Mattes and Beyond Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

To Creamy Mattes and Beyond: Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

While researching for our piece on personal color analysis, I came across the LIPSKIT, a custom lipstick-making tool created by GoPlay Cosmetics. GoPlay Cosmetics is a DIY (do-it-yourself) make-up brand that is looking to prioritize sustainability in the make-up industry without compromising the variety of your lipstick collection.

Ledger vs Trezor

Ledger vs Trezor: Where Should You Store Your Crypto Holdings?

As lucrative as the cryptocurrency world is, it comes with a high risk of losing your crypto because of hacks. To make sure that your crypto holdings stay safe with you, you must carefully choose effective storage solutions for them. One of the ways to keep your crypto secure is by holding it in a hardware wallet.