Fintech start-up Remsea is working with migrant staff and their employers to remit salaries from the payroll, which might save them the necessity to stand in line on their days off for remittance companies.
Beneath this initiative that began final month, staff conform to have a portion of their salaries despatched again to their dwelling nations, and supply info on their beneficiaries. Employees are knowledgeable as soon as the transaction is accomplished.
Remittance charges are at present waived, and Remsea plans to waive charges for at the very least the subsequent three months. Charges usually vary from $eight to $15 per transaction.
Up to now, about 50 migrant staff from one development firm have joined the initiative, Remsea’s common supervisor Bernard Lim instructed The Straits Occasions.
Remsea can also be working with the Nationwide Trades Union Congress’ Centre for Home Workers and non-governmental organisations such because the Migrant Employees’ Centre to get extra staff on board.
Mr Lim stated: “Having the remittance performed digitally means staff do not must spend time queueing on their days off. They’ll relaxation on these days. It additionally makes it simpler for them to stick to protected distancing measures, with many staff residing in dorms.”
The 2-year-old agency is licensed by the Financial Authority of Singapore to supply cross-border cash switch companies and has an outlet at Boon Lay MRT station.
“We glance in direction of extending this collaboration past the Covid-19 circuit breaker interval. In spite of everything, our goal is to convey remittance to our prospects whereas guaranteeing comfort, aggressive charges and safety,” stated Mr Lim.
Mr Fakir Kudrot Ali, 31, a Bangladeshi development employee who sends $500 to his spouse each month, stated he was grateful for the initiative. “It permits us steady entry to remittance companies so my spouse was capable of obtain funds in time for Eid Mubarak,” he stated.