SINGAPORE, 06 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), 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.