eRemit Singapore, a digital financial solutions provider backed by Merchantrade Asia Sdn Bhd and QALA Tech Pte Ltd, has announced that it has partnered with Hong Leong Assurance Singapore (HLAS) to offer a new insurance scheme for migrant workers in Singapore. This marks the company’s entry into the InsurTech space and makes them the first player in the country to provide an insurance package that covers migrant workers during and outside of work for the majority of occupations.
As part of its growth focus, eRemit Singapore is also expanding its remittance services to a business audience, particularly small- and medium-sized enterprises (SMEs). Its new international business remittance platform supports faster and more flexible business transfers to six countries within the Asia-Pacific region, facilitating seamless, safe and secure cross-border payments.
Salary Protector Scheme with Hong Leong Assurance
“Access to healthcare and financial coverage is a basic necessity that should be available to all. We are proud to work with HLAS to bring this Salary Protector Scheme to life, and we hope this will give migrant workers some peace of mind in ensuring that they and their families are provided for,” said Srihari Sikhakollu, Chief Executive Officer of eRemit Singapore. “The pandemic has brought to light the hardships and risks that the migrant worker community face every day. In May this year, we waived our service fee to all 13 countries so that workers who use our service can send more money to their families, and we hope to continue supporting them with our debut entry in the InsurTech space.”
Migrant workers are often the sole or main breadwinners for their family back in their home countries. They must contend with difficult and dangerous jobs, inhospitable living conditions and being far from home, and the COVID-19 pandemic further compounds these issues. In Singapore, migrant workers in the construction and manufacturing sectors suffered the bulk of job losses in 2020 and were at high risk of contracting COVID-19 due to repeated infection clusters in workers’ dormitories.
eRemit Singapore’s Salary Protector Scheme, underwritten by HLAS, is specially designed to meet the unique coverage needs of migrant workers in Singapore. It covers on- and off-work hours for the majority of occupations and provides critical financial support in the event of accidental death and permanent disability. A first of its kind, this scheme is provided free to all eRemit Singapore customers who have made a successful remittance transaction through its digital platform.
“Everyone deserves to be covered regardless of where they come from or what they do, especially in these challenging times. It is innovative to add this service to our extensive portfolio of insurance packages. This salary protector insurance covers up to 12X of their monthly salary with a maximum cap of S$12,000. eRemit Singapore’s extensive FinTech experience and wide adoption among the migrant worker community makes them an excellent partner to ensure that our insurance is accessible to them and addresses their needs,” said Kelvin Lim, CEO of HLAS.
Enhancing international B2B remittance for small businesses
eRemit Singapore is officially launching its B2B international remittance service for payments across Southeast Asia to continue powering business growth for SMEs in the region. Registered businesses in Singapore can now transfer up to SGD250,000 to six countries in the Asia-Pacific region: Malaysia, Indonesia, Philippines, Thailand, Sri Lanka, and Australia.
For this service, eRemit Singapore leverages its innovative technology platform and Merchantrade’s extensive network of partners, banks, agents to ensure quick yet safe cross-border transfers that help businesses seamlessly pay their partners and suppliers.
“With more small businesses now adopting digital transformation and using digital payments, we felt that it was timely to enhance our B2B remittance services now to support their payment needs, improve their financial operations and improve cost savings. In the future, it is highly likely that many businesses will be borderless and thus, so will payments. It is imperative that we start now in helping them evolve to adapt to a digital world as they form the backbone of our economy,” said Srihari.