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According to 4wayvoice, the general migrant workers in Taiwan remit money to their families in their hometowns regularly. However, due to language barriers and complicated banking procedures, many migrant workers choose to remit money through channels such as Southeast Asian stores. Therefore, in order to provide a safe and convenient exchange & remittance channel for migrant workers, the Taiwan government opened non-electronic payment institutions for migrant workers to apply for the small number of cross-border remittances. And the "Welldone Company" (統振公司) became the first company in Taiwan to be approved by the Financial Supervisory Commission R.O.C. (FSC) for providing cross-border remittance services.
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The general migrant workers in Taiwan remit money to their family in hometowns regularly. (Photo / Retrieved from Pixabay)
The FSC stated that migrant workers may face risks such as loss of money and embezzlement of their property through underground channels for cross-border remittances. The exchange rate mechanism is not transparent, and they may suffer losses if they are not careful. Recently, "Welldone Company" applied to the FSC to operate cross-border small-value remittance services for migrant workers. After a meeting with the Central Bank of the Republic of China, the application was passed, and the company became the first in Taiwan to be permitted to handle migrant workers' remittance services.
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Remind migrant workers to make cross-border remittances through legal channels. (Photo / Retrieved from Pixabay)
This time, the FSC approved the "Welldone Company" to operate cross-border small-value remittance services for migrant workers to the Philippines, Indonesia, and Vietnam. The services provided allow legal migrant workers in Taiwan to remit their wages to their own families. The company will also guide migrant workers to remit money through legal channels to achieve the purpose of inclusive financing.
