Recently, "Digital Idea Multi-Media Co., Ltd." received a license from the Financial Supervisory Commission, R.O.C. (FSC) to run a foreign small-amount remittance company for foreign migrant workers. The firm has made history in Taiwan by being the third operator to be granted an FSC license to manage a foreign small-amount remittance business for foreign migrant workers.
The third small-amount cross-border remittance institution is given approval by FSC to offer convenient transfers to Vietnam and Indonesia.Photo reproduced from Pixabay
The Financial Supervisory Commission's regulations state that each foreign migrant worker's remittance amount cannot exceed the equivalent of NT$30,000 per transaction when a foreign migrant worker remittance agency handles small-amount foreign exchange business for foreign migrant workers. The total monthly remittance cannot be more than the equivalent of NT$50,000. The total amount of remittances made each year is limited at NT$400,000. A non-bank or non-electronic payment institution should compile the necessary paperwork and request for authorization from the FSC if it plans to run a foreign small-amount remittance business for foreign migrant workers.
Digital Idea Multi-Media Co., Ltd., the third operator in Taiwan to receive the Financial Supervisory Commission license to run a foreign small-amount remittance company for foreign migrant workers has passed the Financial Supervisory Commission audit. It will eventually be able to provide migrant workers from Vietnam and Indonesia with services to send the funds back to their country.
In this regard, FSC hopes that the operator will implement a number of mechanisms, such as a system for verifying the identities of foreign migrant workers and a safeguard for remittance payments, in accordance with applicable laws. Additionally, FSC hopes that these mechanisms will help foreign migrant workers handle remittance through legal channels using practical remittance methods.
The Financial Supervisory Commission (FSC) further emphasized that migrant workers manage remittances through legitimate businesses that it has authorized. They can access to help through the evaluation center in the event of a disagreement, and their rights and interests are safeguarded.
