FSC protects the rights of migrant workers receiving small-amount remittance services

To ensure the rights and interests of migrant workers are protected in Taiwan, the remittance companies established in accordance with the “The Act of Electronic Payment” will be included in the scope of the “Consumer Protection Act”.

Financial Supervisory Commission R.O.C. says that if migrant workers have a financial dispute with the remittance company, one can appeal to the Financial Ombudsman Institution.

In addition, the Welldone Company was approved to operate the services of "cross-border small amount remittances" and it officially started in November. The “Act of Electronic Payment” will take effect from the day as well.

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Welldone Company provides "cross-border small amount remittance" services from November. (Photo / Retrieved from Pixabay)

Due to the high cost of bank remittances, together with migrant workers not being able to visit banks during operating hours,

To meet the needs of these migrants, Welldone Company applied for providing "cross-border small amount remittance" services to meet the needs of migrant workers.

The Financial Supervisory Commission revise the “electronic payment amendment” and “Administrative Measures for migrant workers’ small-amount remittances”, allowing the establishment of remittance companies with lower capital and financial licenses, and that only operates cross-border small-value remittance services for migrant workers.

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Small-amount remittance services will be included in the scope of “Consumer Protection Act”. (Photo / Retrieved from Pixabay)

Financial Supervisory Commission states that when there is a consumption dispute about the goods or services provided by the remittance companies, migrant workers’ rights will be protected under the “Consumer Protection Act”, adding one more channel for migrant workers to appeal when there are grievances.