TranSwap rolls out e-remittance for foreign domestic workers

Wednesday 6 May 2020 14:40 CET | News

Singapore-based fintech TranSwap has launched an e-remittance service for foreign domestic workers (FDWs) to digitally send money back home 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. Employers will be able to transfer money on behalf of their FDWs in their local currency, and the transaction 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 also provides Non-Face-To-Face (NFF) Transactions which includes having e-KYC to onboard customers. Employers can choose between paying to a bank account or to a digital wallet, the latter option being more commonly used by FDWs’ families as some of them may not have bank accounts. Furthermore, the mobile wallet option assists said families to withdraw cash through ATMs without having a bank account.

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Keywords: TranSwap, e-remittance, foreign domestic workers, FDW, circuit breaker, remittance services, money transfer, cross border payments, NFF transactions, e-KYC, customer onboarding, digital wallet, mobile wallet
Categories: Payments & Commerce
Countries: Singapore
This article is part of category

Payments & Commerce