Cross-border settlement network EMQ has secured the green light from Taiwan’s Financial Supervisory Commission (FSC) to launch cross-border money transfer service for migrant workers in the country.

The service will support remittances to Vietnam, Indonesia, and the Philippines. The money transfer can be done through smartphones.

EMQ co-founder and CEO Max Liu said: “Taiwan is one of the most important strategic growth markets for EMQ and the regulatory approval from FSC represents a significant milestone for our operation in Taiwan.

“We look forward to introducing more innovative solutions that will make a difference in the lives of these migrant workers, while supporting Taiwan to be a Fintech hub in the region.”

Among the pay-out options are instant cash pickup, deposit to partnered banks and mobile wallet, and home delivery of cash.

In announcing the service, Liu cited data from the Central Bank of the Republic of China (Taiwan).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The data found Taiwan’s migrant workers enabling over $3bn outbound remittances last year.

EMQ is the first fintech accepted into Taiwan’s regulatory sandbox.

The firm has presence in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines.

It has also embarked on further expansion in Asia, Europe, North America and the Middle East.

At present, EMQ has money transfer licences in Hong Kong, Singapore as well as Indonesia.