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).
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.