EMQ, a leading cross-border settlement network in Asia, announced that it has been approved by the Financial Supervisory Commission (FSC) of Taiwan on its application to offer cross-border remittance services for migrant workers in Taiwan. As the first fintech startup to be accepted into the Taiwans Regulatory Sandbox, EMQ will within the FSC prescribed timeline, provide a more convenient and lower cost remittance services for migrant workers sending money home to Vietnam, Indonesia, and the Philippines.
Remittances provide a lifeline for millions of households in developing countries with US$528 billion remittances sent in 2018, according to the World Bank. Migrant workers in Taiwan have facilitated over US$3 billion outbound remittances in 2018, according to the Central Bank of the Republic of China (Taiwan), said Max Liu, co-founder and CEO of EMQ. We are excited to be part of the Regulatory Sandbox program and we look forward to making financial services more accessible and inclusive to the hard-working migrant worker community in Taiwan.
Powered by EMQ’s extensive network, our service will significantly simplify the remittance process by allowing migrant workers in Taiwan to send money via smart phone anywhere and enjoy a full range of pay-out options including instant cash pickup, bank deposits to the partnered banks, deposit into a mobile wallet, or home delivery of cash to support their families back home compared to the existing remittance channels in Taiwan. This would provide a convenient and seamless money transfer experience, while helping to drive greater financial inclusion across Vietnam, Indonesia and the Philippines.
Mr. Liu added, 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.
EMQ currently has footprints in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines, with expansion underway across key business markets worldwide spanning Asia, Europe, North America and the Middle East. EMQ currently holds remittance licenses in Hong Kong, Singapore and Indonesia.
EMQ is a leading cross-border settlement network in Asia, providing secure and affordable money transfer options for businesses and individuals. With our assets anchored in Asia, EMQ has established an extensive network that provides immediate access to thousands of distribution points across the world½. For more information, www.emq.com
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