First in Taiwan! Overseas Remittance by E-Pay Starts in Q4, Migrant Workers' Service to Follow Next Year
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96/100
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100
AI Summary (NQ-processed)
The Financial Supervisory Commission (FSC) announced on the 16th that E-Pay, an electronic payment institution, has become the first to receive approval to operate international small-amount remittance and migrant worker remittance services. E-Pay will launch remittances to Vietnam in Q4 2024, followed by salary remittance services for Filipino, Indonesian, and Vietnamese workers in 2025.
AI Analysis
Frequently Asked Questions
- Q: What's new about E-Pay's international remittance service?
- A: First e-payment remittance license in Taiwan, featuring simplified transfers for migrant workers.
- Q: Who can use the service?
- A: Any individual legally residing in Taiwan with a Class Two E-Pay account.
- Q: Which countries are supported?
- A: Vietnam from Q4 2024; Philippines and Indonesia to follow in 2025.
- Q: How much are the fees?
- A: Not disclosed, but expected to be lower than traditional banks.
- Q: Is the service secure?
- A: Yes, with two-factor authentication, bank account linkage, and strict KYC.