Remittance experiments extended: FSCBANKING SERVICES: The FSC raised remittance limits for two firms and approved Mega International Commercial Bank’s application to open a sub-branch in Phnom PenhBy Kao Shih-ching and Crystal Hsu / Staff reportersEMQ Taiwan (易安聯) and Welldone Co (統振) can extend their remittance services for migrant workers from April 30 to Oct 29, the Financial Supervisory Commission (FSC) said on Thursday. The firms, which were permitted to conduct the experiment as part of the commission’s regulatory sandbox, began their remittance services in May last year. Their experiments allow workers from Vietnam, the Philippines, Thailand and Indonesia to send money home and without having to pay the high fees conventional banks charge for remittance services. Financial Supervisory Commission Chairman Wellington Koo speaks to lawmakers at the legislature in Taipei on Dec. 16 last year. Japanese supermarket operator Aeon Co is to build a mall in Phnom Penh, where several Taiwanese companies have a presence, and more are likely to follow suit, creating opportunities for the new sub-branch, Mega Bank said.

Source: Taipei Times May 10, 2020 15:56 UTC