The Financial Supervisory Commission is reviewing an application to experiment with the nation’s regulatory sandbox to provide an international transfer service for foreign workers in Taiwan, commission Chairman Wellington Koo (顧立雄) said yesterday.
The commission in September announced that the experiment would be conducted by KGI Bank (凱基銀行) and Chunghwa Telecom Co (中華電信) to create a microcredit service based on telecom payment records.
Three non-financial firms have also filed applications to join the experiment and the commission has asked them to submit additional documents for review, and would decide whether to approve the applications by the end of this year, Koo told reporters.
The service seeks to enable foreign workers to conduct international monetary transactions at convenience stores, he said.
They can only do so through brokerage companies, Koo said.
“When foreign workers are off from work, usually on weekends, banks are also closed. As a result, they cannot use financial services,” he said, adding that the experiment seeks to overcome the inconvenience.
The service, if approved, would be available only to foreign workers, Koo said.
The workers would be required to state the name of the recipient and their relation as a measure against money laundering, he said.
“The commission is considering if the risk can be reduced when foreign workers repatriate their salary to their family or friends in their home countries,” Koo said, adding that the transfer amounts in the experiment would be small.
If the service gains approval and turns out to be successful, the commission would consider issuing a new kind of financial license for the services, he said.
In related news, Koo said that penalties for money laundering would be increased from NT$10 million (US$323,562) to NT$50 million when amendments to the Banking Act (銀行法) takes effect.
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