Taiwan’s newly formed fintech regulatory sandbox has approved EMQ a cross border remittance startup as its first participant.
As the first fintech startup to be accepted into the Taiwan’s Regulatory Sandbox, EMQ will within the Financial Supervisory Commission 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
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.
Featured image credit: Unsplash
