Limit on migrant worker remittances to be raised: FSC

Taipei, July 17 (CNA) The Financial Supervisory Commission (FSC) is planning to raise the amount overseas foreign workers can remit out of Taiwan annually, likely starting in the fourth quarter of 2024, FSC Banking Bureau Deputy Director Tung Cheng-chang (童政彰) said Tuesday.

At present, migrant workers can remit up to NT$400,000 (US$12,267) out of Taiwan every year, but that will increase to NT$500,000 a year once the FSC revises provisions in the "Regulations Governing Small Amount Remittance Services for Foreign Migrant Workers," Tung said.

The FSC said the move to increase the annual remittance limit, which could benefit over 700,000 migrant workers in Taiwan, is due to the increased earnings of those workers.

Changes to the remittance limit clause and other provisions in the remittance regulations have to be posted for 60 days to allow for public feedback.

After the review period and additional time needed for administrative procedures, the FSC expects the revised regulations to take effect in the fourth quarter. They do not have to pass a vote by the Legislative Yuan.

Among other provisions being revised are those related to requirements for institutions that handle the remittances of migrant workers.

One would require all companies handling small amount remittances to have paid-in capital or operating funds in Taiwan of no less than NT$100 million, whereas in the past only institutions exclusively engaged in this business were subject to the NT$100 million threshold.

There are currently four institutions approved by the FSC to process small amount remittances for migrant workers -- Digital Idea Multi-Media Co., Ltd., Welldone Company, Eastern Union Interactive Corp., and May-God Human Resource.

All are non-exclusive operators (they operate other businesses along with handling remittances) but have paid-in capital exceeding NT$100 million and therefore will not be affected by the revised regulation, Tung said.

In addition, the FSC plans to require that companies involved in this business have responsible persons with experience in banking, electronic payment institutions, financial technology, or employment services.

According to Tung, the responsible persons of the four currently approved institutions meet this requirement.