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The News Lens
Date: 2018/11/21
By: International Community Radio Taipei (ICRT)
Photo Credit:dabing626@Flickr CC BY 2.0
The Financial Supervisory Commission said Tuesday that it is studying the feasibility of allowing migrant workers to use convenience stores to remit money back home.
According to commission Chairman Wellington Koo (顧立雄), his office is considering the idea of non-financial institutes serving as channels for cash remittances under the current regulatory sandbox mechanism.
Lawmakers enacted the Financial Regulatory Sandbox in April. It provides a legal space for financial technology firms and financial institutions to test innovative products and services.
Koo said remittances made through convenience stores by migrant workers would be limited to small amounts and they will have to designate recipients for the remittances, such as family members, with an eye to sidestepping money laundering concerns. [FULL STORY]
