eRemit Singapore, a digital remittance service platform backed by Merchantrade Asia and QALA Tech, announced that it has partnered with Hong Leong Assurance Singapore (HLAS) to offer a new insurance scheme for migrant workers in Singapore.
The eRemit Singapore’s Salary Protector Scheme, underwritten by HLAS, is specially designed to meet the unique coverage needs of migrant workers in Singapore.
This scheme covers up to 12 times their monthly salary with a maximum cap of S$12,000.
It covers on- and off-work hours for the majority of occupations and provides critical financial support in the event of accidental death and permanent disability.
The scheme is provided free to all eRemit Singapore customers who have made a successful remittance transaction through its digital platform.
Additionally, eRemit Singapore is also expanding its remittance services to a business audience, particularly small- and medium-sized enterprises (SMEs).
Its new international business remittance platform supports faster and more flexible business transfers to six countries within the Asia-Pacific region, facilitating seamless, safe and secure cross-border payments.
“We are proud to work with HLAS to bring this Salary Protector Scheme to life, and we hope this will give migrant workers some peace of mind in ensuring that they and their families are provided for.
In May this year, we waived our service fee to all 13 countries so that workers who use our service can send more money to their families, and we hope to continue supporting them with our debut entry in the insurtech space.”
said Srihari Sikhakollu, Chief Executive Officer of eRemit Singapore.
“Everyone deserves to be covered regardless of where they come from or what they do, especially in these challenging times. It is innovative to add this service to our extensive portfolio of insurance packages.
eRemit Singapore’s extensive fintech experience and wide adoption among the migrant worker community makes them an excellent partner to ensure that our insurance is accessible to them and addresses their needs,”
said Kelvin Lim, CEO of HLAS.
