Remittance outlets struggle to attract domestic workers
Date
11/14/2018 2:39:03 AM
(MENAFN- Asia Times)
A Singapore shopping mall which has more than a dozen remittance outlets has seen competition heating up to attract Indonesian domestic workers who regularly send money home.
The Shin Min Daily News recently reported that a 68-year-old man had been lingering outside City Plaza every Sunday and offering unlicensed moneylending services to foreign domestic workers, primarily Indonesians.
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Reporters investigated and found a total of 14 remittance shops inside the mall. Eight outlets were on the first floor, three of which had been open for less than six months.
An employee who wished to remain anonymous told a reporter that the remittance market had become saturated with too much competition, prompting outlets to use various tactics such as offering discounts, promotions or lucky draws to retain or attract customers.
A 41-year-old Indonesian woman who has worked in Singapore for nine years told a reporter that she only used remittance services to send money home and never considered borrowing because of the high interest rates charged. She said if she needed money, she would ask her employer for her salary in advance.
Another Indonesian worker, 38, said she would seek help from compatriots or her employer, instead of taking out a loan, even if it was limited to legal moneylenders.
Read: Man arrested for allegedly handing out illegal loans
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