BankBazaar Singapore – February 26, 2018
Singapore: The Migrant Workers’ Centre and POSB has created a new MWC-POSB Membership programme to offer significant benefits targeted especially at migrant workers in Singapore. The programme was announced by Chan Chun Sing, the NTUC Secretary-General, at a partners’ breakfast.
This membership programme is a unique initiative that brings together commercial merchants and different lifestyle to offer benefits to migrant workers in Singapore. People who are members of this programme will be able to save on services they use daily, like transfer of funds, mobile data, and travel. Almost 200,000 migrant workers in Singapore could possibly benefit through this programme.
The programme will be based on the current Work Pass Application system. This system allows employers the opportunity to open savings accounts for their migrant labours. POSB is the only home-grown bank that offers this service as part of the Work Pass Application system. The tactical partnership with POSB will reinforce MWC’s push for compulsory electronic payment of salary for migrant labours.
Under this membership programme, migrant labourers will get the following benefits:
The partnership with oBike will help members to process their bicycle-sharing accounts online and relish discounts and seasonal offers.
All members of this programme will get a POSB ATM card that will also work as a NETS 2.0 transit-enabled card. The online banking services offered by the POSB jolly App, with a newly-enhanced transfer of funds capability allows migrant workers to remit money back home.
All members will get seasonal package offers and discounts on airfares from partaking travel agencies as an additional benefit when they plan their leave.
MWC has also provided the services of remittance players to migrant labourers to boost the membership’s remittance proposition and offer other benefits. Through these partnerships, members will get a host of attractive and cheap remittance options to cater to their inclinations when they need to send money home.
With this partnership, members will also get prepaid offers from StarHub Mobile and stay connected with their friends, family and co-workers at a reasonable cost. These offers consist of talk time bonuses, data, top-up and limited product and service bundles available only to MWC-POSB members.
MWC and POSB are trying to provide migrant labourers access to rudimentary electronic banking services. By offering them mobile banking services, the labourers will be able to protect their money while having access to it. This will allow them to, remotely find out if their wages have been credited or not.