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HomePERSPECTIVEThe fight against illegal remittances with the High Commission of Sri Lanka...

The fight against illegal remittances with the High Commission of Sri Lanka in Singapore

SINGAPORE, March 2, 2022 / PRNewswire – Ample Transfers, a leader in personal & corporate cross-border money transfers, has partnered with the High Commission of Sri Lanka in Singapore to provide safe and regulated remittances to Sri Lanka at $0 fees.

This 3-month initiative pilots Ample Transfers’ efforts to partner migrant countries’ government bodies in Singapore, progressing their mission to not only combat illegal remittances and money laundering but to also cater for financial inclusion for the unbanked and underbanked migrants working in Singapore.

In December 2021, Sri Lanka’s top central bank officials reported that remittances had declined over the past 6 months and saw a USD$300 million decrease in November alone. Concerns grew that the significant drop in foreign cash inflow could have been a result of informal remittance channels and money laundering. Officials warned that bank accounts of those who distributed or received money through illegal channels, whether knowingly or unknowingly, would be frozen.

Having served the Sri Lankan migrant community for over 20 years in Singapore and understanding that these remittances are lifelines for the communities back home, Ample Transfers has decided to take action by joining forces with The High Commission of Sri Lanka in Singapore. Their unified aim is to encourage the Sri Lankan migrant community to send money home to their loved ones through safe and regulated channels, thereby reducing the reliance on unregulated channels which negatively impact their economy and foreign currency reserves.

Chang Qing Yuan, Head of Partnerships at Ample Transfers, shares: “There are approximately 15,000 Sri Lankan migrant domestic workers and migrant workers in Singapore; We want to do our part by providing financial inclusion through our safe and secure ecosystem of money services, helping them send money back to their loved ones with peace of mind. They can make use of this special $0 fee till the end of March at any of our 4 retail outlets island wide or via our AmpleSend Online service.

Ample Transfers is a cross-border payment services leader that has been providing safe, reliable money-transfer and money-changing services to a wide demographic of international customers in Singapore since 1998. We have established a strong presence in the South-East Asian, South Asian and China corridors. We support and care for our customers and the communities they help support with their remittances.

For more information, visit the Ample Transfers website, Facebook or LinkedIn.

Source: Ample Transfers Pte. Ltd.

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