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Taiwan’s severe labor shortage is bringing many migrant workers to come to the nation. Migrant workers on average remit half of their salaries back to their home countries each month, resulting in massive cross-border flows estimated to exceed NT$100 billion this year. Wu Yu-hsun, a former telecommunications executive, sniffed a business opportunity. He now provides migrant workers remittance services and has already captured more than 40% of the market. Let’s find out more.

Wu Yu-hsun
Cross-border financial services provider
Migrant workers typically send an average of NT$7,000 or NT$8,000 back home each month, or even up to NT$10,000.

Unlike Taiwanese people’s remittance habits, migrant workers usually make frequent remittances in small sums. According to statistics, migrant workers send an average of 50% of their salaries back home every month.

Wu Yu-hsun
Cross-border financial services provider
Thais mainly concentrate remittances during the Songkran Festival. Filipinos and Vietnamese people each have their own festivals, so it’s spread throughout the year in every season. I think the migrant worker remittance business is quite stable.

Currently, there are over 860,000 migrant workers in Taiwan, and cross-border capital flows are estimated to exceed NT$100 billion this year. Wu Yu-hsun, whose career began in the telecommunications industry, sniffed out a business opportunity and launched his own business ten years ago.

Wu Yu-hsun
Cross-border financial services operator
When I went on stage to sing Christmas carols for the migrant workers present and shared the joy with them, I discovered that they are actually quite simple and honest. They just hope that, in addition to working in Taiwan, there are some activities that can satisfy their homesickness or a channel for them to safely send the money they have worked so hard to earn back home.

In order to penetrate the market, Wu tried to look at things from the migrants’ perspective. Currently, his market share exceeds 40%. Given the severe labor shortage in Taiwan, this small-sum remittance services market for migrant workers still has more room for growth in the future.

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#Taiwanworkers #foreign currency #migrantworkers #remittances


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