Innovating HR Tech Through Collaborations |
Protecting Migrant Workers Earnings
Migration is an
expression of the human aspiration for dignity, safety, and a better future.
Faced with limited job prospects, an ever-increasing number of workers migrate
abroad in search of work. In Malaysia, migrant workers are aplenty, but are often
excluded from the traditional banking sector, as they may not meet the
requirements for a bank account.
In early March,
Instapay Technologies reached out to us to launch their collaborative platform
and system with Mastercard, as a financial inclusion tool for migrant workers.
We edited company collaterals and curated new materials for Instapay. At the
beginning of July, Instapay’s partnership was officially launched, and this
received considerable media coverage, especially from financial and fintech
portals.
Instapay Technologies
collaborated with Mastercard to launch their e-wallet accounts with a linked
debit card and remittance services. Using the Instapay Account/s (Instapay
e-wallet), employers can pay salaries directly to their migrant workers with
wage digitisation benefitting both employee and employer in terms of security,
efficiency, and traceability.
By encouraging and
enabling greater financial inclusion, Instapay enables workers to access useful
and affordable products and services to meet their needs, all delivered in a
responsible way. Instapay offers a Mastercard branded debit card to help with
online and face-to-face transactions.
The all-in-one
Instapay application moves the migrant workers’ payroll to their account,
enabling them to store and transact conveniently using the debit card. The key
offering of the account is the Instapay Salary account, which ensures workers’
salaries are paid regularly. Instapay’s low cross-border remittance fees also
make transactions easier for the workers when sending money home. The customer
service team works closely with the migrant workers to ensure their onboarding
process runs smoothly.
The launch of the
Instapay’s innovative HR Tech comes at a time where there is heightened concern
about migrant workers receiving their full remuneration, and concerns
surrounding how they can remit portions of their salary. With the introduction
of an ‘e-wages system’, the Ministry of Human Resources is considering how to
implement a Social Security Organisation (SOCSO) contribution for foreign
workers in Malaysia, post-Covid-19. The introduction of a reliable e-wages
system will help to ensure that employers do not take advantage of workers.
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