According to the Malaysian Employers Federation (MEF), foreign workers make up 10.11% of the total labour force of 16.8 million. The recent health crisis pandemic has greatly impacted foreign workers.Manual wage payments and movement restrictions have prevented foreign workers from receiving their salaries in a timely manner.

This comes at a crucial period as private sector employers are currently facing a shortage of foreign workers caused by travel restrictions, which has also prevented companies from quickly recovering from the Covid-19 fallout.

Challenges

Since it is mandatory for salaries of foreign workers to be credited into an account or a licensed finance company, employers have faced both minor and major challenges, such as incurring additional costs from issuing cheques. Some foreign workers may find it difficult to open a bank account in Malaysia because they do not meet minimum financial requirements.

Past government regulations arising from the pandemic such as the Movement Control Order have also made it more difficult for foreign workers to easily deposit their monthly cheques or transfer money to their family and loved ones. From social distancing rules and health quarantines to inter-district travel bans, such travel restrictions can greatly slow down payment of wages to foreign workers.

Solution

1) Seamless Salary Delivery

As a Visa Ready Certified fintech partner for BIN sponsorship, Kiplepay has the advantage of issuingVisa prepaid cards to companies. Employers can load employee wages or salaries into the card. This form of digital salary disbursement and cost efficient for employers but also offers assurance to foreign workers that their salary payments are delivered securely without delay, giving them peace of mind.

2) Control and Track Fund Disbursement

Kiple also provides a white-label Wallet-as-a-Service (WaaS) solution, allowing companies to not only provide custom features to benefit their employees but also control and track fund disbursement. The prepaid card can be linked to kiple e-Wallet, enabling additional digital services such as e-remittance, mobile reloads, and bill payments.

3) Ready Access to Visa’s 70 million Merchants Worldwide

Another added benefit of the prepaid card: instant access to millions of merchants in over 200 countries for spending, as well as ATMs in Malaysia and worldwide. For migrant workers without access to banking services, the prepaid card allows them to enjoy online purchases through cashless payments.

4) Faster Speed to Market

Kiple’s white-label WaaS solution also allows companies to quickly offer their own co-branded e-wallet, prepaid card, and digital platforms from as fast as up to 4 months. This accelerates the go to market speed by 5x, compared to the typical lead time of 24 months.

Green Packet’s mission is to ensure every human must thrive with life-improving digital innovations. We do this by building an all-inclusive digital ecosystem to serve undeserved segments and communities.With KiplePay Visa Prepaid Card, employers now have an easy, convenient way to seamlessly pay employees and foreign workers.

Learn more about www.greenpacket.com/fintech-solutions/prepaid-cards

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