Lanka ORIX Finance PLC has announced the expansion of its Worker Remittance business when it entered into a landmark partnership with a prominent global money transfer brand – Valutrans SPA. Lanka ORIX Finance has been providing convenient, secure and affordable money transfer channels to Migrant Workers in the Middle East and Europe, through Xpress Money and Money Exchange S.A. – Spain, respectively. The new strategic alliance with Valutrans SPA will enable Sri Lankan Migrant Workers in Italy to access Lanka ORIX Finance’s real-time, low cost, fund transfer channel, whilst receiving many attractive, value added benefits.
Among the amazing benefits offered, migrant workers will receive a generous life insurance cover of Rs 500,000 with the first remittance, and part re-imbursement of air fare to attend the funeral of an immediate family member. The benefits package is extended further with a lump sum payment in the event of loss of employment of the migrant worker, which is a unique offering by a non-bank Licenced Finance Company.
Additionally, a scholarship scheme for children of migrant workers who succeed in the year 5 scholarship examinations is in place, thereby extending the benefits package to their family members. This special scholarship award scheme provides children financial grants to purchase school books and other educational equipment until the time they sit for the GCE (O/L) Examination.
According to this Worker Remittance solution, funds could be remitted not only to accounts maintained with Lanka ORIX Finance, but also to accounts maintained with any other financial institution in Sri Lanka, including Commercial Banks, with no extra cost.
Funds credited to accounts maintained with Lanka ORIX Finance could be withdrawn from its network of 64 branches and savings centers, and from the 500+ Commercial Bank ATM network across the island. The most striking feature of this service is the absence of any receiving end charges, irrespective of whether the accounts are maintained with Lanka ORIX Finance or any other financial institution or bank.
“While assuring real-time crediting of remittances received during business hours to accounts maintained with us, transfers to accounts maintained with other financial institutions and banks will be arranged within a working day. Therefore, their loved ones back home will be able to retrieve the remitted funds at no additional cost. Furthermore, customers will receive benefits which will ensure their safety and security with regard to every aspect of their employment abroad.” said Mr. Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC.
Adding further Mr. de Zylva said, “Safety and Convenience are the key factors of our remittance services. Partnering with Valutrans SPA, Xpress Money and Money Exchange S.A., has given us the required impetus to offer safer and convenient remittance solutions to our global customer base. In addition, this has also given us the opportunity to partner with LOLC Micro Credit Ltd (LOMC) – the Micro Credit arm of the LOLC Group- to offer families of migrant workers Micro Credit Facilities.”
Since opening its doors to Foreign Currency business in 2008, Lanka ORIX Finance has been in the forefront of the worker remittance business in the non-banking sector and has attracted a sizeable amount of foreign exchange to the country. Customers can also retain their earning in Foreign Currency by maintaining Fixed and Savings Accounts such as NRFC and RFC. The Company has the privilege of being the only Licensed Finance Company, authorized by the Central Bank of Sri Lanka, to engage in foreign currency business and to offer Worker Remittance Solutions.