POSB opens 41,000 accounts for migrant workers

This follows the advisory from the Manpower Ministry to pay salaries electronically.

Post Office Savings Bank (POSB) recorded about 41,000 bank accounts opened for migrant workers in April, according to an announcement. This is compared to the usual monthly sign-ups of 11,000 to 13,000.

The rise was attributable to the advisory from the Manpower Ministry for employers of foreign workers living in dormitories to pay salaries electronically.

POSB said about 500,000 migrant workers have opened accounts with the bank and aims to rope the remaining 250,000 by the end of the year.

In 2017, POSB rolled out an app called POSB Jolly, which allows workers to perform digital banking, including checking account balance, remitting salaries, and paying bills. The app comes in five languages, which includes English, Bahasa Indonesia, Bengali, Chinese, and Tamil.