Singapore has seen an increase in the number of foreign workers. Individuals from all over Asia and other parts of the world stream into this island-state to satisfy the local demand for labour. In 2016, foreign workers transferred over 50 million Singaporean dollars to their families in their home countries.
However, traditional financial institutions are hesitant to serve many of the foreign workers, and this has forced them to turn to the black market money transfer services. This is an opportunity you can exploit and provide money transfer services to these foreign workers and Singaporeans.
Here are strategies you can use to market your legal money transfer service in Singapore.
Agents
As at Q4, there were 1,393,000 foreign workers in Singapore according to the Ministry of Manpower. Some of these workers have to wait for hours or days before successfully sending their money home. Hire agents of different nationalities, and contract them to market your money transfer services to the foreign workers. Singapore tops the list with the highest smartphone penetration in the world and you ought to undertake digital marketing initiatives such as SEO, SMM, as well as SEM, to ensure that they can see your services from the comfort of their homes or workplace.
Employers
The employers of these foreign workers are at a disadvantage when their employees spend hours queuing to transfer money. Get in touch with the Singapore National Employers Federation and give a presentation on how effective it will be for them. They can use your service for paying salaries, and the employees can use your service to send money home. You will have reduced the time it takes to do the transactions. Create a smartphone app to make it easier for executing the services.
Employee Unions
Various unions and NGOs work for the welfare of the foreign workers such as the Foreign Domestic Worker Association for Social Support and Training (FAST) that can help you in marketing your services. Sit with the leaders of such associations and they can entice their members to use your money transfer services.
In conclusion, many of the individuals looking to transfer money will use the nearest and most affordable service in their location. Incorporate local SEO strategies such as printing and distributing fliers and posters in high traffic areas. Combine this with the above tactics and your money transfer services business will scale up in at least three months. MediaOne helps money transfer companies to market their services online by providing quality SEO services. Call us today at (65) 6789 9852.
