Lanka ORIX Finance PLC this week 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," the company statement to the media said.
Under this, 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.
Also 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, it said.
"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," Brindley de Zylva, Managing Director/CEO of Lanka ORIX Finance PLC, according to the statement.