SINGAPORE, Sept. 19, 2023 /PRNewswire/ -- This is the story of Zhongguo Remittance (ZGR), a venture initiated by Mr. Ng Chun Lin, a visionary who understood the power of compassion in a world defined by transactions. Today, second-generation owner Jed Huang Guanhua recounts the events leading to his family's entry into the money transfer trade, and how their journey began.
At the end of the Qing Dynasty (清朝), Mr. Ng's grandfather embarked on a voyage to Singapore in pursuit of a better life. Stranded in a foreign land at the tender age of 14 and separated from his family in China, he grappled with the challenges of remitting money back home. His recourse lay in informal channels, reliant on ships ferrying goods to China, with no knowledge of when his family would receive the money. This practice, used by migrant workers from China, continued well into the 1980s, when shops along Bras Basah Road started to provide money transfer services between Singapore and China. Despite these efforts, Chinese workers faced unpredictable transfer durations and exchange rates, creating uncertainty for their families.
The late 1990s saw the Asian Financial Crisis impacting various sectors. Amidst this, remittances remained crucial, yet there was an evident problem - the lack of licensed channels for remitting money to China in Singapore. Migrant workers had to visit a local Bank of China branch, where they often had to spend an entire day to complete their remittance transactions. Mr. Ng, who was in the construction industry, witnessed his workers' struggles and saw an opportunity to reshape lives. He sought to find an avenue to ensure that his workers' earnings would safely and swiftly reach their families. Determined to provide a solution, he then embarked on a journey that would redefine remittances.
Mr. Ng applied for a license from the Monetary Authority of Singapore (MAS), laying the foundation for the birth of ZGR. Overcoming scepticisms, he secured the license, with ZGR becoming a lifeline rooted in empathy. This understanding saw a commitment to extending business hours to suit workers' schedules, ensuring their needs were met without compromise. As the company's reach expanded, its mission remained unchanged – to offer a personalised service that spoke to the hearts of those entrusting their hard-earned money for the betterment of their families.
ZGR faced trust issues initially, prevalent in non-bank remittance companies. Working with the guidelines provided by the Commercial Affairs Department (CAD) of the Singapore Police Force, ZGR helped educate the public on how to identify scams and thus reinforced its integrity, gained recognition, and thus slowly solidified its reputation.
ZGR then became the first remittance company in Singapore to provide money transfer services from Singapore to China[1]. Over the years, ZGR expanded its reach - establishing remittance corridors in over 200 countries. Their expertise in money transfers now extends to Malaysia, Hong Kong S.A.R., the Taiwan region, Indonesia, the US, and other parts of the world. The company's professional and efficient remittance consultancy team ensure secure and seamless transactions, earning them a reputation as a top player in the industry.
For the past two decades, Jed's father worked tirelessly to enhance ZGR's services, forging partnerships with overseas centres and integrating cutting-edge technologies. As wireless money transfers became the norm, he ensured the company stayed ahead of the curve, providing customers with the latest information and the most cost-effective ways to send money internationally. As he approached retirement, he entrusted the future of ZGR to his son, Jed. At just 30 years old, Jed took the reins with determination and a vision to continue his family's legacy. With his father's guidance and an innovative mindset, Jed sought to embrace new technologies and find even more efficient ways to serve their customers.
ZGR sets itself apart from other similar businesses by offering comprehensive support throughout the remittance process. From providing application and exchange rate information to offering progress tracking and forex market trend insights, the company's commitment to personalised service is deeply rooted in its values, embodied by the characters 长 (cháng), symbolising growth and longevity, and 诚 (chéng), representing integrity and sincerity.
Zhongguo Remittance is also a member of the Official Cooperation Institution of UnionPay International in Singapore[2]. ZGR received this distinction after the Hong Kong Shanghai Bank Corporation (HSBC), further solidifying its position as a trusted and reliable partner for individuals and businesses.
"We are proud to have served the Singapore community for over 20 years, building strong relationships and trust among our customers," says Jed Huang Guanhua, CEO of Zhongguo Remittance. "Our mission goes beyond just providing remittance services; we strive to make a meaningful difference in the lives of individuals and contribute to the well-being of the community. Our commitment to personalised service and customer satisfaction remains unwavering."
As part of their focus on making remittance easy and hassle-free for all, registering an account with ZGR is a quick and straightforward process, allowing customers to begin transferring funds swiftly and efficiently. ZGR provides the convenience of instant money transfers, allowing funds to reach intended recipients promptly. Adapting to the evolving landscape of the international money transfer market, ZGR also offers online and mobile payment solutions. The company provides efficient and cost-effective services anytime, anywhere - emphasising speed, safety, and security in every transaction.
Today, Zhongguo Remittance stands as a testament to the unwavering commitment of the Huang family. Their journey from humble beginnings to a global powerhouse is a story of perseverance, trust-building, and dedication to helping others. As ZGR continues to thrive, it remains a beacon of hope for workers and families, ensuring that their hard-earned money reaches its rightful destination with speed and peace of mind.
For more information on Zhongguo Remittance, visit www.zhongguoremittance.com/en/home/
[2] Source: Union Pay International Cross Border Remittance |
