Strong growth recorded in outward remittances
Bank Negara Malaysia’s Financial Stability and Payment Systems Report 2018 recorded 23.3 per cent growth in outward remittances. — Picture by Yusof Mat Isa
“It is estimated that over RM900 million of total remittances recorded were transactions previously conducted through informal channels, compared with an estimated RM500 million in 2017,” it said. The effective use of regulatory technology to conduct eKYC enables remittance service providers to authenticate identity documents and perform facial recognition of customers remotely, with the ultimate aim of achieving outcomes that are comparable or superior to face-to-face procedures.
This was supported mainly by sustained demand for common currencies such as the Singapore dollar, US dollar, Chinese renminbi and regional currencies from both inbound and outbound travellers. Project Greenback 2.0 is an initiative developed by the World Bank aimed at increasing the efficiency and transparency in the remittance market through the use of innovative approaches.
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