“Some people, especially young travellers, prefer cashless transactions over ewallets. That’s not really affecting our busine NBA直播 ss because ewallets have transaction limits.
“Services like QR code and DuitNow are already available, and at the same time we have members who have introduced innovative products such as mobile remittance, multi-currency card, ewallet or the online currency booking platform.
PETALING JAYA: The days of people queueing up to exchange cash at money changers before travelling abroad may be coming to an end soon.
“I believe the joint efforts of all stakeholders will bring a better MSB business ecosystem in our country soon,” he said.
“This has been more prominent since three to four years ago as people were leaning more towards cashless transactions,” he said in an interview.
The role of MAMSB as the industry body had been pivotal, as it continued to engage with banks on critical issues like bank de-risking such as forced closure of MSB players’ bank accounts and managing illegal MSB operators, Jajakhan added.
Datuk Seri Jajakhan Kader Gani, president of the Malaysian Association of Money Services Business (MAMSB), said the remittance industry would not want to be left behind in the digital transformation, and it was responding accordingly.
Many who have opted for cashless payments over cash often cite convenience and safety as some of their reasons for switching.
“Others are keen to collaborate with emoney players.
He said the money remittance industry, wh 英超直播 ich was not spared by the Covid-19 pandemic, was making a remarkable recovery.
But local money changers are also joining the cashless revolution.
“Most of our foreign customers are over 30 years old,” he added.
MAMSB, said 英超 Jajakhan, was also bringing in experts to engage their members and help them to prepare for the inevitable digital evolution in the national MSB landscape.
“When Covid-19 hit us, we expected our business to be affected by more than 50%, but now, with the trajectory for recovery being implemented with the support of Bank Negara, I can say we have already recovered by more than 50%,” he said.
As money service business (MSB) operators, they were positioning not just towards sustainability but also to be in a competitive market so that in the next few years, once the transformation was in full progress, they would be ready to be onboard, he said.
“We are leveraging technology and collaborating with suitable partners, as we also need to embrace digitalisation to meet the demands of our customers, like for Grab,” he said.
On its website, Bank Negara Malaysia has a list of 29 MSBs that were given licences as of March this year to provide digital services (online and mobile app).
The rise of ewallets, QR code payment and cashless transactions means that more and more tourists, including Malaysians, are now using either their mobile phones or cards to pay for their purchases and expenses.
“This is indeed a significant recovery and is ongoing for the entire industry.”
This is especially so after the Covid-19 pandemic and with the introduction of mobile payment apps such as DuitNow, Touch ‘N Go, AliPay, Google Pay and Apple Pay.
A manager at a money changer company, known only as Saiful, said business had been affected by about 25%.
“Not everyone has the capacity to invest, of course, but some of the bigger companies are investing and venturing into the digital ecosystem.
“Services like QR code and DuitNow are already available, and at the same time we have members who have introduced innovative products such as mobile remittance, multi-currency card, ewallet or the online currency booking platform.
PETALING JAYA: The days of people queueing up to exchange cash at money changers before travelling abroad may be coming to an end soon.
“I believe the joint efforts of all stakeholders will bring a better MSB business ecosystem in our country soon,” he said.
“This has been more prominent since three to four years ago as people were leaning more towards cashless transactions,” he said in an interview.
The role of MAMSB as the industry body had been pivotal, as it continued to engage with banks on critical issues like bank de-risking such as forced closure of MSB players’ bank accounts and managing illegal MSB operators, Jajakhan added.
Datuk Seri Jajakhan Kader Gani, president of the Malaysian Association of Money Services Business (MAMSB), said the remittance industry would not want to be left behind in the digital transformation, and it was responding accordingly.
Many who have opted for cashless payments over cash often cite convenience and safety as some of their reasons for switching.
“Others are keen to collaborate with emoney players.
He said the money remittance industry, wh 英超直播 ich was not spared by the Covid-19 pandemic, was making a remarkable recovery.
But local money changers are also joining the cashless revolution.
“Most of our foreign customers are over 30 years old,” he added.
MAMSB, said 英超 Jajakhan, was also bringing in experts to engage their members and help them to prepare for the inevitable digital evolution in the national MSB landscape.
“When Covid-19 hit us, we expected our business to be affected by more than 50%, but now, with the trajectory for recovery being implemented with the support of Bank Negara, I can say we have already recovered by more than 50%,” he said.
As money service business (MSB) operators, they were positioning not just towards sustainability but also to be in a competitive market so that in the next few years, once the transformation was in full progress, they would be ready to be onboard, he said.
“We are leveraging technology and collaborating with suitable partners, as we also need to embrace digitalisation to meet the demands of our customers, like for Grab,” he said.
On its website, Bank Negara Malaysia has a list of 29 MSBs that were given licences as of March this year to provide digital services (online and mobile app).
The rise of ewallets, QR code payment and cashless transactions means that more and more tourists, including Malaysians, are now using either their mobile phones or cards to pay for their purchases and expenses.
“This is indeed a significant recovery and is ongoing for the entire industry.”
This is especially so after the Covid-19 pandemic and with the introduction of mobile payment apps such as DuitNow, Touch ‘N Go, AliPay, Google Pay and Apple Pay.
A manager at a money changer company, known only as Saiful, said business had been affected by about 25%.
“Not everyone has the capacity to invest, of course, but some of the bigger companies are investing and venturing into the digital ecosystem.