1. RAHSIA
1
Money services business regulatory framework supportive of growth and
development of remittance business in Malaysia
• Non-bank remittance service providers, incl. development financial institutions (33)
− Over 2000 access points nationwide via branches and agents
 Allowed to appoint agents , subject to compliance with regulatory
requirements and agent oversight framework
 Allowed to open mobile kiosks or temporary booths at designated locations
where concentration of migrant workers is high
• Banks – Over 2000 branches and agents
Banks (43)
Non-Banks
(33)
• Remittance landscape in Malaysia
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2010 2011 2012 2013 2014
RM'b
Total Outward Remittance
Banks Non-banks
− Malaysia is a sending country for migrant remittance
 Outward remittance grew at an average rate of 24.4% p.a.
between 2011-2014 to USD9.2 b in 2014 (2011: USD4.5 b)
− Strong increase in outward remittances reflected:
 Wider outreach of authorised non-bank remittance channels
 Increased awareness of migrant workers on remittance services
available
− B2B remittance transactions (commenced in 2013)
increased by threefold to USD93 m in 2014
• Total outward remittances remain uptrend under the MSB regulatory regime

2. RAHSIA
PROJECT: GREENBACK 2.0 – Malaysia’s Proposal
• Promote awareness on formal remittance
channels and expand financial inclusion among
target groups
• Improve further market transparency,
competition, and reduce prices for remittance
services
Target groupd:
a)Urban foreign workers
b)Plantation workers
c)SMEs
• Local councils
• Industry players
• The SME corp., SMI Association and banks
• Plantation companies
• Migrant Association and relevant Embassies
• Survey – Market environment and
remittance market behavior
• Awareness programs – Remittance
education workshop, city tour,
business expo and remittance fair
Supporting tools:
Usage of technology/social media
platform, e.g. Pick a remit apps