MAMSB EX­PECTS 5PC GROWTH THIS YEAR

As­so­ci­a­tion bank­ing on for­eign tourist ar­rivals, lo­cals trav­el­ling abroad

New Straits Times - - Business -

JOHN GILBERT

KUALA LUMPUR john.gilbert@nst.com.my

THE Malaysian As­so­ci­a­tion of Money Ser­vices Busi­ness (MAMSB) is ex­pect­ing a five per cent ex­pan­sion in the do­mes­tic money ser­vices busi­ness this year, in line with the coun­try’s gross do­mes­tic prod­uct (GDP) growth.

MAMSB data showed that money ser­vices busi­ness in the coun­try posted a 14.62 per cent in­crease last year to RM118.4 bil­lion, com­pared with RM103.3 bil­lion in 2015.

Pres­i­dent Ra­masamy K. Veeran said de­pend­ing on the for­eign tourist ar­rivals in the coun­try as well as lo­cals go­ing abroad, the num­bers would rise.

“De­spite the challenges ahead, we ex­pect to see some pos­i­tive growth in num­bers this year,” he said on the side­lines of the MAMSB’s din­ner, here, on Satur­day.

Ra­masamy said MAMSB’s key fo­cus for this year was to con­tinue its ef­forts to re­spond to a chang­ing state of play in the fi­nan­cial ser­vices world.

“The rapidly chang­ing in­dus­try and land­scape places a big re­spon­si­bil­ity on the as­so­ci­a­tion to pre­pare our mem­bers for the fu­ture and to en­sure that the in­dus­try was fit and well-equipped to face a more chal­leng­ing fu­ture.

“Our key thrusts for this year include tal­ent de­vel­op­ment, ac­cred­i­ta­tion of in­dus­try staff, im­prov­ing cus­tomer ser­vice, con­tin­u­ing ef­forts on cus­tomer ed­u­ca­tion and aware­ness, shap­ing pub­lic per­cep­tion and lay­ing the foun­da­tion for mak­ing our mark re­gion­ally,” he said in his open­ing re­mark.

MAMSB had en­gaged Frost & Sul­li­van, a global re­search and con­sult­ing firm, to carry out a sur­vey on the money ser­vices busi­ness in the coun­try to en­sure in­tegrity and in­de­pen­dence of the find­ings, as well as al­low global recog­nised stan­dards to be ap­plied as the bench­mark.

About 124 mem­ber firms par­tic­i­pated.

The sur­vey was car­ried out with over 3,000 face-to-face cus­tomer in­ter­views to find out their ex­pe­ri­ence upon the com­ple­tion of their trans­ac­tion.

Malaysian As­so­ci­a­tion of Money Ser­vices Busi­ness pres­i­dent Ra­masamy K. Veeran (right) with chief ex­ec­u­tive officer Shalini Pavithran.

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