KUALA LUMPUR: 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.