Data harvesting from Malaysia’s remittance business is vital in order to push the segment even further, according to Bank Negara deputy governor Jessica Chew Cheng Lian.
Chew in her keynote address at the Global Forum on Remittances, Investment and Development 2018 (GFRID18) said dynamic growth in remittances over the past decade has been in Asia, which receives 55 per cent of all flows, with remittances equal over 20 per cent of gross domestic product (GDP).
“It is encouraging that effort are being taken to ensure the availability of official global data sources on remittance flows, yet challenges remain in ensuring that the data is both complete and comparable,” she said.
Members of the Max Money Fintech team attended sessions in the Global Forum for Remittance, Investment, and Development on the 8th of May 2018, and one of the sessions was titled “Remittance market in Asia-Pacific: Trends and Future Outlook”. The discussion had members of Worldremit, MoneyGram, Instarem, and Western Union as panellists, and they had diverse viewpoints in terms of the future of remittance.
Among the interesting things brought up by the panellists was how remittance providers can cut cost even within the traditional model, without the need for blockchain. There are various such opportunities in place within a business, it only depends on providers on whether they are willing to tweak certain aspects of the business to bring down cost for consumers. One remittance provider even managed to reduce service fees down to less than 1%! Another point the team found interesting is the opinion that the remittance industry may start incorporating the use of blockchain, if the business model proves sustainable.
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