We are condemning the action by a Senior Officer, Executive director of the Central Bank Nepal, as we believe this was executed on his personal capacity to cover up Himalayan Bank limited on the issuance of fake Bank statements and claiming access money and committed financial fraud and we have proof – he is the proxy to the local Himalayan Bank Ltd Nepal. as His Nephew is holding a senior position in Himalayan Bank. To understand more on this case, please view the chronology document.
KUALA LUMPUR: Max Money Sdn Bhd has denied allegations that the company is involved in fraud and owes Nepal-based Himalayan Bank Ltd some US$4.2 million in transactions.
Chief executive officer Abda Hamid said allegations against the company involving in fraudulent claims by Himalayan Bank is untrue and aimed at tarnishing the company’s reputation as one of the leading remittance company in Malaysia and in Nepal.
He confirmed that Max Money has been barred from conducting remittance business in Nepal by Nepal Rastra Bank, the country’s central bank, since late last month.
“We have made a police report here in August this year and now we will be pursuing legal options against Himalayan Bank for these unsubstantiated allegations,” he told NST Business.
Max Money is suing Himalayan Bank for USD$30 million in damages.
Datuk Nor Shamsiah Mohd Yunus has been confirmed as the new governor of Bank Negara Malaysia. She will replace Tan Sri Muhammad Ibrahim, who resigned from the top job earlier this month. Nor Shamsiah had worked with the central bank for 30 years before she left on Nov 15, 2016.
She takes over from Tan Sri Muhammad Ibrahim on June 15. After leaving Bank Negara, Nor Shamsiah joined the International Monetary Fund (IMF) in April last year where she was based in Washington DC. She was the assistant director of Monetary and Capital Markets Department there.
MaxMoney exhibited at MoneyConf 2018 Dublin, Ireland. We’re bridging the gap between customers and money services business by offering real-time transfers with the best rates. It was a great event with great companies exhibiting. We’ve met people from around the region who has shown interest in money services business and we’ve exchanged knowledge learning from the local authorities as well.
From our observation we do see the European region has a lot of potential for money services business to take off. This is due to high migrant workers that resides in the UK, Belgium and Dublin that needs fast remittance services from various service providers.
GROWTH SECTION : MaxMoney booth at MoneyConf
MoneyConf is organised by the team behind the world’s largest tech conference, Web Summit and will be held at RDS Arena, Dublin June 11-13, 2018.
Over two days, 5,000 attendees from over 60 countries will network and learn from the industry’s leading lights. Expect insightful keynotes, hands-on workshops and incredible evening networking.
Borneo Jazz is one of the longest running Jazz festivals in the region. This will be the 13th year. There will be performances from both regional and international recognised jazz musicians.
At this event, the local schools brass bands will feature as a prelude to the opening act as part of their exposure on the international stage.
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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