Data harvesting important to growth of remittance business: Bank Negara

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.

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