money laundering and terrorist financing risks in the msb sector has improved significantly in recent years, while acknowledging that there are challenges among smaller companies that we are collaborating together with the industry to address. one of the key steps that we are taking is to provide compliance officers with appropriate training, and then supporting them to be professionally accredited. the msb industry in malaysia is also highly competitive, with among the lowest remittance costs in comparison with other markets. i know that this has been an issue of some concern among some players in the industry as margins have continued to narrow. as in any other industry, an environment of healthy competition that delivers more choice, provides better service and encourages innovation, generally benefits society. tonight ’ s awards are a good example of msb companies that have stepped up to deliver an outstanding customer experience in order to attract and retain customers. many strategic partnerships between companies in the industry have also been formed over the 1 / 3 bis central bankers'speeches years in response to greater competition. this has unlocked value for the companies by opening up new business opportunities and increasing cost efficiencies. throughout history, whether in an organisation, an industry or a nation, progress and development have always been achieved through a process of creative destruction, adjustment and evolution. the industry will continue to transform and evolve, and in the process, it become more efficient and advanced in delivering superior products and services to the public. bank negara malaysia remains committed to ensuring that the market for money services continues to function efficiently and sustainably in the best interests of consumers, and a competitive market is an important part of this process. the industry ’ s remarkable development has not gone unnoticed. more than a few countries have been interested to study and learn from malaysia ’ s experience. this prompted bank negara malaysia to document the industry ’ s transformation in a box article that we published in our latest edition of the financial stability and payment systems report. today, the industry stands among the more developed money services markets in the world and our msb companies have a good reputation that will open doors for growth opportunities both within and outside malaysia. the industry ’ s credibility has also avoided the negative impact from de - risking strategies by banks that have been experienced in other countries. we should not forget however that good reputations are hard to earn, and easily lost. so while we have come a long way, a number of priorities must continue to stay in clear focus for the industry to progress further. let me just mention three of these

experience financial services. the possibilities are almost boundless as we are discovering through bank negara malaysia ’ s recently launched “ fintech hacks ”. this is a project where we are inviting the public to submit ideas to improve financial services. let me mention some of the suggestions we have received in the area of money services. allow tourists to exchange their unused foreign currencies for e - money that can be used to make purchases at any airport merchant worldwide. develop a peer - to - peer currency exchange app that will allow travellers to meet up and exchange currencies. provide an app that will allow individuals to book and pay for foreign currencies using their mobile phones, and have the currencies delivered directly to them. and enable e - kyc for remittances. these represent opportunities for msb companies to innovate and continuously improve on products and services that are meeting the needs of today ’ s consumer. companies can also come forward and test their ideas in bank negara ’ s regulatory sandbox, and we will facilitate a safe environment for companies to develop viable solutions to identified problems. this is the time for msb companies to be forward - looking, not hold on to the past ; to be agile and responsive to change, not slow to evolve ; to be bold and ambitious, not reactive ; and to be secure in strong professional and ethical standards for conducting business, and not exposed to practices that can harm the industry ’ s image and reputation. the bank has every confidence in the industry ’ s ability to grow and develop further from strength to strength, well supported by a dynamic association that has had a key role in driving many of the accomplishments that have brought the industry to this point. on that note, thank you for having me here this evening. congratulations to all the recipients of the customer service excellence awards, and all msb companies that are present here for supporting the important work of the association. on the part of the bank, we look forward to the implementation of the industry ’ s five - year strategic blueprint up to 2020. bank negara malaysia will continue to engage constructively with the association and industry on these initiatives to develop a modern, dynamic and progressive industry. 3 / 3 bis central bankers'speeches