KUALA LUMPUR: Malaysia’s Money Services Business (MSB) industry is expected to grow by 10% to RM130.35 billion this year, up from RM118.5 billion in 2016, mainly lifted by growth in the wholesale currency business.
Malaysian Association of Money Services Business (MAMSB) president Ramasamy Veeran said the wholesale currency business is expected to increase by 40% to RM15 billion.
He was speaking at a press conference in conjunction with the Third Money Services Business Asia Pacific Conference 2017 (MAPC 2017) today.
Ramasamy said the money changing segment is also expected to advance by 10% to nearly RM80 billion this year from RM73.5 billion in 2016 and mainly supported by Malaysia’s improving tourism sector.
However, on the remittance segment, he anticipates it to fall by 7% to RM32 billion from the RM34.4 billion recorded previously. – Bernama
Source: The Sun Daily