The Money Changers Association (Spore) sent a delegation to visit the Malaysian Association of Money Services Businesses (MAMSB).
The official meeting took place on the 20th Feb 2017 at the MAMSB office in Kuala Lumpur.
The delegation from Singapore included 6 key officers and 5 committee members making it a total of 11 delegates. They left Singapore to Kuala Lumpur on the 19th Feb 2017 for the meeting the next day.
The members from Singapore received a very warm and professional welcome by their Malaysian counterparts. The President of the MAMSB gave an introductory speech about the Association and the current stringent regulations in Malaysia. The CEO of the MAMSB then took over and gave a very detailed presentation on the running of the Association.
Both sides discussed on the challenges in the money services businesses in general and the recommendations that could be adopted by the industry in moving forward. Other topics in highlight were
1. Engaging with the regulator
2. Education for members and the general consumers
3. Compliance to AML-CFT
4. Formulating effective strategies to achieve the objectives of the Association
5. Moving forward into the Fintech era
6. Handling media
7. Educating and benchmarking customer service in the industry
8. Uniting the members
A sumptuous buffet was also prepared by the Malaysian side for the Singapore visitors. The meeting concluded with suggestions on how the two Association can collaborate with each other.
The trip was certainly an eye opener for all the Singapore delegates in attendance and they were really impressed on how MAMSB was being managed. A debriefing for the trip will be arranged and the committee is hoping to implement some of the successful strategies undertaken by the MAMSB.
In addition the trip proved to be a positive sign as it further strengthened the bonding and understanding of the committee members.
Pictures of the trip are uploaded to the Events section.