2/3  BIS central bankers' speeches  I am also very happy to note the Association’s launch of the MSB App this evening —- which will provide consumers with convenient access to price comparisons, locations of MSB companies, customer reviews, and avenues to lodge complaints and report illegal MSB activities. This App reflects an increasingly digitalised society and business environment where demands for greater transparency, convenience and consumer engagement have become the norm. The MSB App is a great example of how financial technology, or fintech, is changing how customers 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.
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.