This is an impressive outcome, made possible only by commitment, enthusiasm and exceptional cooperation that has been shown by the project team and all our partners who are here today throughout these last two years. I am well aware of the numerous logistical and communication challenges that had to be overcome by the team and the industry, and the persistence that it took to break long-held perceptions before we were able to build momentum in our outreach efforts to deliver these results. So let me on behalf of Bank Negara Malaysia, join Faris in extending my congratulations to all who contributed to this important initiative. We are especially grateful to the World Bank for working with us to bring the Greenback Project to Johor Bahru – the first champion city in Asia, and for providing technical support in the project’s design and implementation strategies. It goes without saying that we could not have done this without the exceptional support of Yang Berhormat Datuk Bandar and your team at Majlis Bandaraya Johor Bahru. The city of Johor Bahru has been an exemplary host for the first Greenback Project in Malaysia. Johor Bahru can be proud of serving as a role model for promoting transparent, efficient and affordable remittance services that are contributing to more inclusive financial services for all individuals and businesses.
Increasing this share can lower costs associated with cash handling for both businesses and the economy, creating a virtuous cycle for affordable remittance services. Project Greenback Kota Kinabalu As one chapter comes to an end, another begins. In continuation of our efforts to encourage ongoing positive developments in the remittance market, Bank Negara Malaysia and the World Bank are pleased to take the Project Greenback partnership to Malaysia’s second remittance champion city – the city of Kota Kinabalu. On behalf of Bank Negara Malaysia let me thank Y Bhg. Datuk Juanis Solidau for his presence here today to mark the handover, and to Dewan Bandaraya Kota Kinabalu for agreeing to host the project. We are very excited about the prospect of bringing the project to Kota Kinabalu, which will offer the opportunity to apply successful lessons from Johor Bahru, and also new and different experiences to build on. This will include a focus on supporting e-remittances given the large number of migrant workers staying in remote areas. Conclusion As the Chinese philosopher Lao Tzu famously said “A journey of a thousand miles begins with a single step.” We are extremely grateful to the city of Johor Bahru for enabling us to take the first step in this Greenback experience. We now look forward to the next step on this journey which 3/4  BIS central bankers' speeches  will take us to Kota Kinabalu.