For small businesses, a key barrier was a lack of trust in non-bank channels. For migrant workers, going to a formal business premise and submitting to a customer due diligence process was intimidating and discouraged some workers from approaching formal remittance channels. This insight allowed us to focus on new ways of allowing workers to conduct remittance without physically visiting an office, such as through mobile channels. Another solution that proved to be very effective was bringing MSB services to the workplace. As a group and in their own familiar surroundings, we found that workers were more comfortable in dealing with formal MSB companies face-to-face. I am also pleased to inform that as previously announced, the Bank has finalised guidance that will allow money service business companies to conduct e-KYC for on boarding customers. This in turn will facilitate an end-to-end electronic process for performing remittance transactions below specified limits without a customer having to physically visit an MSB office. For small businesses, our outreach programs were opportunities we could use to explain the regulatory framework for MSB companies and avenues for redress, thereby increasing confidence in the use of formal channels. Had we focused only increasing or providing information on access points, we would not have achieved the results that we did. Second, small ideas can make a big difference. As I alluded to earlier, language barriers presented considerable challenges in getting our messages across to migrant communities. To overcome this, the industry identified Greenback “ambassadors”, who were individuals from countries of the migrant communities.
With the experience gained together, we can deliver positive and significant changes that will improve the welfare of individuals and businesses, not just in these two cities but across Malaysia and in countries that are dependent on remittance flows. Thank you. 4/4  BIS central bankers' speeches