Industry players need to step up to next level to enhance consumer experience The Project Greenback initiative in Sabah will lay a strong foundation for industry players to take the digitalization agenda to the next level. We must remember that disruptive technologies can radically change the way things are done. The old ways may not work anymore. Consumers are increasingly looking for convenience, speed, and low cost remittance services. Most importantly, they are looking for service providers they can trust. Competition is getting more intense. To illustrate this, let me share with you a CNN article on Amazon Go. Amazon Go is the future of retail shopping. You can walk into the convenience store, grab what you need, and you will receive a message that your credit card is charged for your purchase. The question is, what will be the future of the remittance sector? For the industry players, y o u can re-shape the remittance landscape. Use technology to eliminate the major pain points in remittance, to better understand consumer behavior and needs, and to offer consumers a positive remittance experience from the start. Within the migrant communities, words travel fast. We know that word-of-mouth is the most effective form of marketing. Although I believe that the brick-and-mortar stores are here to stay with digitalization, the savings incurred from not having to pay for overheads can translate to lower remittance costs for consumers. Ultimately, when there is greater use of authorised remittance channels, we can reduce remittances that are transferred through illegal operators.
Conclusion Let me conclude with the words of Nobel Laureate George Bernard Shaw – “Progress is impossible without change, and those who cannot change their minds cannot change anything”. Project Greenback has initiated a change in Sabah’s remittance landscape. Let us keep the momentum going. Sabah can be the model state to promote the use of technology for remittance. Bangko Sentral ng Pilipinas, in particular, is exploring to implement a similar initiative in the Philippines and we would be happy to share our experience. On that note, I wish you a fruitful event tomorrow. Thank you. 3/3  BIS central bankers' speeches