WORLD BANK REGIONAL WORKSHOP WORLD BANK REGIONAL WORKSHOP
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1 WORLD BANK REGIONAL WORKSHOP WORLD BANK REGIONAL WORKSHOP ENHANCING THE EFFECTIVENESS AND INTERGRITY OF BILATERAL REMITTANCE TRANSFER BETWEEN MALAYSIA AND INDONESIA PRIVATE SECTORS: NEW BUSINESS MODELS --CONSTRAINTS AND OPPORTUNITIES June 9 11, 2008, Bali, Indonesia By Ashraf Ali Abdul Kadir, EVP/Head, Cards & Payments Maybank, Malaysia
2 Highlights 1. Maybank - A Brief Overview 2. Remittance Landscape Between Malaysia and Indonesia: Maybank Perspective 3. Issues and Challenges 4. Maybank Initiatives in Enhancing Remittances 5. Way Forward 1
3 Maybank A Brief Overview Malaysia s largest banking group established in 1960 Products Banking & Financial Services, Investment and Insurance Total Assets: RM252B (USD80B). Ranked 152 th (The Banker s Top 1000 World Banks) Market capitalization: RM43B (USD13.5B) Largest Branch network: 462 branches local and 90 overseas 2
4 Maybank A Brief Overview Some neighboring countries served: Singapore, Brunei, Philippines, Indonesia, Vietnam, Cambodia Largest Local ATM network: 2,680 (on-site and off-site) Customers: 8.5 million globally Employees: 24,000 Long term credit rating on par with sovereign: S&P: A- Moody s: A3 Fitch: A- RAM: AAA 3
5 Remittance Landscape Between Malaysia and Indonesia : Maybank Perspective In tandem with Malaysia s strong GDP growth over the years, there is a continuos increase in migrant workers resulting in higher remittance volume year after year. Banks were the traditional channels for remittance. Emergence of new remittance channels to cater for the upsurge i.e. non banks remittance houses. Informal channels are flourishing & becoming more popular 4
6 Remittance Landscape Between Malaysia and Indonesia : Maybank Perspective Migrant Workers Population 2 million documented migrant workers and more than 700K are undocumented i.e. 10% of Malaysian population* 1.5 million Indonesian migrant workers i.e. 5.6% of Malaysian population* India 7% Nepal 11% MIGRANT WORKERS STATISTICS AS AT DECEMBER 2007 Myanmar 6% Bangladesh 11% Vietnam 6% Filipina 1% Thailand 1% Pakistan 1% Kemboja 1% Others 1% Indonesia 55% (1.5M) *Source: Ministry of Home Affairs 5
7 Remittance Landscape Between Malaysia and Indonesia : Maybank Perspective Remittance Volume Estimated total remittance RM7.9 billion in 2007 remittances through banks RM785 million i.e. less than 10%, declining RM1,152.8M RM930.1M 32% RM884.6M RM785.2M Average ticket size 400 RM500 to RM650 (remittance charges RM9 RM30) Note: RM3.2/USD Q RM257.5M
8 Remittance Landscape Between Malaysia and Indonesia : Maybank Perspective Remittance Players Formal channels - Commercial Banks 33 local 12, foreign 21 - National Savings Bank 1 -Non-Banks 20 Informal channels -Money Changers? -Migrant Agents? -Courier Services? -Employment Agencies? 7
9 Issues & Challenges 1. Beneficiary in Indonesia often face problems in receiving payment i.e. account not active/dormant, recipient name incomplete, funds have not arrived yet, etc 2. Unregulated service charges imposed by Indonesian correspondence agents. 3. Restricted accessibility to formal channels both in Malaysia and Indonesia i.e. banks operating hours and presence. 4. Stringent adherence to compliance - Anti-Money Laundering Act (AMLA) / Combating Financial Terrorism (CFT) regulations. 8
10 Issues & Challenges (Cont ) 5. Requirement of identification document at both ends and fear to engage with banks. 6. Emergence of informal channels as alternative is growing limitlessly. 7. Low financial literacy among the migrant workers. 9
11 Remittance Landscape Between Malaysia and Indonesia : Maybank Perspective Services Offered A Comparison Features Financial Institutions Remittance Channels Remittance Houses Informal Channels Money Changers Others Coverage in Malaysia Limited Limited Unrestricted Unknown Operating Hours Locations Payment Risk Very secure Moderate High High Require Identification Yes Yes No No Charges Perceived expensive Expensive Perceived Inexpensive Unknown Forex Rate Fair High High High Speed 10 minutes to 2 days Fast Fast Unknown Require paperwork Yes Yes Minimal Minimal 10
12 Maybank Initiatives In Enhancing Remittances Pre 1990s Product / Service Demand Draft paper based Foreign Telegraphic Transfer (FTT) SWIFT Foreign Workers Telegraphic Transfer (FWTT) developed specially for migrant workers with Bank Negara Indonesia (BNI) as the correspondence agent. Also extended to 2 other corridors. Distribution Channel Branch (161) Branch (302) Forex Booth (54) 980 BNI branches ATM Cash Withdrawal collaboration with MEPS / Arta Jasa 4,500 Arta Jasa ATMs 11
13 Maybank Initiatives In Enhancing Remittances Product / Service Foreign Workers Telegraphic Transfer (FWTT) - Appointed Maybank Indocorp in 2007 as another correspondence agent in Indonesia to expand coverage. Distribution Channel Branch (372) Forex Booth (63) Internet Maybank2u.com.my Future MoneyGram - Nationwide launched in 2007, as an alternative to FWTT for more faster service i.e. 10 minutes ATM Cross Border Fund Transfer collaboration between Malaysia/Indonesia Cards Mobile Phones 1,901+ outlets in Indonesia 4,500 Arta Jasa ATMs Collaboration with Money Transfer Operator (MTO) 12
14 Maybank Initiatives In Enhancing Remittances MG Banner Money Transfer Leaflet Money Transfer Bunting FWTT MoneyGram 13
15 Way Forward 1. To enhance collaboration among banks in Indonesia and Malaysia to further develop products / services to cater for migrant workers needs: Easy, Affordable, Secure, Timely and Convenient. 2. To allow Banks in Malaysia to appoint informal channels (out source) to act as agents to reach the migrant workers. 3. To relax the stringent information required on remittances below certain threshold so as to ensure remittance through formal channels is convenient and less bureaucratic. 14
16 Way Forward (Cont ) 4. To propose a standard service charge for all banks in Indonesia for beneficiary encashing remittances and step-up enforcement for non-compliance. 5. To find ways to enhance enforcement on informal channels with a view to curb remittances through this channels. 6. To provide financial literacy program at pre-departure stage i.e. the need for identification, the safety and integrity of remittances and the inexpensive mode of remitting through the formal channels. 15
17 Thank You
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