Malaysian Independence Day: Celebrating an Admirable Money Transfer History
Portuguese, Dutch, British, Chinese and Indian. Malaysia has been used to immigration since the dawn of time (2nd century BCE).
Between 1874 and 1957, Malaysia was a British protectorate receiving a high volume of migrants from China and India looking to work in tin mines and plantations.
As of 31 August 1957, The Federation of Malaysia has been an independent state and part of the British Commonwealth.1
Malaysia's History with Remittances
Given its history, it comes as no surprise that Malaysia would be a leader in the remittances sector.
You've probably heard us talk about the United Nations' Sustainable Development Goals for 2030. One of the goals listed is reducing the cost of remittances processed outside of banks by 3 percent.
Since 2017, Malaysia has dropped its remittance costs below this percentage, sitting comfortably at a 2.96 percent.
The change has been tremendous. In 2006, the cost for international remittances in Malaysia hovered at 12 percent.
And this is no small feat. According to the Global Forum on Remittances, Investment and Development 2017 official report, Asia received more than 40 percent of the total global remittances, adding up to US$240 billion, a number that has increased steadily since then.
During the Global Forum, Nik Mohamed Din Nik Musa, Director of Money Services Business Regulation at Bank Negara Malaysia shared that, "[t]he remittances received have brought impact not only at the household level but also to the community at large, and beyond that to benefit the country at the macro socioeconomic level. This helps to provide for food, pay for health care and children’s education, and is channelled to fund micro businesses and other entrepreneurial activities in the community."
Ria's Arrival and IME Merge
IME was the first non-bank remittance service provider in Malaysia. When it was acquired by Ria in 2015, the company had already become the largest and most trusted money transfer company in the country.
With Ria, IME customers gained access to a global network of over 340 thousand locations. The Ria-IME brand counts with a streamlined in-store process and the support of an award-winning multilingual customer service.
But don't take it from us. Let our customers tell you about their experiences:
Ria-IME has been contributing to Malaysia's drop in remittance costs since its inception in 2015 by offering a first class service at competitive rates. At Ria, we continue working hard to expand our reach and be able to lower remittance costs worldwide in time to meet the 2030 Sustainable Development Goal.