Malaysian Association of Money Services Business

Foreign Exchange & Remittance Group (FERG) – The Emirati Connection

1 July 2021

MAMSB in its strategic plan to establish an international footprint and promote itself as an MSB resource centre in Malaysia connected with the Foreign Exchange & Remittance Group (FERG) in early July of this year. FERG, like MAMSB is a non-profit organisation formed based on the initiative of the Central Bank of UAE. The FERG similarly comprises companies engaged in the business of money exchange and remittances from large sized companies with over 100 branches, to single branch outlets to come onto a common platform and work towards mutual benefits.

We connected with Mr Shamil.K.P, Administration Manager of FERG virtually and what ensued was a productive discussion to explore potential collaborations in the following areas:

  • Sharing resources – To be able to share information on negative impact issues that face the MSB exchange industry
  • Forging an International Footprint – Bi-lateral and multi-lateral engagements in the international arena regarding different services under the MSB industry
  • The Ability to Influence and Make Change – In these pandemic times, it is crucial to be connected with regional associations that are dealing with similar purpose and audience
  • Accelerated Business Velocity – To be able to collaborate in event involvement, such as speaking at our workshops/conferences and vice versa. Sharing and increasing knowledge amongst MSB players in Malaysia.