Money Services Business to Grow Again This Year

Updated on Tuesday 12th September 2017

Money Services Business to Grow Again This Year Image
The Money Services Business (MSB) industry in Malaysia will increase in 2017 by 10%, reaching an overal value of RM 130.35 billion, as announced by the Malaysian Association of Money Services Business. Investors who are considering opening a company in Malaysia should know that there are certain requirements that are imposed by the Malaysian legislation for the company’s representatives, aiming at the conduct of the company’s directors and Chief Executive Officers (CEOs). Our team of consultants in company formation in Malaysia can offer in-depth assistance on the main regulations referring to the legal entities operating in this industry and may offer assistance for the incorporation procedures. 

Main pillars of growth for Malaysian MSB industry  

The MSB industry has been steadily increasing in the last years. Investors interested in starting the procedure of company registration in Malaysia for a MSB business must know that, at the level of 2015, the industry accounted for RM 103.3 billion, while in 2016, the MSB field increased to RM 118.5 billion. Our team of company formation agents in Malaysia can offer further advice on the characteristics of the MSB businesses
The main drivers of growth registered in the industry were represented by the following:
wholesale currency business (which is expected to grow in 2017 by 40%);
tourism sector
a high level of transparency for remittance (a sum of money that is sent to a designated person by performing a transaction). 
An important aspect related to remittance in Malaysia is that is provides one of the lowest costs in the Asian region

Requirements for MSB representatives in Malaysia  

The representatives of a company operating in the MSB field are required to respect a set of regulations. During the procedure of company incorporation in Malaysia, the investors will need to obtain specific licenses for their activities, which will be issued if the company’s representatives can prove that they comply with specific criteria. 
For example, the company’s directors and CEOs must have a good reputation, integrity, and are required to prove that they have not been charged with any criminal offence. At the same time, they must have a certain level of knowledge in the field. 
It is important to know that the Malaysian legislation also provides numerous regulations for the company’s board of directors. Moreover, it is compulsory to display the license obtained from the Malaysian authorities at the company’s headquarters
A MSB business should also comply with other regulations, and investors are invited to contact our team of company registration consultants in Malaysia for further assistance.