KUALA LUMPUR: The average cost of remitting funds in Johor Baru has dropped to around two per cent from above three per cent previously, thanks to Project Greenback 2.0 which was launched two years ago. Remittances by small and medium sized enterprises (SMEs) using more cost efficient formal MSB channels have more than doubled. On the handover, Jessica said the journey for Greenback Johor Baru has just begun although the momentum has been created now. Collectively, we must continue to identify barriers to the use of formal remittance services and find new ways to reduce them, she said. The project will be brought next to Kota Kinabalu where successful lessons from Johor Baru will be applied.

Source: New Strait Times November 30, 2017 12:56 UTC