This new collaboration is expected to lead to increased international trust in Nepali remittance companies in the global financial sector.
What you should know
The Nepal Remitters Association (NRA) has formally partnered with the Malaysian Association of Money Services Businesses (MAMSB). The new collaboration is expected to increase international trust in Nepali remittance companies in the global financial sector.
After several rounds of discussions, both associations have agreed to work together to strengthen the money services business sector, expand collaboration, and foster growth. The partnership will focus on improving industry standards through knowledge sharing, cross-border cooperation, and international best practices.
The agreement was signed by MAMSB Chairman Zajakhan bin Qader Ghani and NRA Chairman Ritesh Mittal. It is said to address common challenges such as improving regulatory compliance, promoting innovation, and digital transformation, controlling illegal operators, and protecting consumers.
On this occasion, NRA Chairman Ritesh Mittal said that the partnership is a historic achievement for Nepal’s remittance industry. “The collaboration with MAMSB will strengthen regional ties, exchange knowledge, and foster innovation. Ultimately, it will benefit Nepali workers employed abroad and the overall economy of Nepal,” he said.
MAMSB President Zajakhan bin Kader Ghani said, 'We are delighted to collaborate with the Nepal Remitters Association. This partnership reflects our shared commitment to strengthening the money services sector through technology, skill development, and adherence to international standards.'
The collaboration will open new doors for skills development, policy dialogue, and regional coordination between the two organizations, the statement said. It is said to establish an important step towards providing more secure, fast, and affordable remittance services to millions of foreign workers and their families around the world.
