SMU_AMI_November_Spread

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38 Asian Mobile Remittance Platform in Singapore • Banks • Telcos • MTOs • Banks • Telcos • MTOs • Banks • Telcos • MTOs • Banks • Telcos • MTOs AML FATF SEACEN • Banks • Telcos • MTOs • Banks • Telcos • MTOs • Banks • Telcos • MTOs • Banks • Telcos • MTOs Legend: AML : Anti-money Laundering FATF : Financial Action Task Force SEACEN : Southeast Asian Central Banks Figure 2 across countries are not harmonised, technology is still evolving, [and] there is a need for multiple partnerships…”. 9 We agree that such cross border payment platforms must conform to legal and regulatory frameworks to ensure that they do not become a means for money laundering and terrorist financing. Herein the central bankers and financial regulators have a strong role to play to facilitate formation of such cross border mobile payment and remittance platforms across South and Southeast Asia. Fortunately they do not have to start from the scratch. Central banks of the region have already come together under the banner of The Southeast Asian Central Banks (refer to Figure 2). This grouping could bring the central bankers’ perspectives of facilitating cross border remittances to this platform. After all, as many of these nations are major recipients of the international remittances, it is in their interest to make it cheaper, easier, faster and safer for their residents to receive money. Tan Swee Liang is Associate Professor of Economics (Practice), Singapore Management University S.N. Venkat is Senior Associate Director, Office of Postgraduate Professional Programmes, Singapore Management University Anil Kishora is former CEO of State Bank of India, Singapore References 1 The World Bank, “‘Migration and Development Brief ’”, April 2015. 2 Ibid. 3 The Economist, “Like manna from heaven: How a torrent of money from workers abroad reshapes an economy”, September 5, 2015. 4 The World Bank, “Migration and Development Brief ”, April 2015. 5 The World Bank, “Remittance Prices Worldwide”, June 2015. 6 The World Bank, “Migration and Development Brief ”, April 2015. 7 Mobile-Financial.com, “Airtel Money generates 30m transactions worth $1b monthly”, February 18, 2014. 8 Bank for International Settlements (BIS), “The BIS Triennial Central Bank Survey”, 2013. 9 SWIFT, “Mobile payments: 3 winning strategies for banks”, White Paper, May 2012.
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