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KUALA LUMPUR, April 27, 2015:Bank Negara Malaysia (BNM) will engage with companies in the money services business to reduce the level of foreign employment to no more than 3% by end-2016 at the industry level. Speaking at the Malaysian Association of Money Services Business’ anniversary celebration here last night, BNM deputy governor Datuk Muhammad Ibrahim urged the industry players to formulate strategies to attract, develop and retain young, local talent. He said a comprehensive human capital development plan is needed for companies to achieve business goals and secure long-term sustainability. “They should be offered attractive remuneration packages that reflect the professional responsibilities that they are expected to perform. “They should also be provided with opportunities for training and encouraged to contribute new ideas and fresh perspectives on how to develop the business.” Muhammad said at present, the level of foreign employment in the industry, was relatively high at more than 10%.

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