Travelex Group, a global foreign exchange
player, is making Malaysia its hub for South-East Asia (SEA) to penetrate the
region's foreign exchange (FX) market.
Travelex
Group Ltd Lloyd Dorfman said the country was the first hub in the SEA region as
it has yet to operate in neighbouring countries such as Vietnam, Indonesia and
Thailand.
"For
us, it is really an important first move and we are looking for Malaysia, not
only to develop the atmosphere but also to be the platform that will enable us
to spread out into other countries in the region," he told reporters after
the launch of Travelex Malaysia Sdn Bhd here today.
Travelex
Malaysia Sdn Bhd, a joint venture between Travelex and Sri Inderajaya Holdings
Sdn Bhd, will be the local entity that operates the Malaysian business.
The
company was launched by Prime Minister Datuk Seri Najib Tun Razak.
Dorfman
said eventhough they have operations in other Asian countries such as China,
Japan and India, these countries have different market needs and were handled
differently by the group.
"This
is an important and strategic step and we came here first because it was the
most business friendly, most exciting market and we have the best
partner," he added.
Travelex
Group has over 1,100 Travelex retail branches and 850 FX ATMs principally in
airports and tourist locations in over 100 airports, across 25 countries.
Meanwhile,
Travelex Malaysia Country Manager Rakesh Aravind said the company would be
focusing on four key business areas including wholesale bank notes business,
which likely be a major part of its businesses.
He said
in Malaysia, the wholesale bank notes business, which involved a large volume
sourcing of funds for distribution, is currently about RM17 billion.
"It
will potentially grow to RM20 billion in the next one to two years, especially
with new market players like us coming in," he said, adding that the
wholesale bank notes business globally derived by Travelex Group is about US$20
billion.
Apart
from wholesale bank notes business, the company has developed a strategic
alliance with AmBank Group and will partner with small money services business
to become their agents as well as introducing Travelex Malaysia's branded
retail network stores.
The
company, which has an initial investment of RM20 million, is planning to open
150 to 200 retail network stores by the end of next year, which would include
strategic alliance with AmBank; agents and their own networks.
Bernama
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