Events & News

Travelex leverages on its Asian regional hub shared services to commemorate Visit Malaysia Year 2020

Travelex Currency Exchange & Payments Malaysia (Travelex), the Asian regional hub of shared services and regional headquarter of South Asia had recently expanded its business portfolio with the successful amalgamation with Travelex Malaysia on 30th September 2019.
Rakesh Aravind, the Trading Director of South Asia and Country General Manager Malaysia of Travelex, shared that, “We started our market positioning transformation with a clear view of the future in mind. Travelex’s vision is to become the leading financial solutions specialist for a globalised market where we target global business and travellers in Southeast Asia. With the amalgamation, we are ready to seize growth opportunities in the leading-edge financial market.”

Explaining on the success of Travelex so far, Rakesh added, “Our strength lies in the potential of our people, which demonstrates our commitment to an outstanding learning and working environment. We encourage and empower our people to push boundaries to achieve new heights in the field of evolving financial services by constantly striving to reinvent ourselves to meet market and consumer demand.”

Being part of the recently public listed (London Stock Exchange) Finablr Group, Travelex announced its ambitious 2020 strategic plan that includes leveraging on remittance through online and retail, corporate payments and agent business to provide top-notch diversified financial services. From cash management to cross-border payments and retail currency conversion, Travelex has adapted to digital strategies with extreme efficiency and cost-effective end-to-end wholesale banknote solutions that boost customer value and seamless international money transfer at the click of a button.

Strategic business-to-business transactions is one of the key drivers of Travelex South Asia penetration into Southeast Asia, especially Singapore and Thailand that are seen to generate robust growth in currency and remittance due to their booming economic and tourism development. The Travelex group’s latest acquisition of United Overseas Bank (UOB) wholesale assets in Singapore and Hong Kong has made Travelex South Asia’s banknote infrastructure substantially stronger to drive the expansion of trading with central banks and commercial banks around the region. Travelex South Asia continues its expansion with penetration into four new trading footprints in Cambodia, Indonesia, Nepal and Sri Lanka, making it a total of 10 countries in the region within 9 years including Malaysia, Singapore, Thailand, Laos, Vietnam and Maldives.

In addition, Travelex South Asia is also beefing up its resources to incentivise more travellers to Malaysia. To this end, Rakesh highlights, “As the financial solutions leader, we aim to make a difference up the value chain by contributing to the nation’s economic and tourism growth in line with Visit Malaysia Year 2020.”

His sentiment was echoed by Angela Eng, Marketing Manager, Travelex South Asia who says that “We strive to apply our local and global marketing strategies that integrate with local culture to promote Malaysia as the preferred holiday destination to grow inbound tourism from multiple countries. To take advantage of the boon in cross-border tourism, namely Malaysia, Singapore and Thailand, we are also offering these travellers special benefits to improve the currency connectivity within the region in support of Visit Truly Asia Malaysia 2020.”

Continues Angela, “Travelex South Asia had cemented its strong presence in Kuala Lumpur, Singapore and Bangkok, cities that top the list with the most international business travellers. This is on top of the collaboration with Malaysia Airports to bring unparalleled convenience and access to our currency exchange services for travellers in KLIA. The opening of five new Bureau de Change stores at KL International Airport (IATA Code: KUL) and Travelex’s pioneer concept of ‘retailtainment’ and ‘open concept’ stores offering digital interactive access has profiled Malaysia as a lifestyle destination. With its successful bid to operate five currency exchange stores at KLIA, Travelex has in total of 12 currency exchange stores including remittance stores in Malaysia.”

With a wide coverage of 19 currency exchange stores in Changi Airport (IATA Code: SIN) and an additional 5 remittance stores in Singapore, Travelex South Asia aims to keep up the momentum by further expanding on wholesale and retail currency exchange in Thailand. On top of the 4 new currency exchange stores in Bangkok city, the tourism initiatives have been further fuelled with visa-free entry for China and India visitors into Thailand since August 2019 that will project a growing wholesale and retail currency exchange in the country. – PR Newswire

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