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High quality infrastructure makes Malaysia ideal regional hub, Travelex says

AvantiKumar | May 21, 2014
While opening two bureaus in KLIA2, Travelex Group Chairman Lloyd Dorman confirmed that the group has so far invested more than US$15.5 million in Malaysia.

Travelex at KLIA2 modified 

Photo - (From left)   Travelex Group Chairman Lloyd Dorfman; Travelex Malaysia Country Manager Rakesh Aravind; and Travelex Malaysia Chairman Tan Sri AP Arumugam at the launch of Travelex BDCs at KLIA2.

 

During the opening of two new Bureau De Change [BDC] at the newly launched KLIA2 airport in Malaysia, global foreign exchange group Travelex has announced Malaysia as its regional hub while its investment in the country has passed the RM50 million mark [US$15.54 million].

Travelex Group chairman Lloyd Dorman said the company's investment in Malaysia as a regional base started in 2012 and would help the group expand into Thailand and Singapore. "We will be able to provide business services to these countries using the high-quality financial infrastructure and expertise available here. We will also utilise Malaysia as our training and control functions centre for Southeast Asia."

KLIA2 was built as an adjunct to Kuala Lumpur International Airport [KLIA] and will handle flights by low cost carriers such as Air Asia and Malindo Air.

"Travelex recognises that KLIA2 being a low-cost terminal, would be used by the majority of Malaysian travellers, and we're delighted to offer them our core benefits and values," said Travelex Malaysia chairman Tan Sri AP Arumugam. "We currently cover more than 40 percent of the world's airport travellers and we're proud that we can count those using KLIA2 among them."

Arumugam said the opening of the new BDCs at KLIA2 also emphasised Malaysia's "stature as a prime destination for foreign direct investment and a country that has steadily risen in the World Bank's ease of doing business index."
 
"These factors, as well as the country's booming economic development, its central location in Southeast Asia, high-quality infrastructure and expertise were also the reasons Travelex selected Malaysia as their Southeast Asia hub," he said.
 
To further cement its regional status, Travelex has opened an exchange centre in Johor Baru (City Square) and a commercial exchange centre in Kuala Lumpur (Menara Weld) to complement their existing northern regional centre in Penang," added Arumugam.

"A currency exchange centre will also be opened in Kota Kinabalu by the end of this month, making it a total of four centres in Malaysia over the last 18 months," he said.

 Johor, Malacca, Singapore

Travelex Malaysia country manager Rakesh Aravind said that the one-stop currency exchange centre in Johor Bahru [JB] served  licensed money changers and banks in the states of JB, Negeri Sembilan, Malacca as well as the island-nation Singapore.

Customers will be able to benefit from the centre's operations by availing to competitive and optimum rates, attractive settlement terms, speedy delivery and other services, said Aravind.

"Johor is a constantly growing market and one that is expected to really boom over the coming years," said Aravind. "Travelex aims to play a part in this expansion by offering seamless, convenient and secure products that add value to the money services business landscape."

"Similarly our new currency exchange centre in KL would service our partners in the Klang Valley and become the service centre for the region," he said, adding that Travelex Malaysia would also be looking to expand to new airport BDC locations within Malaysia in the near future.
 
Travelex Malaysia aims to service 150 to 200 local partners by the middle of 2014 and double its growth every year in its first five years of local operations.

 

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