Travelex consolidates Malaysian business and plans for Visit Malaysia Year 2020

MALAYSIA. Travelex Currency Exchange & Payments Malaysia has amalgamated with Travelex Malaysia to create a single consolidated entity for the foreign exchange services company for this key market, effective 30 September. Travelex, which recently opened five new bureaux de change units at Kuala Lumpur International Airport (KLIA), also said it was gearing up to support the tourism push behind Visit Malaysia Year 2020.

Travelex Trading Director of South Asia and Country General Manager Malaysia Rakesh Aravind said: “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.”

Travelex South Asia recently expanded into Cambodia, Indonesia, Nepal and Sri Lanka. This added to its existing country footprint that includes Malaysia, Singapore, Thailand, Laos, Vietnam and Maldives.

The company said it was “beefing up its resources” to incentivise more travellers to visit Malaysia. Aravind said: “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.”

Travelex South Asia Marketing Manager Angela Eng said: “We strive to apply our local and global marketing strategies that integrate with local culture to promote Malaysia as the preferred holiday destination and grow inbound tourism. To take advantage of the boon in cross-border tourism [in] Malaysia, Singapore and Thailand, we are also offering these travellers special benefits to improve currency connectivity within the region in support of Visit Malaysia 2020.

“Travelex South Asia had cemented its strong presence in Kuala Lumpur, Singapore and Bangkok, cities that top the list for international business travellers. This is on top of the collaboration with Malaysia Airports to bring convenience and access to our currency exchange services for travellers at KLIA.”

She highlighted the five new stores at KLIA, the company’s ‘open concept’ design and ‘retail-tainment’ approach to the new operations. Travelex now runs 12 currency exchange outlets in total in Malaysia.

This complement the 19 currency exchange units at Singapore Changi Airport, others in Singapore (off airport) and a growing network in Bangkok. The latter business, added Travelex, will be boosted by visa-free access to Thailand for Chinese and Indian visitors since August 2019.