Merchantrade Targets RM9m As MATTA Money Exchange Partner

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Published on Thursday, 09 March 2017 10:19

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Merchantrade Asia Sdn Bhd is targeting RM9 million in turnover from the Malaysian Association of Tour and Travel Agents (MATTA) fair this month as the official money exchange partner for the three-day event.

Merchantrade founder and MD Ramasamy K Veeran said the money services business provider will set up three booths at the fair in Putra World Trade Centre (PWTC), Kuala Lumpur, from March 17 to 19 this year, in a bid to build its brand presence in the country as a money exchanger.

“We have our branches located in malls that are tourist spots and have a lot of Malaysian walk-in traffic,” Ramasamy told members of the media in a press conference in Kuala Lumpur yesterday.

“It is important for us to create brand awareness by building our name and services, so that customers know where to look for us in the future.”

He said Merchantrade is looking to secure at least RM2 million to RM3 million in turnover daily from the event with a three-day total of 400 to 500, both physical and online transactions, with the latter achieved via its eForex money-changing app.

Merchantrade, which is also involved in the remittance and wholesale currency businesses is pushing to secure a 10% market share in the RM70 billion money exchange industry by 2020.

The company recently acquired the total assets in money changer Vital Rate Sdn Bhd in an undisclosed value deal, that increased its market share to 4.7%.

Following the acquisition, Merchantrade’s money exchange presence now spans eight outlets in malls across the Klang Valley and Johor.

According to Ramasamy, foreign tourism will continue to grow on the back of the depreciating ringgit, while domestic tourism is still showing signs of growth.

“Inbound tourists will continue to come, especially for luxury products and services, while outbound travel will depend on Malaysians’ appetite to spend,” he said.

MATTA on the other hand, is targeting 100,000 visitors and RM180 million in sales turnover from this fair.

CEO Phua Tai Neng said the association expects travelling sentiment to remain strong, despite budget and spending constraints faced by travellers.

“We are confident because people still need to take a break,” Phua said at the same event.

“If tourists’ budgets are constrained, they will probably travel regionally — if you have more to spend, you will travel further,” said Phua.

This expo, according to him, will continue to push domestic tourism, with walk-in traffic controlled to ensure local travel booths are visible to all MATTA visitors.

“The focus on domestic tourism is the right step because Malaysia has a lot of tourist destinations that average Malaysians have never explored.”

MATTA is working diligently towards this direction, with 11 state travel organisations included in the fair.

Merchantrade will also be the official money exchange partner in the September expo this year.

The company said it will provide competitive rates during the three-day event and promotional giveaways to be awarded to persons with above RM10,000 in transaction value.

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