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RETAIL BANKING | Tony Chua, Malaysia

CIMB targets 30% surge in BdC currency exchange business operations

In collaboration with Malaysian travel agent, a new service is eyed to provide boost in its BdC operations.

The second largest commercial bank in Malaysia, CIMB Bank, is eyeing 30% growth this year for both transactions done and turnover for its Bureau de Change (BdC) currency exchange business, driven by more collaborations and the opening of more BdC outlets.

“Last year, our BdC business recorded more than one million transactions and over RM1.5bil in turnover,” said CIMB Bank retail financial services deputy head Abdul Karim Md Lassim after the bank signed a memorandum of understanding (MoU) with the Malaysian Association of Tour and Travel Agents (MATTA) yesterday.

The MoU will see CIMB and MATTA join hands and provide foreign currency exchange for travellers, of which travel agents registered with MATTA can sign up and become CIMB-authorised agents in providing foreign currency exchange services to their customers.

“The new Pick and Pack Currency Service is a new innovative service created by our retail foreign exchange team, and we hope to bring the local tour and travel business up to another level, and also provide extra revenue streams for these travel agents,” he said.

Karim added the service is designed for travel agents to be a one-stop tour and travel centre in providing a convenient, hassle-free and secured delivery service to fulfill their customers' travelling needs.

He said the bank planned to increase the market share of its BdC operations by 5% to 10% this year, adding that the MATTA collaboration would definitely give its BdC operations a slight boost.

View the full story in The Malaysian Star.

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