Money service industry is also affected by the covid-19 outbreak

By TIN Media | Penang News Published 4 years ago on 18 March 2020
Read News

GEORGETOWN :

According to the Vice President of  Money Changers Association, Munower Sadiq, COVID-19 outbreak in Malaysia impacted money-changing businesses.

He, therefore, urged the government to look at the money exchangers, whose business depends heavily on the tourist industry.

"Nearly no or very restricted travel into or out of Malaysia has taken place ever since the COVID-19 outbreak. This affected the business of money changing, which has dropped to nearly 80%, "he said.

He said the association was left out and ignored when the industry was not included in the recent government announcement of the RM20 billion Economic Stimulus Package.

"We sincerely hope that the money- industry, also known as the Money Services Sector, (MSB), will be integrated into all government schemes or programs as well", he said.

He also hoped the association would include MSB as a qualifying category for the Bank Negara's Special relief Fund  (SRF), which would help to mitigate short-term cash flow problems faced by COVID-19 adversely affected small and medium-sized enterprises.

The financial sector, in particular banks, is also hoped to give those in the MSB industry access to financial products, he added.


    TAGS / KEYWORDS:

Email TIN

TIN Media

TIN.media - Travel Industry Network is Malaysia's home grown B2B Travel Industry Media with the most influential B2B online resources including news, research, events, and marketing services and more.