It was not long ago when I wrote the President’s Message for the 2021 Council Report and quite honestly it is a privilege and an honour to be able to do so again in 2022 as the Association’s President.
I believe it was providence that led me to win the 2022 elections as a Class A&D licensee and be provided with an extended opportunity to serve our members under the Group B cycle. So let me take this opportunity to thank all of you once again for the vote of confidence and faith in my leadership and service to our beloved association.
Looking back, we realise that 2022 was a year of healing and resuscitation for the money services business (MSB) industry. Sometime early April 2022, Malaysia welcomed back international tourists after the government announced the full reopening of its borders for the first time after nearly 2 years of the Covid-19 pandemic. The country’s transition to the endemic phase lifted the darkest cloud for our currency exchange providers and the ray of hope was finally visible.
The Association, pursuant to Clause 8.1 of the Constitution provides that the administration of the Association shall be entrusted to the Council which shall comprise of not less than 13 esteemed members from the industry representing the Office Bearers, Class Representatives and Regional Representatives. In 2022 the 5th Term Council was elected and took over the mandate from the 4th on 30th April 2022.
The MSB business conditions generally improvised in 2022 from the post-Covid 19 impacts following the reopening of borders in April 2022.
The Association reported a total income of RM651,095.00 in FY2022, an increase of 11.67% compared to RM583,027.00 in FY2021. However, the expenditure had increased by 28.39% to RM923,326 from RM719,156.00 a year ago. As a result, the Association recorded a deficit of income over expenditure amounting to RM272,231.00 in FY2022 compared to a deficit of RM136,129.00 in FY2021, a widening deficit of 99.98%.