The Association

About Us

Malaysian Association of Money Services Business or MAMSB (Persatuan Perniagaan Perkhidmatan Wang Malaysia) was registered on 22nd August 2013 with the Registrar of Societies under the Societies Act 1966. MAMSB is the national association for licensees under the Money Services Business Act 2011 (MSBA) as well as those enterprises that have been approved as money services business agents to principal licensees under the MSBA. MAMSB is dedicated to advancing the money services business industry in Malaysia. Its ultimate aim is to ensure alignment with the national agenda to promote modernisation and professionalism of the money services business industry while representing the interest of members.

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MAMSB Trajectory

Since 2013

Vision

To be a respectable organisation and driving force to modernise and enhance professionalism of the money services business industry in Malaysia.

> Mission & Objective

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Fifth Term Leadership

> Council Members (2022/2024)

President
DATO’ SRI JAJAKHAN BIN KADER GANI
Chief Executive Officer
Jags Money Sdn Bhd
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Vice President
THAMEEJUDEEN BIN MOHD IBRAHIM
Chief Executive Officer
Al-Tamij Capital Resources Sdn Bhd
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Secretary
MOHAMED ERSHAD BIN SYED JAHABAR
Chief Executive Officer
S.S.B Interchange Sdn Bhd
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President
DATO’ SRI JAJAKHAN BIN KADER GANI
Chief Executive Officer
Jags Money Sdn Bhd
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Vice President
THAMEEJUDEEN BIN MOHD IBRAHIM
Chief Executive Officer
Al-Tamij Capital Resources Sdn Bhd
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Assistant Secretary
LEOW SU LIN
Chief Compliance Officer
Foo In Sdn Bhd
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Treasurer
MANIMAKUDOM KARUPPIAH
Chief Executive Officer
Suria Muhabat Sdn Bhd
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Head of Class A
ESPEN KRISTENSEN
Chief Executive Officer
IME (M) Sdn Bhd
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Head of Class B
SARVESWARAN RAJA GOPAL
Chief Executive Officer
TNG Digital Remittance Sdn Bhd
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Treasurer
MANIMAKUDOM KARUPPIAH
Chief Executive Officer
Suria Muhabat Sdn Bhd
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Head of Class A
ESPEN KRISTENSEN
Chief Executive Officer
IME (M) Sdn Bhd
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Head of Class B
SARVESWARAN RAJA GOPAL
Chief Executive Officer
TNG Digital Remittance Sdn Bhd
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Head of Class C
SEE YOKE SIEW
Chief Executive Officer
Adcrew Sdn Bhd
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Class D Council Representative
RAKESH A/L ARAVINDAN
Training Director
Travelex Currency Exchange & Payment Sdn Bhd
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Chairperson of Central Region
TUAN HAJI AHAMED SYED SIDIQUE BIN ABDUL LATIFF
Chief Executive Officer
Alif Money Changer Sdn Bhd
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Chairperson of Northern Region
TUAN HAJI AHAMED SYED SIDIQUE BIN ABDUL LATIFF
Managing Director
Sharafath Ali Sdn Bhd
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Chairperson of Southern Region
ANALISA YIN BINTI ABDULLAH
Chief Executive Officer
Akar Warisan Sdn Bhd
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East Coast Council Representative
AMARUL HANIF BIN HARUN
Managing Director
World Currency Sdn Bhd
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The Secretariat

Ms Chitra Devi Sundram was appointed by the Association as Chief Executive Officer (“CEO”) and commenced her duties on 1 December 2020. The 4th Term Secretariat team which came into effect on 1 December 2020, consisted of the CEO and two existing staff and a manager with extensive experience in the financial services industry was appointed to oversee GOCO trainings, events and engagements. The Secretariat team were tasked to execute the daily administrative duties for the Association as seen in the diagram below.

  • CHITRA DEVI SUNDRAM
    Chief Executive Officer
  • ANN MARGARET JOSEPH
    Manager - Regulatory
    & Engagements
  • YOSHNAA SURESH KARRUNAN
    Senior Executive
    - Membership
  • SHARMILA ARJUNAN
    Executive - Admin & HR

Chitra Devi Sundram was called to the Malaysian Bar in 1996 and thereafter served as a PTD Officer (Pegawai Tadbir dan Diplomatik) in the Ministry of Energy, Telecommunications & Posts. Once she realized that her true passion was to practice law, she resigned from the civil service and commenced her legal career.

In 2000, she jointly established Messrs Kim & Devi, a partnership, and proceeded to lead the litigation department. However, when the opportunity arose to get international exposure, Ms Sundram took a leap of faith and joined an Indo-Canadian company based in India as an In-House Counsel in 2005. Her approximately 5 years stint gave her vast exposure in corporate and commercial work in several jurisdictions namely the United Arab Emirates, Qatar, Bahrain, India, Canada and the Islamic Republic of Iran. Upon her return to Malaysia, she joined an established public listed company in the business of Information Technology and security, working her way up to becoming head of legal in 2011. Here, she acquired vast skills in corporate governance, risk management and regulatory compliance.

Ms Sundram was offered the opportunity to join the Asian Institute of Finance, a think-tank jointly established by the Securities Commission and Bank Negara Malaysia in 2017, as General Manager under the Professional Standards Department. She was part of the Financial Services Professional Board (FSPB), where she organised and supervised the development of NOSS for 5 sectors in banking including compliance and Syariah advisory, publishing a case study on Merchantrade Asia Sdn Bhd in 2018.

She was practising as a sole proprietor before her appointment as MAMSB CEO.

Coming Soon

Comin Soon

Sharmila Arjunan is the Account and Finance Executive (Junior) at MAMSB. She has completed Bachelor(s) in Business Accounting and Finance from Tunku Abdul Rahman University College, Penang.

She is a detail-oriented individual, eager to contribute towards the building of a strong financial system in MAMSB and she has knowledge and understanding of various Accounting and Finance tools. Ms Sharmila is passionate about learning new financial concepts and possess the ability to handle work pressure and customer issues professionally.

At MAMSB, she is responsible for Compiling and presenting financial and budget reports. This includes ensuring financial statements and records comply with laws and regulations and keeping account books and systems up to date. She also manages balance sheets and profit/loss statements, reinforce financial data confidentiality and conduct database backups when necessary and manage all accounting transactions, publish financial statements in time and ensure timely keeping of monthly, quarterly, and annual closings.

Organisation Structure

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Committees

A committee is elected by the council members in the association to continue the work of the association between general meetings. It is the committee members’ responsibility to make sure that decisions taken at its association are acted on during their year in office. Committees help spread the workload. At its simplest, a committee is simply a group of motivated people who meet regularly to make plans and decision in the scope of their role.

  • Class Committee
  • Working Committee
  • Task Force

To be Added

LEGAL COMMITTEE

CHAIRMAN
Mr. Espen Kristensen
IME (M) Sdn Bhd
VICE-CHAIRMAN
Ms. Leow Su Lin
Foo In Sdn Bhd
SECRETARIAT
Ms. Chitra Sundram
MAMSB Secretariat

GROUP OF COMPLIANCE OFFICERS (GOCO) COMMITTEE

CHAIRMAN
Ms. Leow Su Lin
Foo In Sdn Bhd
VICE-CHAIRMAN
Mr. Manjeev Singh A/L Reginder Singh
MoneyMatch Sdn Bhd
SECRETARY
Ms. Chun Yun Xuan
Wang & Co. Money Changer Sdn Bhd
ASST. SECRETARY
Ms. Nurul Ana Shukor
NIUM Sdn Bhd
TREASURER
Ms. Zhao Meixiang
BigPay Malaysia Sdn Bhd
ASST. TREASURER
Mr. Lim Tze Di (Alex)
Symbolic Business Sdn Bhd
MEMBERS
Ms. Lim Poh Hong
Tranglo Sdn Bhd
Mr. Mohamad Azizul Bin Abdul Rahman
Mobile Money International Sdn Bhd
Mr. Gunasekaran S.Raghavan
Akbar Money Changer Sdn Bhd
Ms. Stephanie Sheila Phan Mei Loong
Everrise Money Changer Sdn Bhd
Mr. Mohd Noorhamidi Bin Hishamuddin
TNG Digital Remittance Sdn Bhd
Ms. Ainul Huda Jamil
World Currency Sdn Bhd

EDUCATION COMMITTEE

CHAIRMAN
Dato’ Sri Jajakhan bin Kader Ghani
Jadeline Exchange Sdn Bhd
VICE-CHAIRMAN
Mr. Ayaz Raza Khan
Apexchange Sdn Bhd
SECRETARIAT
Ms. Chitra Devi
MAMSB Secretariat
MEMBERS
Mr. Manimakudom A/L Karuppiah
Suria Muhabat Sdn Bhd
Mr. Mohamed Ershad Bin Syed Jahabar
S.S.B Interchange Sdn Bhd
Madam Analisa Yin Binti Abdullah
Akar Warisan Sdn Bhd
Mr. Sheikh Akhter Uddin Ahmed
NBL Money Transfer Sdn Bhd
Mr. Chua Yee Chun
Inco Licenced Money Changer Sdn Bhd
Ms. See Yoke Siew
Adcrew Sdn Bhd
Mr. Indra Raj Giri
GPL Remittance Malaysia Sdn Bhd

FINANCE COMMITTEE

CHAIRMAN
Mr. Lim Ching Seng
EZ Money Express Sdn Bhd
MEMBERS
Ms. Chong Hui Yee
E-Globex Sdn Bhd
Ms. Chia Moy Huan
Garuda Cahaya Sdn Bhd

CODE OF CONDUCT COMMITTEE

CHAIRMAN
Mr. Akbar Batcha Bin Mohamed Shamsuddin
Akbar Money Changer Sdn Bhd
VICE-CHAIRMAN
Mr. Albert Lim Poh Boon
TML Remittance Center Sdn Bhd
Secretariat
Ms. Chitra Devi
MAMSB Secretariat
MEMBERS
Mr. Manimakudom a/l Karuppiah
Suria Muhabbat Sdn Bhd
Mr. Sheikh Akhter Uddin Ahmed
NBL Money Transfer Sdn Bhd
Mr. Mohamed Arshad Bin Datuk Hj. Mohamad Iqbal Ganey
Benua Kapital Sdn Bhd
Mr. S.Z Kismath @ Kismath Batcha Bin S.M Ziaudeen
Syarikat S.M. Ziaudeen Sdn Bhd

IT ADVISORY COMMITTEE

CHAIRMAN
Mr. Adrian Yap Choong Shen
Money Match Sdn Bhd
VICE-CHAIRMAN
Madam Analisa Yin Binti Abdullah
Akar Warisan Sdn Bhd
Secretariat
Ms. Chitra Devi
MAMSB Secretariat
MEMBERS
Mr. Mohamed Ershad Bin Syed Jahabar
S S B Interchange Sdn Bhd
Ms. Leow Su Lin
Foo In Sdn Bhd

Digital Technical Committee

CHAIRMAN
Mr. Sarveswarren Raja Gopal
TNG Digital Remittance Sdn Bhd
Secretariat
Ms. Chitra Devi
MAMSB Secretariat
MEMBERS
Mr. Ramesh Chaulagain
IME Sdn Bhd
Mr. Sujai Raman Sundaresan
Lulu Money (Malaysia) Sdn Bhd
Mr. Mohd Zahirul Kadir
NBL Money Transfer Sdn Bhd
Mr. Adrian Yap Choong Shen
Money Match Sdn Bhd
Mr. Mohammad Ridzuan Abdul Aziz
WorldRemit Malaysia
Mr. Lim Paik Wan
Wise Payments Malaysia Sdn Bhd

MPA Technical Committee

CHAIRMAN
Mr. Espen Kristensen
IME (M) Sdn Bhd
VICE-CHAIRMAN
Mr. Mohd Sani Bin Mohamed Ismail
Munawarah Exchange Sdn Bhd
Secretary
Mr. Alex Lim
TML Remittance Center Sdn Bhd
Secretariat
Ms. Chitra Devi
MAMSB Secretariat
MEMBERS
Mr. Jacob Varughese (Class A)
Lulu Money (Malaysia) Sdn Bhd
Mr. Ramesh Chaulagain (Class A)
IME Sdn Bhd
Mr. Abd Hamid Bin Abdullah (Class A)
Max Money Sdn Bhd
Mr. Sarveswarren Raja Gopal (Class B)
TNG Digital Remittance Sdn Bhd
Mr. Sheikh Akhter Uddin Ahmed (Class B)
NBL Money Transfer Sdn Bhd
Dato' Sri Jajakhan Bin Kader Gani (Class A)
Jadeline Exchange Sdn Bhd
Mr. Manimakudom A/L Karuppiah (Class C)
Suria Muhabat Sdn Bhd
Tuan Haji Ahamed Syed Sidique Bin Abdul Latiff (Class A)
Alif Money Changer Sdn Bhd
Mr. Adrian Yap Choong Shen (Digital Services Licensee)
Money Match Sdn Bhd
Ms. Leow Su Lin (GOCO Chairman)
Foo In Sdn Bhd

Money Changing Business Committee

CHAIRMAN
Mr. Mohd Sani Bin Mohamed Ismail
Munawarah Exchange Sdn Bhd
VICE-CHAIRMAN
Mr. Mohamed Arshad Bin Datuk Hj. Mohamad Iqbal Ganey
Benua Kapital Sdn Bhd
MEMBERS
Madam Analisa Yin Binti Abdullah
Akar Warisan Sdn Bhd
Umar Farook Bin Othuman
Triple Trillion Sdn Bhd
Tuan Haji Ahamed Syed Sidique Bin Abdul Latiff
Alif Money Changer Sdn Bhd
Mr. Nagapan a/l Nagarajan
Spectrum Forex Sdn Bhd
Mr. Keyasudeen Bin Mohd Furuskhan
KMA Trading Sdn Bhd
Mr. Lu Chen Kiong
Traveller’s Money Changer Sdn Bhd
Ms. Leow Su Lin
Foo In Sdn Bhd
Mr. Mohamed Ridzwan Bin Mohamed Salim
Pahlawan Money Changer Sdn Bhd

Wholesale Currency Business Committee

CHAIRMAN
Mr. Espen Kristensen
IME (M) Sdn Bhd
MEMBERS
Mr. Ramasamy K. Veeran
Merchantrade Asia Sdn Bhd
Mr. Abd Hamid Bin Abdullah
Max Money Sdn Bhd
Mr. Rakesh Aravind
Travelex Malaysia Sdn Bhd
Mr. Lim Kuan Yew
SMJ Teratai Sdn Bhd

Strategic Outcome 1: Enhanced Professionalism & Compliance Culture
Strategic Outcome 2: Availability Of Competent, Capable & Adequate Talent Pool
Group One

Lead by Mr. Mohamed Ershad
(S.S.B Interchange Sdn Bhd)

Ms. Leow Su Lin
(FOO In Sdn Bhd)

Mr. Ramesh Chaulagain
(IME Sdn Bhd)

Strategic Outcome 3: Competitive, Dynamic & Competitive MSB Industry
Strategic Outcome 4: Efficient & Sustainable MAMSB
Group Two

Lead by Mr. Manimakudam Karuppiah
(Suria Muhabat Sdn Bhd)

Mr. Sarveswaran Raja Gopal
(TNG Digital Remittance Sdn Bhd)

Mr. Akbar Batcha bin Mohamed Shamsuddin
(Akbar Money Changer Sdn Bhd)

Strategic Outcome 5: Increased Usage Of Formal MSB Channels
Strategic Outcome 6: Improve Reputation & Public Confidence
Group Three

Lead by Mr. Adrian Yap
(MoneyMatch Sdn Bhd)

Ms. Noorzliana Binti Ahmad
(Merchantrade Asia Sdn Bhd)

Rajendar Dhorkay
(NIUM Sdn Bhd)

Strategic Blueprint

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The Taskforce on the Money Services Business Strategic Blueprint was set up by the Association in January 2021 pursuant to the Money Services Business Regulator’s (MSBR) aspiration for the Association to continue its efforts to modernise and transform the MSB industry into a progressive and professional sector for the next 5 years (2022-2026). The inaugural strategic blueprint (SBP) that was crafted in 2015 had successfully identified the 3-fold objectives for the development of the SBP and derived 6 SBP Strategic Outcomes that collectively aimed at meeting the Association’s Vision.

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