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.
> Mission & Objective
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Fifth Term Leadership
> Council Members (2023/2026)
Jags Money Sdn Bhd
Jags Money Sdn Bhd
Dato’ Sri Jajakhan is the Chief Executive Officer of Jags Money Sdn. Bhd. and was elected as the President of the Malaysian Association of Money Service Business (“MAMSB”) in September 2020.
He has more than 17 years experience in the financial services industry, having started his career as a remisier with OSK Securities in 2003, before taking the bold step to venture into the world of money changing, and founded Vital Rate Sdn. Bhd. in 2005. As the Chief Executive Officer, he spearheaded marketing, technology, business development and establishment of business collaborations and alliances to expand into remittances as an Agent to drive reveneue growth. Vital Rate soon emerged as a key player in money changing with the opening of branches in the tie-one shopping malls of Pavilion, KLCC and KL Sentral. In 2017, Vital Rate was acquired by Merchantrade Asia Sdn. Bhd.
In 2018, Jajakhan was appointed as the CEO and director of Jadeline Exchange Sdn Bhd. Jadeline is building scale with a business strategy of mergers and acquisitions, digitalization of operations and enhancing customer experience. In August 2021, Jadeline Exchange merged to Jags Money Sdn Bhd and obtained Class A license to operate in the MSB industry.
Jajakhan has played an active role in the transformation of the money exchange industry, from inception of MAMSB in January 2014, as the Class C Council Member of MAMSB from 2014 – 2016, and later as its Vice-President from 2016 – 2017.
Al-Tamij Capital Resources Sdn Bhd
Al-Tamij Capital Resources Sdn Bhd
COMING SOON
S.S.B Interchange Sdn Bhd
S.S.B Interchange Sdn Bhd
COMING SOON
Suria Muhabat Sdn Bhd
Suria Muhabat Sdn Bhd
Mani joined Suria Muhabat Sdn Bhd in June 2016 as the CEO and subsequently has become one of the shareholders of the company. He has extensive knowledge in treasury dealing and risk advisory solutions, banking, portfolio investment, financial management, and money services business ranging more than 29 years of working experience in MSB, central banking, investment banking and commercial banking environments.
Prior to joining Suria Muhabat Sdn Bhd, Mani’s last posting was as the Deputy Director at the Treasury Department at Bank Negara Malaysia, managing the investment portfolio and the currency composition of the International Reserves from Mar 2013 to Feb 2016. Previously, he held the position of Director, Head of Treasury at KAF Investment Bank Bhd. (Mar 2008 – Feb 2013) and various positions at Maybank ( Senior Treasury Dealer/ Dealer : Jul 1997 to Feb 2008; Branch Operations Officer: Jul 1994 – Jun 1996).
He holds a postgraduate degree in MBA Finance from The University of Nottingham and a BBA (Hons.) degree from the National University of Malaysia (UKM). He had also completed and passed the Financial Market Association Malaysia Certification in 1997 and the AML/CFT Compliance program for MSB Industry in 2017.
IME (M) Sdn Bhd
IME (M) Sdn Bhd
Mr. Espen Kristensen Aged 50, a graduate in Master of Law (LLM) from Bond University, Australia has more than 15 years ’experience in international remittance, working with major players like Western Union and Euronet Worldwide. Mr Kristensen is currently Class A Council Member and Chairman of MAMSB Legal Committee.
His expertise is from Operations, Business Development and Digital. Solid experience from roll-out of European directive agent’s module in the European Union and geo expansion both in Europe and across APAC.
Mr Kristensen is currently the CEO of of IME (M) SDN BHD and he also has the role as Managing Director for Ria Money Transfer Asia Pacific. Ria money transfer is the 2nd largest global remittance company. Other specialties are Commercial Negotiations and Mediation, e-Commerce, e-money, Business Strategy and B2B.
Western Union Payments (Malaysia) Sdn Bhd
Western Union Payments (Malaysia) Sdn Bhd
COMING SOON
Adcrew Sdn Bhd
Adcrew Sdn Bhd
COMING SOON
Travelex Currency Exchange & Payment Sdn Bhd
Travelex Currency Exchange & Payment Sdn Bhd
COMING SOON
Million Serenity Sdn Bhd
Million Serenity Sdn Bhd
COMING SOON
Mohd Faizhal Group Sdn Bhd
Adcrew Sdn Bhd
COMING SOON
Akar Warisan Sdn Bhd
Akar Warisan Sdn Bhd
Madam Analisa Yin Binti Abdullah is the Chief Executive Officer of Akar Warisan Sdn Bhd. She has been in the MSB industry as Money Changer since 2004 even before the inception of MSB formerly known as Akta Pengurup Wang 1998. Madam Analisa held the position of Compliance Officer from 2011-2017 and thereafter has been the CEO of Akar Warisan Sdn Bhd. In 2020, she was elected as the Chairman of Southern Region and a member of the MAMSB Council.
Madam Analisa is an active MAMSB member and hold the position as Chairman of Membership Committee, Vice Chairman of IT Committee and Member of Education Committee, Education Task force and 100 days KPI task force. Madam Analisa has graduated with O Levels, A Levels and Diploma in Marketing Studies.
Sharafath Ali Sdn Bhd
Sharafath Ali Sdn Bhd
COMING SOON
World Currency Sdn Bhd
World Currency Sdn Bhd
COMING SOON
Fifth Term Leadership
> Council Members (2023/2026)
Jags Money Sdn Bhd
Jags Money Sdn Bhd
Dato’ Sri Jajakhan is the Chief Executive Officer of Jags Money Sdn. Bhd. and was elected as the President of the Malaysian Association of Money Service Business (“MAMSB”) in September 2020.
He has more than 17 years experience in the financial services industry, having started his career as a remisier with OSK Securities in 2003, before taking the bold step to venture into the world of money changing, and founded Vital Rate Sdn. Bhd. in 2005. As the Chief Executive Officer, he spearheaded marketing, technology, business development and establishment of business collaborations and alliances to expand into remittances as an Agent to drive reveneue growth. Vital Rate soon emerged as a key player in money changing with the opening of branches in the tie-one shopping malls of Pavilion, KLCC and KL Sentral. In 2017, Vital Rate was acquired by Merchantrade Asia Sdn. Bhd.
In 2018, Jajakhan was appointed as the CEO and director of Jadeline Exchange Sdn Bhd. Jadeline is building scale with a business strategy of mergers and acquisitions, digitalization of operations and enhancing customer experience. In August 2021, Jadeline Exchange merged to Jags Money Sdn Bhd and obtained Class A license to operate in the MSB industry.
Jajakhan has played an active role in the transformation of the money exchange industry, from inception of MAMSB in January 2014, as the Class C Council Member of MAMSB from 2014 – 2016, and later as its Vice-President from 2016 – 2017.
Al-Tamij Capital Resources Sdn Bhd
Al-Tamij Capital Resources Sdn Bhd
COMING SOON
S.S.B Interchange Sdn Bhd
S.S.B Interchange Sdn Bhd
COMING SOON
Suria Muhabat Sdn Bhd
Suria Muhabat Sdn Bhd
Mani joined Suria Muhabat Sdn Bhd in June 2016 as the CEO and subsequently has become one of the shareholders of the company. He has extensive knowledge in treasury dealing and risk advisory solutions, banking, portfolio investment, financial management, and money services business ranging more than 29 years of working experience in MSB, central banking, investment banking and commercial banking environments.
Prior to joining Suria Muhabat Sdn Bhd, Mani’s last posting was as the Deputy Director at the Treasury Department at Bank Negara Malaysia, managing the investment portfolio and the currency composition of the International Reserves from Mar 2013 to Feb 2016. Previously, he held the position of Director, Head of Treasury at KAF Investment Bank Bhd. (Mar 2008 – Feb 2013) and various positions at Maybank ( Senior Treasury Dealer/ Dealer : Jul 1997 to Feb 2008; Branch Operations Officer: Jul 1994 – Jun 1996).
He holds a postgraduate degree in MBA Finance from The University of Nottingham and a BBA (Hons.) degree from the National University of Malaysia (UKM). He had also completed and passed the Financial Market Association Malaysia Certification in 1997 and the AML/CFT Compliance program for MSB Industry in 2017.
IME (M) Sdn Bhd
IME (M) Sdn Bhd
Mr. Espen Kristensen Aged 50, a graduate in Master of Law (LLM) from Bond University, Australia has more than 15 years ’experience in international remittance, working with major players like Western Union and Euronet Worldwide. Mr Kristensen is currently Class A Council Member and Chairman of MAMSB Legal Committee.
His expertise is from Operations, Business Development and Digital. Solid experience from roll-out of European directive agent’s module in the European Union and geo expansion both in Europe and across APAC.
Mr Kristensen is currently the CEO of of IME (M) SDN BHD and he also has the role as Managing Director for Ria Money Transfer Asia Pacific. Ria money transfer is the 2nd largest global remittance company. Other specialties are Commercial Negotiations and Mediation, e-Commerce, e-money, Business Strategy and B2B.
Western Union Payments (Malaysia) Sdn Bhd
Western Union Payments (Malaysia) Sdn Bhd
COMING SOON
Adcrew Sdn Bhd
Adcrew Sdn Bhd
COMING SOON
Travelex Currency Exchange & Payment Sdn Bhd
E-Globex Sdn Bhd
Ms Chong Hui Yee is the CEO of E-Globex Sdn Bhd, a Licensed Money Changing and Wholesale Currency Business in Malaysia. She has a Bachelor (Hons) of Management Studies graduate and has over 5 years of working experience in the MSB industry. Leveraging on her extensive experience across AML/CFT compliance and risk management, she continues to improve the operations of the company to drive business growth and sustainability.
Serving as the Class D Representative, her primary role is to bridge and facilitate the communication between the Council and the Class D members. She is responsible to bring forward any opinions, concerns and ideas from members, for the purpose of uplifting the business standard and ultimately promoting a more resilient and innovative MSB industry
Million Serenity Sdn Bhd
Million Serenity Sdn Bhd
COMING SOON
Mohd Faizhal Group Sdn Bhd
Adcrew Sdn Bhd
COMING SOON
Akar Warisan Sdn Bhd
Akar Warisan Sdn Bhd
Madam Analisa Yin Binti Abdullah is the Chief Executive Officer of Akar Warisan Sdn Bhd. She has been in the MSB industry as Money Changer since 2004 even before the inception of MSB formerly known as Akta Pengurup Wang 1998. Madam Analisa held the position of Compliance Officer from 2011-2017 and thereafter has been the CEO of Akar Warisan Sdn Bhd. In 2020, she was elected as the Chairman of Southern Region and a member of the MAMSB Council.
Madam Analisa is an active MAMSB member and hold the position as Chairman of Membership Committee, Vice Chairman of IT Committee and Member of Education Committee, Education Task force and 100 days KPI task force. Madam Analisa has graduated with O Levels, A Levels and Diploma in Marketing Studies.
Sharafath Ali Sdn Bhd
Sharafath Ali Sdn Bhd
COMING SOON
World Currency Sdn Bhd
World Currency Sdn Bhd
COMING SOON
Organisation Structure
Mr. Raman Krishnan was appointed by the Association as Chief Executive Officer (CEO) and commenced his duties on 2nd October 2023.
He joined Bank Negara Malaysia (BNM) in year 1983 as an Internal Auditor. He then was promoted to Branch Manager in Penang from year 2004 to 2008, overseeing the overall operation of the branch. Subsequently, he was given the position as Manager, Currency Management and Operations from 2008 till 2010 and was promoted to Regional Head/ Deputy Director for Johor Bharu branch in year 2011. He later was advanced to Deputy Directors Compliance- Cash Management Department in 2018 until his retirement. He is a qualified and professional banker with a background of 36 years of experience in regulatory, compliance and cash management in his years of service.
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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 A
CLASS B
CLASS C
CLASS D
LEGAL COMMITTEE
GROUP OF COMPLIANCE OFFICERS (GOCO) COMMITTEE
EDUCATION COMMITTEE
FINANCE COMMITTEE
CODE OF CONDUCT COMMITTEE
IT ADVISORY COMMITTEE
Digital Technical Committee
MPA Technical Committee
Money Changing Business Committee
Wholesale Currency Business Committee
MAMSB Task Force Combat
MAMSB Strategic Blueprint Task Force
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.