SMJ Teratai Sdn Bhd (SMJ Teratai) was honored with the prestigious Corporate Excellence Award at the Asia Pacific Enterprise Awards (APEA) 2023 Malaysia. Presented on 2 June 2023 by Enterprise Asia, the APEA serves as a platform to showcase the best practices and success stories of enterprises across the Asia Pacific region, highlighting their pivotal role in driving economic growth and development. The Corporate Excellence Award specifically acknowledges SMJ Teratai’s exemplary performance in corporate leadership, innovation, sustainable growth, and contributions to the industry.
SMJ Teratai operates as a licensed Money Services Business (MSB) corporation in Malaysia, and it is regulated by the Central Bank of Malaysia. As a member of the Silverlake Group, a globally recognized provider of banking IT solutions, the company offers a comprehensive range of MSB services. These services encompass retail currency exchange, wholesale currency exchange involving the import and export of currency notes, and money transfer solutions.
The company ensures accessibility to its services through a variety of channels, including branches located throughout the country, wholesale hubs, agent outlets, corporate marketing teams, and mobile kiosk counters. Additionally, SMJ Teratai has a digital channel that provides e-money products and e-remittance solutions, accessible via its mobile app, eWANG. The customer base of the company is diverse and comprises foreign workers, expatriates, travelers, multinational corporations (MNCs), small and medium enterprises (SMEs), licensed money changers, and financial institutions, both domestically and overseas.
The company’s overarching vision is to establish itself as the leading MSB corporation in Southeast Asia. In pursuit of this goal, SMJ Teratai remains committed to the continuous improvement of its products, services, and operational procedures. The company strives to create mutually beneficial business opportunities for its partners, agents, associates, and clients. Delivering excellent, convenient, and cost-effective services to its valued customers is the primary focus of SMJ Teratai. By fostering trust and adding value to its customers’ experiences, the company aims to cultivate long-term relationships based on satisfaction and confidence.
SMJ Teratai has received notable recognition for its remarkable growth and achievements in the financial industry. The company prioritizes the development of its employees and provides various opportunities for their growth. Talent development initiatives include on-the-job training, mentoring programs, and a performance appraisal system that rewards employees based on their contributions. Career advancement is encouraged, and a culture of learning is fostered through professional training on SOPs, compliance with AMLA regulations, and cybersecurity. The monitoring team is also equipped with the necessary skills to identify and mitigate risks.
To facilitate continuous learning, an e-learning platform is offered to employees as an online source to access modules and assessments. Team effort and workers’ engagement are emphasized, and top-performing branches and employees are recognized during the annual dinner. Furthermore, the dedication of long-serving employees is acknowledged through the company’s long service award, celebrating their commitment at the 3, 5, and 10-year milestones. SMJ Teratai values its employees’ growth, engagement, and contributions, fostering a supportive environment that enables them to thrive and contribute to the ongoing success of the organization.
SMJ Teratai is currently directing its efforts towards strategic initiatives aimed at enhancing its future direction. These initiatives revolve around the diversification of the company’s product offering, the expansion of its delivery channels, and the extension of its market reach. To achieve the goal of diversifying its product offerings, SMJ Teratai has embarked on a foray into the wholesale currency exchange business. In addition to its existing retail money changing and money transfer services, the company now engages in the import and export of foreign currency notes to and from overseas. The overarching plan entails establishing multiple wholesale hubs at strategic locations and expanding the network of overseas counterparts to accommodate larger transaction volumes.
Furthermore, the introduction of eWANG, the company’s eWallet product, has provided customers with a convenient and secure electronic payment option. Collaborating with various business partners, SMJ Teratai is actively exploring the creation of additional digital products to cater to the evolving needs of its customer base.
In terms of delivery channels, SMJ Teratai places its focus on the expansion of its branches and agent network. Currently operating over 120 outlets across Malaysia, the company actively pursues further growth to increase customer touch points and support its digitalization efforts. Additionally, to reach underserved areas such as plantations and construction sites, mobile remittance kiosks are deployed, extending financial services to communities with limited digital and financial literacy.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are an investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia, and in ensuring a legacy of hope, innovation, and courage for the future generation. Please visit www.enterpriseasia.org for more information.
About Asia Pacific Enterprise Awards
Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/ regions and markets all over Asia. For further information, please visit www.apea.asia.