SMJ Teratai

What SMJ Teratai does

SMJ Teratai Sdn. Bhd. is a Malaysia-licensed Money Services Business (MSB) operating under the Teratai Group. The company holds both Class A and Class D MSB licenses from Bank Negara Malaysia (License No. 00408), authorizing it to conduct cross-border remittance and currency-exchange services, and is a founding member of the Malaysian Association of Money Services Business (MAMSB, Membership No. 0005). It was established in 1992 (per company history) and is headquartered in Johor Bahru, with operations spanning a 140+ branch network and 100+ registered agent locations across Malaysia covering Johor, Kuala Lumpur, Selangor, Pahang, Sarawak, Sabah, and other states.

The company serves three primary customer cohorts: migrant and expatriate workers sending money home, corporate clients (GLCs, multinationals and SMEs) executing trade and treasury remittances, and corporate agent partners (hotels, hospitals, travel agencies) extending the reach of its license. Its product suite comprises an international remittance service covering 80+ countries, walk-in and corporate currency exchange, the eWANG mobile wallet (available on Google Play, Apple App Store and Huawei App Gallery with P2P, QR scan & pay, airtime top-up, FPX top-up and 8-language support), a 24-hour Digital Remittance Kiosk deployed at industrial employer sites, and an Online Remittance channel accessible via WhatsApp. Pricing is transaction-based: per-transfer service charges with no commissions or minimum amount, RM1.50 per FPX top-up, RM1 per hard-copy statement, plus FX margins on currency exchange and competitive B2B pricing for corporate clients. Annual transaction throughput exceeds RM1 billion; no audited company-level revenue is disclosed.

Go-to-market combines sales-led outreach to corporate clients via dedicated relationship managers, a multi-channel agent and kiosk distribution network for retail customers, and product-led self-service through the eWANG app and WhatsApp Order service. Payout infrastructure is anchored by corridor partnerships with Western Union, Sacombank-SBR (Vietnam), BRAC Bank (Bangladesh), Bank BRI and Bank Mandiri Syariah (Indonesia), LBC (Philippines), MoneyGram and DANA (Indonesian e-wallet); settlement-side banking is provided by Maybank and Public Bank. SMJ Teratai employs 51–100 staff and has been the recipient of multiple regional industry awards including the 2019 Greenback Project 2.0 Most Outstanding Supporter Award (World Bank / Bank Negara Malaysia), the 2017 Sin Chew Business Service Excellence Award and the 2023 Asia Pacific Enterprise Awards Corporate Excellence in Financial Services.

Name

SMJ Teratai

Legal name

SMJ Teratai Sdn. Bhd.

Website

https://smjremit.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Short description

SMJ Teratai is a Malaysia-licensed Money Services Business offering cross-border remittance to 80+ countries, currency exchange, and the eWANG mobile wallet, operated through 140+ branches, 100+ agents, and digital kiosks serving migrant workers, corporate clients and tourists.

Ownership category

akta.pro rank

Product category

Remittance Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Consumer Remittances (P2P) (FSAMAIAA)

akta.pro secondary industries

SME & Business Cross-Border Payments (B2B) (FSAMAIAB), SME & Business Cross-Border Payments (FSAGAKAB)

Keywords

• Cross-border remittance
• Currency exchange
• Money services business
• Mobile wallet
• Corporate remittance

Headquarters

HQ city

Johor Bahru

HQ country

Malaysia

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Remittance Transaction Fees: Service charges for cross-border money transfers. SMJ charges competitive transfer fees with no commissions, cable or telex charges. Express Service available for same-day delivery for transactions before 11:30am.
2. Currency Exchange Margins: Revenue generated from foreign exchange spreads when customers exchange currencies. Exchange rates are competitive and updated frequently, with no handling fees or agent commissions charged.
3. FPX Top-up Fees: RM1.50 charged per top-up transaction via FPX (local online banking). Top-up at SMJ outlets is free.
4. Statement Fees: RM1 per hardcopy statement for ad-hoc requests. E-statements provided at no charge.
5. Corporate/B2B Services: Dedicated corporate remittance services for GLCs, multinationals, and SMEs with fast trade remittance solutions, competitive FX rates, and lower transaction costs.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

SMJ Teratai is a Malaysian Money Services Business (MSB) that provides cross-border remittance, retail remittance, currency exchange, and corporate remittance services to individual and corporate customers across 80+ countries. Service delivery is via 140+ own branches, 100+ agent locations, the eWANG mobile wallet app, WhatsApp ordering, and 24-hour digital remittance kiosks deployed at corporate partner sites, with revenue earned primarily through transaction fees and FX margins.

Product overview

SMJ Teratai operates as a Money Services Business (MSB) offering a comprehensive portfolio of financial services centered around remittance and currency exchange. The company holds Class A and D MSB licenses from Bank Negara Malaysia and serves customers through three primary service channels: a network of over 140 physical branches across Malaysia, the eWANG mobile wallet application (the digital flagship product), and Mobile Kiosk units deployed at industrial locations. The core offering consists of International Remittance (covering 80+ countries), Currency Exchange, and Corporate Remittance for B2B clients, supplemented by Retail Remittance, an Agent Network program, and Online Remittance via WhatsApp. The eWANG mobile wallet serves as the primary digital channel, integrating money transfer, P2P payments, merchant QR scanning, and airtime top-up functionality.

Differentiator

Problem solved

Functional benefit

Products and services

• eWANG Mobile Wallet Feature-rich mobile wallet enabling money transfer, currency exchange, ePayment, P2P transfers, QR scan & pay, airtime top-up, and bill payment for individual users including migrant workers, with FPX online banking integration and support across 8 languages.
• Currency Exchange Foreign currency exchange service providing competitive exchange rates through an extensive network of 140+ SMJ outlets across Malaysia, with frequent rate updates, no handling fees or agent commissions, and year-round operating hours.
• International Remittance International money transfer service enabling remittances from Malaysia to more than 80 countries with competitive FX rates and minimal transfer fees, supporting bank deposit, cash payout, mobile wallet credit, and door-to-door delivery via payout partners (Western Union, MoneyGram, LBC, partner banks).
• Corporate Remittance (B2B) B2B remittance solution providing fast trade remittance, competitive foreign exchange rates, lower transaction costs, and dedicated corporate customer support, with a one-time documentation approach for SMEs, GLCs and multinational companies.
• Retail Remittance In-store remittance service at SMJ's 140+ physical outlets with strategic opening hours including weekends, trained multilingual staff, and frequently updated competitive exchange rates.
• 24-Hour Digital Remittance Kiosk Self-service digital kiosk deployed at corporate partner sites (industrial areas, plantations, factories) enabling migrant workers and underserved communities to perform remittance transactions 24/7 with cashless, affordable, and reliable fund transfers to home countries.
• Online Remittance Digital remittance service accessible via WhatsApp ordering, allowing customers to initiate transfers remotely by submitting remittance details and banking in to SMJ accounts, with pickup and delivery available in multiple languages.

Quantifiable outcome

• Annual sales exceeding RM1 billion
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Syarikat Sin Kwang Plastic Industries Sdn. Bhd. (SKP)coreStrategic or Co-development Partner · 13 October 2024Deployment of 24-hour digital remittance kiosk at SKP's facility in Taman Teknologi, Senai, providing migrant workers with convenient access to secure remittance services. This partnership exemplifies commitment to financial inclusion through technology.
• Western UnioncoreChannel Partner/ Reseller/ DistributorSMJ operates as Western Union agent providing international money transfer services, extending global reach to customers needing worldwide remittance coverage.
• LBC (Luzon Broadcasting Corporation)minorChannel Partner/ Reseller/ DistributorPhilippines payout partner for cash pickup services through LBC network.
• Money GramminorChannel Partner/ Reseller/ DistributorPartnership for international money transfer services via Money Gram network.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Merchantrade Asia Sdn Bhd: One of Malaysia's largest money services businesses offering international remittance, currency exchange and mobile wallet (Merchantrade Money) with a multi-branch network. Directly competes with SMJ on retail remittance corridors, especially for Indonesia and South Asia payouts.
• MaxMoney: Malaysian licensed MSB providing currency exchange and remittance through a large branch network. Overlaps with SMJ's physical branch footprint and core consumer remittance + FX offering for migrant workers and travelers.

Emerging players

• MoneyMatch: Malaysian fintech offering cross-border payments and FX for SMEs and individuals, including remittance corridors to South and Southeast Asia. Competes with SMJ's B2B corporate remittance and digital remittance channels.
• KLIQ: Malaysian digital remittance app targeting the same migrant-worker send-money-home use case as eWANG, with focus on Indonesia and Bangladesh corridors. Direct digital competitor to SMJ's eWANG.
• BigPay: Malaysian fintech (AirAsia-affiliated) offering a multi-currency e-wallet and outbound remittance. Competes with eWANG as a domestic digital wallet and is increasingly active in cross-border transfers.

Broad incumbents

• Western Union: Global cross-border money transfer incumbent that is both SMJ's channel partner and a competitor via its own branded counters in Malaysia. Sets the de facto global price benchmark for remittance services.
• MoneyGram: Global money transfer operator that is also an SMJ partner and a direct competitor in international remittance. Competes on similar migrant-worker corridors with a comparable global payout network.
• Wise (formerly TransferWise): Global digital remittance and multi-currency account provider. Competes with SMJ's eWANG on cross-border transfers with mid-market FX rates, particularly relevant for SMEs and higher-ticket senders.
• Remitly: US-headquartered digital remittance app serving corridors that overlap with SMJ's South and Southeast Asia routes. Competes with eWANG on speed, price and digital UX for migrant workers.
• WorldRemit: Global digital cross-border money transfer service with mobile wallet payouts in many of SMJ's key corridors (Indonesia, Philippines, Bangladesh). Competes for the same migrant-worker senders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SMJTerataiSB
• LinkedInlinkedin.com/company/smjteratai
• Instagraminstagram.com/smjterataisdnbhd?igsh=N2Q5MG05dGZrMm1z
• TikToktiktok.com/@smjterataisdnbhd?_t=8iZtRt9GTbk&_r=1

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SMJ Teratai