Days of old-school money changers may be numbered

Many are struggling to survive as rents, labour costs go up and high-tech rivals offer more value

Mr V.S. Tajdeen, whose family runs Aliffan Agency at Raffles Place, says he would have made a profit of $1 to $2 for every RM100 he sold 10 years ago. But now, when he sells RM1,000 (S$330), he makes just $1 - if he's lucky. Aliffan is looking for wa
Mr V.S. Tajdeen, whose family runs Aliffan Agency at Raffles Place, says he would have made a profit of $1 to $2 for every RM100 he sold 10 years ago. But now, when he sells RM1,000 (S$330), he makes just $1 - if he's lucky. Aliffan is looking for ways to use fintech, maybe by publishing rates online. The company cannot just sit there and survive on conversion charges, says Mr Tajdeen. ST PHOTO: ONG WEE KIAT
Mr Alstone Tee (left) and Mr Tan Jin of local fintech start-up Thin Margin. Firms like theirs have a much wider reach.
Mr Alstone Tee (left) and Mr Tan Jin of local fintech start-up Thin Margin. Firms like theirs have a much wider reach. ST PHOTO: DESMOND FOO
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Money changers shuffling stacks of notes in their kiosks are a common sight around town. But their days are increasingly fraught with uncertainty as high-tech rivals muscle in on their turf.

"It's a losing fight," said Mr Barakath Ali, first vice-president of the Money Changers Association (Singapore).

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A version of this article appeared in the print edition of The Sunday Times on September 22, 2019, with the headline Days of old-school money changers may be numbered. Subscribe