Hasani Munawarah Exchange Sdn Bhd is a special purpose vehicle (SPV) incorporated to undertake merger and consolidation exercise between the two Class C MSB companies. Hasani Bumi Identiti Sdn Bhd and Munawarah Exchange Sdn Bhd and subsequently apply to Bank Negara Malaysia for approval to upgrade to Class A so that they could carry out both remittance and money changing using their own license. Both companies have a strong foothold in the northern region, particularly in the states of Kedah, Penang and Perak.
Hasani Bumi Identiti Sdn Bhd has been in the MSB business since 1993. The company currently has 17 branches in Kedah, Penang, Kuala Lumpur and Selangor.
Munawarah Exchange Sdn Bhd has been in MSB business since 1985. Currently MESB has 12 branches, mostly in Perak and Penang island.Both of the companies are formerly hybrid agents of Merchantrade since 2014. They have an existing strong remittance volume and customer database.
HASANI BUMI IDENTITI SDN BHD (705053-D)
Hasani Bumi Identiti Sdn Bhd will hold majority share of 60% in HME. In return Hasani Bumi Identiti Sdn Bhd will merge 17 of their branches with 12 branches of Munawarah Exchange Sdn Bhd in Hasani Munawarah Exchange Sdn Bhd
MUNAWARAH EXCHANGE SDN BHD (556069-W)
Munawarah Exchange Sdn Bhd will hold 40% share in HME. In return Munawarah Exchange Sdn Bhd will merge 12 of their branches with 17 branches of Hasani Bumi Identiti Sdn Bhd in Hasani Munawarah Exchange Sdn Bhd.