Prime Exchange Company Pte, a subsidiary of Prime Bank, recently won a “Covid19 Hero Appreciation Award” from Remittance Association (Singapore), a platform of fund transfer businesses, for “ensuring seamless remittance service in Singapore during the pandemic”.
Money changers are also very concerned about their rental and manpower costs.
Mr Mohamed Rafik, 50, who has been in the industry for the past 25 years, said his business plunged by 99 per cent and many operators cannot even cover their rental expenses. Borders need to open. Only then will money changers be able to bounce back, he added. That is why we were waiting for the vaccination (roll-out). We are looking forward to the day when those who are vaccinated can travel without the need for quarantine or to be on stay-home notice.
Upholding family business
Many of the money changers here have been operating as a family business.