Trade Your Currency Via Live Bidding Platform!
Buy or sell your currencies to or from licensed money changer with the best bid or opt for instant offer using FCN marketplace! Only available for corporates.
WHY USE THE FCN MARKETPLACE?
No more shopping around. Submit your requirement and let licensed money changers to bid for your business!
Extend your business network to a larger community of licensed money changers to obtain the best rates possible.
Most of the participating money changers deliver to you. You can just pay online using your corporate internet banking (coming soon!)
FREE OF CHARGE
The FCN Marketplace is currently free of charge. So no registration or transaction fee involved at the present.
HOW IT WORKS
Enter your foreign currency requirements – e.g. how much SGD you want to buy or sell, when you need it and if you’d like it delivered.
Wait For Offers
To Come in
Once you list your requirements, the licensed money changers will be notified and start offering you their best bids.
Before your listing timeframe expires, you will start receiving bids. Pick the ones that work for you.
Once you accept the best offer, you can now arrange for pickup or delivery at your convenience.
Any other special requirements?
your special requirements using the built-in instant messaging feature!
Frequently Asked Questions
How do I sign up for the FCN Marketplace?
Private Limited Company (Sdn Bhd)
- Certificate of incorporation
- NRIC, or passport if foreigner, of all directors and shareholders with more at least 25% controlling interest
Sole Proprietor / Partnerships
- NRIC, or passport if foreigner, of the sole-proprietor or partners
- Business Registration Certificate (Form A / B)
- Business License Forms (Form D)
Clubs, Societies and Charities
- Certificate of registration
- NRIC / Passport (if foreigner) of the office bearer(s)
You must also provide an executed letter of authority (see template) with NRIC, or passport if foreigner, of all persons, authorised to represent the entity. This information will be protected by the Malaysian Personal Data Protection Act 2013, but the company documents will be shared with those licenced money changer participating in the FCN Marketplace from whom you’ve accepted a bid in order for them to conduct their customer due diligence in accordance with Bank Negara’s Anti-Money Laundering and Counter Financing of Terrorism Guideline (please refer to §5.3).
Your FCN Marketplace account(s) will be created and made available to the specified authorised personnel via email to start listing your banknote requirements on behalf of your company.
Once the above documents are ready, please reach out to us at firstname.lastname@example.org to arrange for collection. Once this information has been verified by our compliance team, your FCN Marketplace account(s) will be created and made available to the authorized operators to start listings.
You can register your interest in our FCN Marketplace (FCNM), but we cannot provide access until you have provided sufficient information about your business. Bank Negara Malaysia regulations require licensed money changers to conduct Know Your Customer (KYC) checks on businesses and their representatives before they can provide currency exchange services. You will need to provide your business registration documents, which we will check and ONLY make available to the money changer you finally accept a bid from on the FCNM. Money Changers whose bid you do not accept will not see your business credentials. Once you have registered we will request and keep you informed on the progress with your document submissions and necessary checks.
AS A CORPORATE ENTITY, DO I NEED TO PAY ANY FEES TO USE THE SERVICE?
ARE PAYMENTS FOR EXCHANGE MADE DIRECTLY VIA THE MARKETPLACE?
How can I be sure that the bids I receive are from a licensed money services business?
What's the difference between best and instant auction types?
How can I be sure that my trading partner will honour their deal?
CAN EITHER PARTY CANCEL A LISTING AFTER A BID IS ACCEPTED?
I WOULD ONLY LIKE TO RECEIVE BIDS FROM PARTICIPANTS THAT ARE GEOGRAPHICALLY NEAR MY BUSINESS, SO I CAN QUICKLY RECEIVE MY SUPPLY OF CURRENCY. DOES THE MARKETPLACE HELP WITH THIS?
Want your regular
licensed money changer on this?
to see on this platform, let us know by emailing email@example.com.
From CurrenSeek’s Blog
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