CURRENSEEK-LOGO-REDCountry: Malaysia
Year: May 2015

  • Malaysian start-up CurrenSeek is a location-based currency exchange mobile app that enables travellers to compare and locate the moneychangers with the best rates in town, bypassing wholesale bank rates and allowing users to crowd-source updated rates.
  • Launched in May 2015, the app currently has 3,500+ users, with over 50% retention rate.
  • CurrenSeek currently covers 10 major currencies: USD, EUR, GBP, JPY, RMB, IDR, KWR, TWD, SGD, AUD, partnering with 100+ banks and money changers.
  • CurrenSeek is a finalist for the global NextBank FinTech start-up pitch competition, having won the Malaysia semi-finals on 19 December 2015.

Concept

  • It is often difficult for travelers to find out which money changes and/or banks offer the best exchange rates. For the sake of convenience, travelers often end up paying 10-20% more than they could with the best rates available locally (according to Co-founder of CurrenSeek Hakim Karim).
  • CurrenSeek targets this issue by offering a location-based currency exchange app that allows travelers to compare and locate the best rates within the local geographic area.
  • CurrenSeek’s revenue model consists of subscription fees from partnering FOREX providers, and paid downloads for premium services and/or other in-app purchases. They also plan to offer analytics services to help FOREX providers better understand their customers.

Consumer Benefits

  • Travelers benefit through the increased accessibility to the lowest rates when exchanging money abroad.
  • The exchange facilities (money changers and/or banks) are displayed on a Google Maps interface or can be listed by rate for a selected currency, distance or last updated time. The user can then call the facility directly or navigate there via Google Maps.
  • The rates are sourced either directly from the exchange facilities or by crowd-sourcing from the active community of users to update the rates and add new money changers.

How it Works
An interview with CurrenSeek co-founder David Oh talking about the start-up.

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