First TAZ Tradition Sdn. Bhd. was incorporated as Pyemas Sdn Bhd on the 9th November 1984 as a Foreign Exchange and Currency Deposit Broker. It was established as a private limited company and owned by Malaysian resident corporations. The Malaysian financial market is a specialized market, and Pyemas Sdn. Bhd. sought to capture a sizable portion of the business then already capitalised by seven other competitors. Pyemas Sdn. Bhd was owned by Tun Ling Liong Sik (90 %) and the late Mr.Wong Kang Soon (10%).
Pyemas Sdn. Bhd. had faced many challenges in the wake of the Central Banks’ policy and one of those policies is that all Financial institutions are to have a bumiputra participation of at least 30% in it’s ownership. In light of this fact, Tun Ling Liong Sik had to reduce his stake ownership and thus emerged a new partner, the Malaysian Kuwaiti Investment House came into being. The following years ahead Tun Ling decided to sell his remaining portion of his stake to Berjaya Capital. This led the company to be owned by the Malaysian Kuwaiti Investment House (63%), Berjaya Capital (27%) and the estate of the late Mr.Wong Kang Soon (10%)
In 1995 Dato’ Tunku Ahmad Zahir Bin Tunku Ibrahim led a management buy-out and formed the present share structure and changed its name to First TAZ Money Brokers Sdn Bhd to reflect its core business and new ownership. In March 2007, a new era had begun, Tradition Singapore (Pte) Ltd acquired the 40% equity held by Berjaya Capital and the company changed its name to First TAZ Tradition Sdn Bhd.
The Company obtained its accreditation for ISO 9001:2000 in respect of “broking services of financial products with approved financial institutions” from Lloyd’s Register Quality Assurance Ltd (LRQA) UK in July 2008. Presently, the Company is an associate member of Persatuan Pasaran Kewangan Malaysia (Financial Markets Association of Malaysia).
