Merchantrade Asia

Merchantrade Asia is a Money Services Business (MSB), Digital Payment Service (Issuing and Acquiring) and Mobile Virtual Network operator (MVNO) provider, based in Malaysia.[1][2][3][4][5]

Merchantrade Asia Sdn. Bhd.
Private company
IndustryFinancial services
Founded1996 (1996)
Headquarters
Kuala Lumpur
,
Malaysia
Key people
Ramasamy K. Veeran (Founder & Managing Director)
ServicesMoney Transfer, Money Exchange, Wholesale Banknotes, Mobile Telecommunications and Digital Payment services (Acquiring and Issuing) [6]
Number of employees
1000 (Dec 2019)
Websitewww.mtradeasia.com

The company’s core business is centered on international money transfers, foreign currency exchange, wholesale banknotes, digital payment processing and mobile telecommunications.[7][8][9][10] They recently introduced micro insurance as part of their service offerings.[11]

Merchantrade Asia operates 81 outlets, 2 main wholesale banknote trading hubs and more than 400 agent locations throughout Malaysia.[12][13]

History
  • 1996 - Founded as a telecommunications equipment supplier in Malaysia.
  • 2003 - Started to offer discount telephone cards, Voice-over-IP (VOIP) and call shops.[14][15][16][17]
  • 2007 - Launched a mobile virtual network operator (MVNO) through a partnership with Celcom Axiata Berhad.[8] Later that year it received a Money Transfer Operator license in Malaysia and launched Merchantrade Express Remittances.
  • 2009 - Obtained investment from Sumitomo Corporation of Japan.[18]
  • 2012 - Obtained a Class A license, Money Services Business (MSB) [4] and launched a foreign currency exchange business together with an agent network and a mobile remittance platform called Doowit.
  • 2012 - Launched its eRemit online money transfer portal for individuals.
  • 2013 - Formed money transfer service partnership with MoneyGram.
  • 2014 - Received investment from Celcom Axiata Berhad.
  • 2015 - Obtained a Class D license, Money Services Business (MSB) [4] and it launched an online currency exchange portal eForex and a wholesale currency banknotes services and started a joint venture to form Celcopon (Malaysia).
  • 2015 - Began offering eRemit online remittance on mobile apps, iOS & Android.
  • 2017 - Acquired Vital Rate outlets in Pavilion, Suria KLCC, KL Sentral.[19] It also acquired TG Solutions (Malaysia) and started a joint Venture to form Jetixa (Dubai).
  • 2018 - Launched Merchantrade Money and won the 2018 Florin Asia Innovation Awards. The company also started offering micro insurance services to its customers. [20]
  • 2018 - Acquired 49% stake in Kliq Pte Ltd Singapore, a licensed money transfer service provider who operates M1Remit (money transfer on mobile app).[21]
  • 2019 - Won accolades for RemTECH Award[22], Visa's Most Outstanding Launch - Innovation Products Award, and Malaysia Technology Excellence Award[23] .
  • 2020 - Increased stake in Kliq Pte Ltd Singapore, to 70%[24] and re-branded M1Remit to eRemit Singapore.

Services

Money Services Business (MSB)

The company offers international remittance services, currency exchange and wholesale banknote services as part of its money services business segment. The company is also a member of the Malaysian Association of Money Services Business (MAMSB) and International Association of Money Transfer Networks (IAMTN).[25]

Merchantrade has branches throughout Malaysia and an online money transfer portal that offers money transfer services to major countries like USA, Australia, New Zealand, Canada, India, Bangladesh, Nepal, Indonesia and more. Their services are mainly used by parents sending money to their children studying overseas, expats in Malaysia sending money to their families back home and small to medium businesses transferring funds to suppliers and vendors in other countries.

Merchantrade also offers retail and online currency exchange services. Some of the key outlets are located in high end malls in Kuala Lumpur, such as Pavilion, Suria KLCC and Imago, Kota Kinabalu.[19][26]

Mobile Virtual Network Operator

A mobile virtual network operator (MVNO), through a partnership with Celcom Axiata to offer International mobile direct dial (IDD), high speed 4G LTE mobile internet and international airtime credit transfer.[27]

Payments

A non-bank issuer of multi-currency e-wallet [28][29][30][31] with a VISA prepaid card in Malaysia. The e-wallet is able to exchange directly into 20 foreign currencies and make payments directly with the card. Within the e-wallet, users may transfer funds, track expenses, make retail payments in different currencies, reload international & Malaysian prepaid mobile sim accounts as well as withdraw foreign cash from ATM around the world. [32]

Products

Money Services Business

Mobile
  • MVNO Hello Sim

Payments

Shareholders

Notable institutional shareholders in Merchantrade Asia are Celcom Axiata Bhd and Japan-based Sumitomo Corporation.[38]

References
  1. "MSB Act 2011". www.bnm.gov.my. Retrieved 1 December 2011.
  2. "Money Services Business (MSB)".
  3. "AMLATFPUAA Act 2001". www.bnm.gov.my.
  4. "List of Licensees". www.bnm.com.my.
  5. "Company Website".
  6. "Bloomberg : Company Overview".
  7. Ramanathan, Suresh. "Let's get physical with wholesale banknotes". The Star. Retrieved 23 April 2016.
  8. "Venture into mobile virtual network operator (MVNO)". Retrieved 2 Jan 2014.
  9. "Instant Money Transfer | Global Money Transfer". globalmoneytransfer.wordpress.com. Retrieved 2017-05-22.
  10. "Money Transfer Process – Sending and Receiving Money". Global Money Transfer. 2013-09-24. Retrieved 2017-05-22.
  11. "AXA Affin General Insurance Berhad and Merchantrade Asia offer insurance protection for migrant workers". www.malaysian-business.com. Retrieved 2018-12-26.
  12. http://www.bnm.gov.my/microsite/fs/msb/agents/total%20MSB%20agents.pdf
  13. "Merchantrade target RM4.1b remittance transactions in 2015". The Star Online. 2015-05-11. Retrieved 2019-12-10.
  14. "Call Shop - voip-info.org". www.voip-info.org. Retrieved 2017-05-09.
  15. "What is VOIP". www.voip-info.org.
  16. Jayaraman, Premalatha. "Merchantrade eyes expansion". The Sun Daily. Retrieved 2 January 2014.
  17. "How Does a Calling Card Work?". Retrieved 2017-05-09.
  18. "Merchantrade likely to raise RM250m in IPO next year". The Edge Markets.
  19. "Merchantrade buys money changer Vital Rate". The Star Online.
  20. "AXA offers protection for migrant workers". Focus Malaysia. Retrieved 2018-12-26.
  21. "Merchantrade takes up 49% stake in M1 unit". The Edge Markets. 2017-10-24. Retrieved 2020-08-10.
  22. "Merchantrade". The RemTECH AWARDS. 2019-05-27. Retrieved 2019-12-09.
  23. "Merchantrade Asia nabs Fintech - Financial Services Award at Malaysia Technology Excellence Awards". Singapore Business Review. Retrieved 2019-12-09.
  24. "Merchantrade strengthens its position in Singapore, acquires additional stake in Kliq | New Straits Times". NST Online. 2020-07-23. Retrieved 2020-08-10.
  25. "IAMTN Members". IAMTN.
  26. "Merchantrade Asia: All Vital Rate workers to be retained". FMT.
  27. "Celcom Offers Prepaid Package For Foreign Workers". Bernama. 25 July 2007.
  28. "Merchantrade Launches Multi-Currency Payments Card and Mobile Wallet with VISA".
  29. "New Merchantrade card makes currency exchange a breeze".
  30. "Entrepreneurs: Master of reinvention".
  31. "merchantrade-multi-currency-card-tops-stiff-local-e-wallet-race". New Straits Times.
  32. "MERCHANTRADE GETS E-KYC NOD FROM BNM FOR MONEY CHANGING".
  33. "Here's Why Online Remittance Beats The Traditional Way Of Remittance".
  34. "Merchantrade Asia's eRemit is a catalyst for cashless society".
  35. "Merchantrade Asia's eRemit funds transfer for B2B market to grow on robust demand".
  36. "Interlude: Travelling cash-light". The Edge Markets. 2020-02-04. Retrieved 2020-08-10.
  37. Wednesday, 26 Feb 2020 07:08 PM MYT. "Merchantrade money gets approval to increase e-wallet limit to RM20,000 | Malay Mail". www.malaymail.com. Retrieved 2020-08-10.
  38. "Merchantrade target RM4.1b remittance transactions in 2015". The Star Online. 11 May 2015.
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