- immigrant employees tasked with sending out US$ 1.8 billion in 2023.
- ‘ First-to-last-mile ‘ online income solution ensures solid assistance at every stage for customers
The Jabatan Tenaga Kerja Semenanjung Malaysia ( Peninsular Malaysia Labour Department ) has approved Merchantrade Asia Sdn Bhd as an approved issuer of a designated payment instrument for the purpose of wage payments. This is Malaysia’s largest Money Services Business ( MSB ) operator and a leading player in the digital payments industry.
This is in line with the Minister of Human Resources ‘ Employment ( Recognized Approved Issuer of a Designated Payment Instrument ) Order 2024.
Merchantrade, which collaborated with Visa to launch its composite Merchantrade Money e-wallet in January 2018 and targets both Malay and migrant workers, is benefited by the approval. Recognizing the significant challenges employers face in opening traditional bank accounts for migrant workers and other unbanked segments, it has gradually expanded the features of the card for this segment to its current stage with features such as remittances, mobile top-ups,, personal accident insurance coverage with basic plan as low as for RM5 per month, QR payments, P2P transfers, online purchases, multi lingual application and customer service with eight languages including English, Malay, Nepali, Indonesian, Bengali, Tamil, Chinese and Burmese and with Bank Negara approval to hold up to US$ 4, 517 ( RM20, 000 ).
By allowing direct salary transfers to staff ‘ Merchantrade Money e-wallet, the JTKSM approval will transform the payment method for businesses. From big MNCs to SMEs, Merchantrade said its answer will be a game-changer across different industries, including estate, manufacturing, construction, service, and local work.
” Digital wage payments are gaining momentum worldwide, and we are proud to be leading this evolution in Malaysia”, said Ramasamy K. Veeran ( pic ), founder and MD of Merchantrade.
Following our expansion in the payment and e-wallet industries, we made a natural transition to online wage solutions, which addresses yet another pressing issue for Malaysian foreigners and other underbanked industries. We have developed a strong ecosystem specifically designed for this market over the years, and Merchantrade is strategically positioned to facilitate the transition from cash to online wage payments, Ramasamy continued.
Merchantrade has established itself as a trusted brand among the migrant worker community, recording an outbound remittance turnover of US$ 1.84 billion ( RM8.15 billion ) in 2023. The company has also served over 5 million users since its inception, through its online and brick-and-mortar programs, across its payment, forex trade, e-wallet, plan, and telecommunications services.
The company’s ecology includes a vast system of natural touchpoints, with 95 branches and over 490 representative locations globally serving as support centers for both its amazing income disbursement and e-wallet platforms, as well as a dedicated on-ground team that assists both employers and employees in urban and rural areas. The company’s ‘ first-to-last-mile’ approach ensures comprehensive support at every step of their journey, from onboarding and training to after-sales service.
Through a collaboration with AmBank Islamic, the integration of Merchantrade Money e-wallet ( with RM20, 000 wallet size ) with an AmBank Islamic Hybrid Current Account-i (hCA-i) ( RM30, 000 wallet size ) allows users to access a combined limit of up to RM50, 000, making it the first of its kind in Malaysia.
Users can make cashless and withdrawals at both physical stores and online using a Visa prepaid card when using a Visa card.
From an ESG perspective, this solution supports Merchantrade’s mission of promoting equitable financial services and is closely aligned with the government’s digital transformation and sustainability agenda, as well as Malaysia’s Financial Inclusion Framework FY2023–FY2026.
