Merchantrade Asia

Merchantrade Asia (Merchantrade) 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]

The company's core business is centered on international money transfers, foreign currency exchange, wholesale banknotes, digital payment processing and mobile telecommunications.[6][7][8][9] They recently introduced micro insurance as part of their service offerings.[10]

Merchantrade Asia operates 96 outlets, 2 main wholesale banknote trading hubs and more than 600 agent locations throughout Malaysia.[11][12]

## Contents

* 1 History
* 2 Services
* 2.1 Money Services Business (MSB)
* 2.1.1 International Money Transfer
* 2.1.1.1 Foreign Currency Exchange
* 2.2 Payments (e-money issuer)
* 2.3 Mobile Virtual Network Operator
* 3 Products
* 3.1 Money Services Business
* 3.2 Mobile
* 3.3 Payments (e-money issuer)
* 3.4 Insurance
* 4 Institutional Shareholders
* 5 Subsidiaries
* 6 References

## History

* 1996 - Founded as a telecommunications equipment supplier in Malaysia.
* 2003 - Offers discount telephone cards, Voice-over-IP (VOIP) and call shops.[13][14][15][16]
* 2007 - Offers Merchantrade Mobile a mobile virtual network operator (MVNO) with Celcom Axiata Berhad.[7]
* 2007 - Offers Merchantrade Express Remittances with a Money Transfer Operator license in Malaysia.
* 2009 - Obtained investment from Sumitomo Corporation (Japan).[17]
* 2011 - Offers Merchantrade eRemit online money transfer web portal
* 2012 - Obtained Class A Money Services Business (MSB) license.[4]
* 2012 - Offers foreign currency exchange business & an agent network.
* 2012 - Offers Merchantrade Doowit a mobile remittance platform.[18]
* 2013 - Formed partnership for global money transfer network service with MoneyGram.
* 2014 - Obtained investment from Celcom Axiata Berhad.
* 2015 - Obtained Class D Money Services Business (MSB) license.[4]
* 2015 - Offers Merchantrade eForex online currency exchange web portal.
* 2015 - Offers Merchantrade wholesale currency banknotes services.
* 2015 - Formed a joint venture Celcopon (Malaysia).
* 2015 - Offers Merchantrade eRemit Mobile App online remittance service on iOS & Android.
* 2017 - Acquired 100% stake in Vital Rate Sdn. Bhd. Notable currency exchange outlets in Pavilion, Suria KLCC, KL Sentral.[19]
* 2017 - Acquired TG Solutions (Malaysia) and re-branded to 8Square Infotrans (Malaysia).
* 2017 - Formed a joint venture Jetixa (Dubai).
* 2018 - Offers Merchantrade Money multi-currency e-wallet with a VISA accepted prepaid card.
* 2018 - Offers Merchantrade Insure, micro insurance services.[20]
* 2018 - Acquire 49% stake in Kliq Pte Ltd, Singapore, operator of M1Remit, Singapore (money transfer on mobile app).[21]
* 2019 - Received RemTECH Award [22]
* 2019 - Awarded as Visa's Most Outstanding Launch - Innovation Products Award, and Malaysia Technology Excellence Award.[23]
* 2019 - Formed partnership for global money transfer network service with Western Union.
* 2020 - Offers Merchantrade Ozopay, a payment gateway service.
* 2020 - Formed partnership for money transfers to China with Ant Group - Alipay
* 2020 - Increased stake to 70% in Kliq Pte Ltd, Singapore [24] and re-branded M1Remit money transfer app to eRemit Singapore.
* 2020 - Acquired 100% stake in Malaysian mobile financial services business Valyou Sdn. Bhd. [25][26] Subsequently, increased its outlets to 101 locations in Malaysia.
* 2020 - Obtained investment from Kenanga Investment Bank.[27][28][29] Partners to offer Kenanga Money eWallet [30][31][32][33]
* 2021 - Partnerships with AmBank to launch Hybrid Wallet, IDEMIA for Digital Onboarding, and LintraMax to provide cashless ecosystem at plantations

## 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).[34]

#### International Money Transfer

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. [1] [35]

##### Foreign Currency Exchange

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][36]

### Payments (e-money issuer)

A non-bank issuer of multi-currency e-wallet[37][38][39] with a VISA accepted 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.[40]

### 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.[41]

## Products

### Money Services Business

* Merchantrade Money Transfer.[2][11] (international money transfer service)
* Merchantrade Money Exchange.[1] (foreign currency exchange)
* Merchantrade eRemit Malaysia & eRemit Singapore (online money transfer platform & mobile app).[42][43][44]
* Merchantrade eForex (online currency exchange mobile app).
* Merchantrade Wholesale Currency Banknotes Services. (wholesale currency bank note service)
* Merchantrade Valyou (online money transfer mobile app )
* Merchantrade International Money Transfer Operator (payment delivery aggregator).

### Mobile

* MVNO Hello Sim (Mobile Prepaid Cellular line )

### Payments (e-money issuer)

* Merchantrade Money (e-wallet mobile app with a multi-currency Visa prepaid card) [45][46]
* Merchantrade Ozopay ( digital payment gateway)

### Insurance

* Merchantrade Insure
* Merchantrade Insure Life
* Merchantrade Insure Basic
* Merchantrade Insure Xtra
* Merchantrade Insure Partners
* AXA Affin General Insurance Berhad
* MCIS Insurance Berhad (MCIS Life)

## Institutional Shareholders

* Celcom Axiata Bhd[47][48]
* Sumitomo Corporation (Japan) [49]
* Kenanga Investment Bank[50][51][52]
* MCIS Insurance Berhad (MCIS Life)

## Subsidiaries

* 8 Square Infotrans - 8squarei
* Kliq Pte. Ltd. - eRemit Singapore
* Celcopon Sdn. Bhd. - MCoopon
* Valyou Sdn. Bhd. - Valyou

## References

1. ↑ 1.0 1.1 "MSB Act 2011". http://www.bnm.gov.my/index.php?ch=en_legislation&pg=en_legislation_act&ac=226&full=1&lang=en.
2. ↑ 2.0 2.1 "Money Services Business (MSB)". http://www.bnm.gov.my/index.php?ch=fs&pg=fs_msb_money_srv_bus&ac=124.
3. ↑ "AMLATFPUAA Act 2001". http://www.bnm.gov.my/index.php?ch=en_legislation&pg=en_legislation_act&ac=225&full=1&lang=en.
4. ↑ 4.0 4.1 4.2 "List of Licensees". http://www.bnm.gov.my/index.php?ch=fs&pg=fs_msb_regulatees&ac=134.
5. ↑ "Company Website". https://www.mtradeasia.com/.
6. ↑ Ramanathan, Suresh. "Let's get physical with wholesale banknotes". The Star. http://www.thestar.com.my/business/business-news/2016/04/23/lets-get-physical-with-wholesale-banknotes/.
7. ↑ 7.0 7.1 "Venture into mobile virtual network operator (MVNO)". http://www.thesundaily.my/news/919613.
8. ↑ "Instant Money Transfer | Global Money Transfer" (in en). https://globalmoneytransfer.wordpress.com/category/instant-money-transfer/.
9. ↑ "Money Transfer Process – Sending and Receiving Money". 2013-09-24. https://globalmoneytransfer.wordpress.com/2013/09/24/money-transfer-process-sending-and-receiving-money/.
10. ↑ "AXA Affin General Insurance Berhad and Merchantrade Asia offer insurance protection for migrant workers." (in en-gb). http://www.malaysian-business.com/index.php/general-news/item/2050-axa-affin-general-insurance-berhad-and-merchantrade-asia-offer-insurance-protection-for-migrant-workers.
11. ↑ 11.0 11.1 "Archived copy". http://www.bnm.gov.my/microsite/fs/msb/agents/total MSB agents.pdf.
12. ↑ "Merchantrade target RM4.1b remittance transactions in 2015" (in en). 2015-05-11. https://www.thestar.com.my/business/business-news/2015/05/11/merchantrade-target-rm4-1b-remittance-transactions-in-2015.
13. ↑ "Call Shop - voip-info.org" (in en). 30 July 2011. https://www.voip-info.org/wiki/view/Call+Shop.
14. ↑ "What is VOIP". https://www.voip-info.org/wiki/view/What+is+VOIP.
15. ↑ Jayaraman, Premalatha. "Merchantrade eyes expansion". The Sun Daily. http://www.thesundaily.my/news/919613.
16. ↑ "How Does a Calling Card Work?" (in en). http://traveltips.usatoday.com/calling-card-work-103162.html.
17. ↑ "Merchantrade likely to raise RM250m in IPO next year". The Edge Markets. http://www.theedgemarkets.com/article/merchantrade-likely-raise-rm250m-ipo-next-year.
18. ↑ "Celcom perkenal khidmat kirim wang" (in ms). 2015-04-13. https://www.bharian.com.my/taxonomy/term/5/2015/04/47384/celcom-perkenal-khidmat-kirim-wang.
19. ↑ 19.0 19.1 "Merchantrade buys money changer Vital Rate". The Star Online. https://www.thestar.com.my/business/business-news/2017/03/02/merchantrade-buys-money-changer-vital-rate/.
20. ↑ "AXA offers protection for migrant workers". http://www.focusmalaysia.my/Snippets/axa-offers-protection-for-migrant-workers.
21. ↑ "Merchantrade takes up 49% stake in M1 unit". 2017-10-24. http://www.theedgemarkets.com/article/merchantrade-takes-49-stake-m1-unit.
22. ↑ "Merchantrade" (in en-US). 2019-05-27. https://remtech.org/merchantrade-money-visa-prepaid-card/.
23. ↑ "Merchantrade Asia nabs Fintech - Financial Services Award at Malaysia Technology Excellence Awards". 4 December 2019. https://sbr.com.sg/co-written-partner/more-news/merchantrade-asia-nabs-fintech-financial-services-award-malaysia-techno.
24. ↑ "Merchantrade strengthens its position in Singapore, acquires additional stake in Kliq | New Straits Times" (in en). 2020-07-23. https://www.nst.com.my/business/2020/07/611025/merchantrade-strengthens-its-position-singapore-acquires-additional-stake.
25. ↑ Business, N. S. T. (2020-09-17). "Merchantrade acquires fintech player Valyou | New Straits Times" (in en). https://www.nst.com.my/business/2020/09/625320/merchantrade-acquires-fintech-player-valyou.
26. ↑ "Malaysia's Merchantrade acquires fintech player, Valyou from Telenor Group" (in en). 2020-09-17. https://www.digitalnewsasia.com/business/malaysias-merchantrade-acquires-fintech-player-valyou-telenor-group.
27. ↑ "Kenanga Investment Bank Acquires Stake In Malaysia's Largest Money Services Business Operator Merchantrade Asia". 2020-10-28. https://kenanga.com.my/news/media-releases/kenanga-investment-bank-acquires-stake-in-malaysias-largest-money-services-business-operator-merchantrade-asia/.
28. ↑ Business, N. S. T. (2020-10-28). "Kenanga Investment Bank buys stake in Merchantrade Asia | New Straits Times" (in en). https://www.nst.com.my/business/2020/10/636140/kenanga-investment-bank-buys-stake-merchantrade-asia.
29. ↑ "Kenanga buys stake in Merchantrade | The Star". https://www.thestar.com.my/business/business-news/2020/10/28/kenanga-buys-stake-in-merchantrade.
30. ↑ "Kenanga Partners Merchantrade To Introduce Malaysia's First Stockbroker E-Wallet". 2020-09-25. https://kenanga.com.my/news/media-releases/kenanga-partners-merchantrade-to-introduce-malaysias-first-stockbroker-e-wallet/.
31. ↑ "Kenanga, Merchantrade launch stockbroker e-wallet | The Star". https://www.thestar.com.my/business/business-news/2020/09/25/kenanga-merchantrade-launch-stockbroker-e-wallet.
32. ↑ "Kenanga, Merchantrade Launch Malaysia's First Stockbroker E-Wallet, Kenanga Money" (in en-GB). 2020-09-25. https://ringgitplus.com/en/blog/e-wallet/kenanga-merchantrade-launch-malaysias-first-stockbroker-e-wallet-kenanga-money.html.
33. ↑ "Kenanga partners Merchantrade in planned stockbroker e-wallet rollout". 2020-09-25. http://www.theedgemarkets.com/article/kenanga-partners-merchantrade-planned-stockbroker-ewallet-rollout.
34. ↑ "IAMTN Members". http://www.iamtn.org.
35. ↑ "Legislation | Bank Negara Malaysia | Central Bank of Malaysia". https://www.bnm.gov.my/index.php?ch=en_legislation&lang=en.
36. ↑ "Merchantrade Asia: All Vital Rate workers to be retained". FMT. http://www.freemalaysiatoday.com/category/nation/2017/03/01/merchantrade-asia-all-vital-rate-workers-to-be-retained/.
37. ↑ "New Merchantrade card makes currency exchange a breeze". https://www.freemalaysiatoday.com/category/nation/2018/01/25/new-merchantrade-card-makes-currency-exchange-a-breeze/.
38. ↑ "Entrepreneurs: Master of reinvention". https://www.theedgemarkets.com/article/entrepreneurs-master-reinvention.
39. ↑ "merchantrade-multi-currency-card-tops-stiff-local-e-wallet-race". New Straits Times. https://www.nst.com.my/business/2019/03/467742/merchantrade-multi-currency-card-tops-stiff-local-e-wallet-race.
40. ↑ "MERCHANTRADE GETS E-KYC NOD FROM BNM FOR MONEY CHANGING". https://www.digitalnewsasia.com/business/merchantrade-gets-e-kyc-nod-bnm-money-changing.
41. ↑ "Celcom Offers Prepaid Package For Foreign Workers". Bernama. 25 July 2007. http://www.bernama.com/bernama/v3/printable.php?id=275503.
42. ↑ "Here's Why Online Remittance Beats The Traditional Way Of Remittance". https://www.imoney.my/articles/heres-why-online-remittance-beats-the-traditional-way-of-remittance.
43. ↑ "Merchantrade Asia's eRemit is a catalyst for cashless society". https://www.nst.com.my/business/2017/11/300417/merchantrade-asias-eremit-catalyst-cashless-society.
44. ↑ "Merchantrade Asia's eRemit funds transfer for B2B market to grow on robust demand". https://www.thestar.com.my/business/business-news/2017/11/29/merchantrade-asias-eremit-funds-transfer-for-b2b-market-to-grow-on-robust-demand.
45. ↑ "Interlude: Travelling cash-light". 2020-02-04. http://www.theedgemarkets.com/article/interlude-travelling-cashlight.
46. ↑ Wednesday, 26 Feb 2020 07:08 PM MYT. "Merchantrade money gets approval to increase e-wallet limit to RM20,000 | Malay Mail" (in en). https://www.malaymail.com/news/money/2020/02/26/merchantrade-money-gets-approval-to-increase-e-wallet-limit-to-rm20000/1841216.
47. ↑ "Celcom buys a 20% stake in Merchantrade" (in en-US). 2017-03-31. https://themalaysianreserve.com/2017/03/31/celcom-buys-a-20-stake-in-merchantrade/.
48. ↑ "Axiata to have digital financial service JV with Merchantrade | The Star". https://www.thestar.com.my/business/business-news/2017/09/13/axiata-to-have-digital-financial-services-jv-with-merchantrade.
49. ↑ "Merchantrade target RM4.1b remittance transactions in 2015". The Star Online. 11 May 2015. https://www.thestar.com.my/business/business-news/2015/05/11/merchantrade-target-rm4-1b-remittance-transactions-in-2015/.
50. ↑ "Kenanga Investment Bank Acquires Stake In Malaysia's Largest Money Services Business Operator Merchantrade Asia". 2020-10-28. https://kenanga.com.my/news/media-releases/kenanga-investment-bank-acquires-stake-in-malaysias-largest-money-services-business-operator-merchantrade-asia/.
51. ↑ "Kenanga buys a minor stake in money services operator Merchantrade". 2020-10-28. http://www.theedgemarkets.com/article/kenanga-buys-stake-money-services-operator-merchantrade.
52. ↑ Business, N. S. T. (2020-10-28). "Kenanga Investment Bank buys stake in Merchantrade Asia | New Straits Times" (in en). https://www.nst.com.my/business/2020/10/636140/kenanga-investment-bank-buys-stake-merchantrade-asia.

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