Friday, February 23, 2024

MERCHANTRADE: Driving Tomorrow’s Digital Payments

Speed, trustworthiness and security are the criteria that customers look for in
digital money transfer platforms and what the Founder & Managing Director
of Merchantrade, Ramasamy K. Veeran, sought to deliver when he founded the
company. Today, the company has acquired a reputation for leveraging cutting edge
technology to facilitate cross border, multicurrency payment solutions. He shares
how Merchantrade navigates through challenges to achieve greater growth.

“Two decades ago Merchantrade was just another brick-and-mortar establishment. Our journey was paved with unique challenges, but we persevered with a willingness to reinvent ourselves. Today, we are Malaysia’s leading home-grown Money Services Businesses operator and a fast-growing e-wallet player.

In an industry rife with competition, staying ahead requires us to be innovative and agile, equipped with the right technologies, having a sharp insight towards market needs, and foresight to anticipate and adapt to sector shocks. These attributes have guided us throughout the years, and made us resilient and sustainable during challenging times such as the COVID-19 pandemic.

As we and the world reeled under the impact of the pandemic, there were also silver linings as we were very fortunate to have in place key digital ecosystems and infrastructure since 2011 that provided us with various opportunities. Our digital financial brands such as eRemit (money transfer app), Merchantrade Money (multicurrency e-wallet) and Merchantrade Insure (micro-insurance), were catalysts spurring digital transitions for our customers during those difficult times, allowing for quick adoption and cementing our transformation as a reliable and trusted fintech, non-bank financial services provider.

This is reflected in us recording a 100 percent increase in mobile app registrations in the first few months of the pandemic as lockdowns were imposed, and an explosion in digital remittance registrations and transactions took place.

The pandemic has accelerated digital adoption across the globe and we expect the performance of our digital business to continue showing strong growth going into 2022.

The Human Element

Merchantrade is distinguished by our impact on the communities around us. Our success is tied to how accessible we are. From brick-andmortar stores located in the far reaches of rural Malaysia to the ever growing online space.

Partnerships and collaboration with strong local partners and brands such as Celcom, MCIS Life, Kenanga Investment Bank, AmBank, Affin Bank, FGV and others who share the passion to promote and facilitate the roll-out of more inclusive services innovation.

We will continue to align our efforts towards realising our ambition of becoming a diversified non-bank financial services company, offering a wide range of services across the personal and business spectrum while continuing to find ways to promote financial inclusion for all walks of life.

Merchantrade is ready to make an impact in delivering innovative financial services that contribute to an inclusive economic growth, in line with the aspirations outlined in the Financial Sector Blueprint 2022-2026.”

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