Merchantrade in Technology Partnership with Ant Group to Offer Inclusive Remittance Services to Consumers in Asia
By Digital News Asia October 20, 2020
- Customers in M’sia & S’pore can send real-time remittance to Alipay China
- Will expand to remit funds to Philippines, Pakistan, Bangladesh and Indonesia
Malaysia’s largest Money Services Business (MSB) operator, Merchantrade Asia Sdn Bhd (Merchantrade) has entered into a partnership with Ant Group, the leader in the development of open platforms for technology-driven inclusive financial services.
The collaboration allows customers of Merchantrade in Malaysia and Singapore to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app. Alipay is operated by Ant Group and currently serves more than one billion users.
The service is now available at Merchantrade’s 81 branches and over 450 of its agent locations in Malaysia. It is also available on Merchantrade’s award-winning remittance mobile app, eRemit Malaysia and soon will be available on Merchantrade’s e-wallet, Merchantrade Money as well as at Merchantrade’s Singapore-based subsidiary, Kliq Pte Ltd, on its eRemit Singapore mobile app.
The partnership aims to bring more innovative and convenient financial services to Merchantrade’s customers in Malaysia and Singapore. It will also expand to allow Merchantrade customers to remit funds to persons in the Philippines, Pakistan, Bangladesh and Indonesia, through Ant Group’s partners in these markets.
“As a leading MSB operator and international remittance hub provider, we continuously explore new ways to apply our technology and connect with partners to make financial services more inclusive, especially for the underserved globally, particularly in Asia, where we have a foothold in the remittance market through local partners,” said Ramasamy Veeran (pic), founder and managing director of Merchantrade Asia.
The company has built an ecosystem of relevant financial services through industry partnerships and collaborations and plans to continue forging future partnership opportunities for the convenience of its customers.