Merchantrade Asia Explained

Merchantrade Asia (Merchantrade) is a financial service company based in Malaysia. The company's business is centered on international money transfers, foreign currency exchange, wholesale banknotes, digital payment processing and mobile telecommunications.[1] They also introduced microinsurance as part of their service offerings.[2]

Merchantrade Asia operates 94 outlets, 5 main wholesale banknote trading hubs, more than 450 agent locations and 480 cash-in and cash-out merchants throughout Malaysia.[3] [4] Its institutional shareholders are Celcom Axiata Bhd,[5] [6] Kenanga Investment Bank[7] [8] and MCIS Insurance Berhad (MCIS Life).

History

The company was founded in 1996 as a telecommunications equipment supplier in Malaysia.

In 2007, the company offered Merchantrade Mobile, which is a mobile virtual network operator (MVNO) with Celcom Axiata Berhad.[9] It also offered Merchantrade Express Remittances. In 2009, the company obtained an investment from Sumitomo Corporation.[10] It obtained a Class A money services business license in 2012.[11] It later created a mobile remittance platform, Merchantrade Doowit.[12]

It obtained an investment from Celcom Axiata Berhad in 2014. Later, it acquired a 100% stake in Vital Rate Sdn. Bhd., currency exchange outlets in Pavilion, Suria KLCC and KL Sentral, and a 49% stake in Kliq Pte, later 100%.[13] It formed a joint venture with Jetixa (Dubai) in 2017 and a partnership for global money transfer network service with Western Union in 2019. In 2020, it acquired a 100% stake in Malaysian mobile financial services business Valyou Sdn. Bhd.[14] [15] Subsequently, it increased its outlets to 101 locations in Malaysia. It also obtained an investment from Kenanga Investment Bank.[16] [17] [18] The partners were to offer Kenanga Money eWallet [19] [20] [21] [22]

The company formed partnerships with IDEMIA for Digital Onboarding and LintraMax. The MVNO service was moved to its wholly-owned subsidiary, Valyou Sdn Bhd (Valyou).

Awards

Services

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 the International Association of Money Transfer Networks (IAMTN).[25] Merchantrade also offers retail and online currency exchange services. Some of the key outlets are located in Suria KLCC and Imago, Kota Kinabalu.[26] [27]

The company offered a non-bank issuer of a multi-currency e-wallet[28] [29] [30] 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.[31]

Its MVNO, through a partnership with Celcom Axiata, offered international mobile direct dial (IDD) 4G LTE mobile internet and international airtime credit transfer.[32]

Notes and References

  1. Web site: Money Transfer Process – Sending and Receiving Money. 2013-09-24. Global Money Transfer. 2017-05-22.
  2. Web site: AXA Affin General Insurance Berhad and Merchantrade Asia offer insurance protection for migrant workers.. www.malaysian-business.com. en-gb. 2018-12-26.
  3. Web site: Archived copy . 2017-05-03 . 2017-11-07 . https://web.archive.org/web/20171107020108/http://www.bnm.gov.my/microsite/fs/msb/agents/total%20MSB%20agents.pdf . dead .
  4. Web site: Merchantrade target RM4.1b remittance transactions in 2015. 2015-05-11. The Star Online. en. 2019-12-10.
  5. Web site: 2017-03-31 . Celcom buys a 20% stake in Merchantrade . 2020-12-04 . The Malaysian Reserve . en-US.
  6. Web site: Axiata to have digital financial service JV with Merchantrade The Star . 2020-12-04 . www.thestar.com.my.
  7. Web site: 2020-10-28 . Kenanga Investment Bank Acquires Stake In Malaysia's Largest Money Services Business Operator Merchantrade Asia . 2020-12-04 . Kenanga Group.
  8. Web site: 2020-10-28 . Kenanga buys a minor stake in money services operator Merchantrade . 2020-12-04 . The Edge Markets.
  9. Web site: Venture into mobile virtual network operator (MVNO) . 2 Jan 2014.
  10. News: Merchantrade likely to raise RM250m in IPO next year. The Edge Markets.
  11. Web site: List of Licensees . www.bnm.com.my.
  12. Web site: 2015-04-13. Celcom perkenal khidmat kirim wang. 2020-08-21. BH Online. ms.
  13. Web site: 2017-10-24 . Merchantrade takes up 49% stake in M1 unit . 2020-08-10 . The Edge Markets.
  14. Web site: Business. N. S. T.. 2020-09-17. Merchantrade acquires fintech player Valyou New Straits Times. 2020-09-28. NST Online. en.
  15. Web site: 2020-09-17. Malaysia's Merchantrade acquires fintech player, Valyou from Telenor Group. 2020-09-28. Digital News Asia. en.
  16. Web site: 2020-10-28. Kenanga Investment Bank Acquires Stake In Malaysia's Largest Money Services Business Operator Merchantrade Asia. 2020-11-05. Kenanga Group.
  17. Web site: Business. N. S. T.. 2020-10-28. Kenanga Investment Bank buys stake in Merchantrade Asia New Straits Times. 2020-11-05. NST Online. en.
  18. Web site: Kenanga buys stake in Merchantrade The Star. 2020-11-05. www.thestar.com.my.
  19. Web site: 2020-09-25. Kenanga Partners Merchantrade To Introduce Malaysia's First Stockbroker E-Wallet. 2020-11-05. Kenanga Group.
  20. Web site: Kenanga, Merchantrade launch stockbroker e-wallet The Star. 2020-11-05. www.thestar.com.my.
  21. Web site: 2020-09-25. Kenanga, Merchantrade Launch Malaysia's First Stockbroker E-Wallet, Kenanga Money. 2020-11-05. RinggitPlus. en-GB.
  22. Web site: 2020-09-25. Kenanga partners Merchantrade in planned stockbroker e-wallet rollout. 2020-11-05. The Edge Markets.
  23. Web site: 2019-05-27 . Merchantrade . 2019-12-09 . The RemTECH AWARDS . en-US.
  24. Web site: Merchantrade Asia nabs Fintech - Financial Services Award at Malaysia Technology Excellence Awards. Singapore Business Review. 4 December 2019 . 2019-12-09.
  25. Web site: IAMTN Members. IAMTN.
  26. News: Merchantrade buys money changer Vital Rate. The Star Online.
  27. News: Merchantrade Asia: All Vital Rate workers to be retained. FMT.
  28. News: New Merchantrade card makes currency exchange a breeze.
  29. News: Entrepreneurs: Master of reinvention.
  30. News: merchantrade-multi-currency-card-tops-stiff-local-e-wallet-race. New Straits Times.
  31. News: MERCHANTRADE GETS E-KYC NOD FROM BNM FOR MONEY CHANGING.
  32. News: Celcom Offers Prepaid Package For Foreign Workers. 25 July 2007. Bernama.

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