Merchantrade's digital payroll service surpasses RM3.6b, targets RM5b in 2025
MERCHANTRADE Asia Sdn Bhd, Malaysia's non-bank money services business operator and leading wallet player, has today (June 11) revealed that its digital payroll solution has surpassed RM3.6 bil in salary disbursements to foreign worker e-wallet accounts in 2024.
This milestone highlights the company's continued leadership in digitising and transforming payroll processes while advancing financial inclusion for underserved communities. Merchantrade now sets its sights on an ambitious target of RM5 biln in payroll volume by end-2025.
To-date, Merchantrade has positioned itself as a trusted enabler of digital wage disbursement solutions for Malaysian businesses – from large corporates to SMEs across sectors including plantation, manufacturing, construction and services.
More than 40 public listed companies now rely on the solution for secure, efficient and transparent salary payments to their migrant workforce.
Merchantrade's digital payroll offering was further strengthened following its recognition as an approved issuer of a designated payment instrument under the Employment Order 2024 by the Human Resources Ministry (KESUMA).
'The RM3.6 bil disbursed in 2024 not only demonstrates the impact of our solution but also reflects a clear shift among Malaysian employers towards digital wage solutions that enhance productivity, transparency and employee well-being,' commented Merchantrade's founder and managing director Ramasamy K. Veeran.
'We're focused on extending this growth to reach RM5 bil in 2025 by deepening our partnerships, strengthening our onboarding capabilities and continuously innovating to meet employer and worker needs.'
In a nutshell, Merchantrade's digital payroll system delivers distinct advantages for both employers and employees.
Designed for convenience and scale, Merchantrade's digital payroll system includes mass-onboarding at the employers premise, an easy-to-use portal, training and access to 97 branches and 450 agent locations nationwide that act as service centres.
For foreign workers, salaries are credited directly into the Merchantrade Money e-wallet, thus enabling access to a suite of digital financial services.
This includes international remittances, mobile top-ups, micro-insurance, bill payments as well as retail and online payments with the Visa prepaid card.
One of the key features of Merchantrade's payroll service is its capability to facilitate PERKESO (SOCSO) payments directly into Merchantrade Money accounts.
This integration simplifies the claims process for eligible foreign workers and supports employers in managing their social protection obligations. – June 11, 2025
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