Latest news with #Merchantrade
Focus Malaysia
3 days ago
- Business
- Focus Malaysia
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
Free Malaysia Today
30-04-2025
- Business
- Free Malaysia Today
BNM slaps Merchantrade Asia with RM29,000 penalty
Bank Negara Malaysia said Merchantrade has since strengthened its processes by subscribing to a commercial database service. (Facebook pic) KUALA LUMPUR : Bank Negara Malaysia has imposed RM29,000 in administrative monetary penalties on Merchantrade Asia Sdn Bhd and RM6,000 on JAGS Money Sdn Bhd for breaching the Money Services Business Act 2011. 'The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating its sanctions database upon the publication of the Domestic List,' BNM said in a statement. Merchantrade Asia, as a reporting institution, is required to conduct sanctions screening on existing, potential or new customers against the Domestic List and United Nations Security Council Resolutions (UNSCR) List as part of due diligence processes. It also has to ascertain that potential matches with the UNSCR List or Domestic List are true matches to avoid false positives. 'In response, Merchantrade has since strengthened its processes by subscribing to a commercial database service to ensure it receives updates on the sanctions list in a timely manner, and that staff and agents are provided with regular on-the-job training to improve compliance,' the central bank said. On the other hand, JAGS Money's non-compliance resulted from failure to promptly update the sanctions database upon the publication of the Domestic List and failure to conduct sanctions screening on new customers against the list.
New Straits Times
23-04-2025
- Business
- New Straits Times
Merchantrade, MCIS Insurance offer coverage for migrant workers, refugees and low-income families
KUALA LUMPUR: Merchantrade Asia Sdn Bhd has introduced Mi Medic Pro, a healthcare insurance plan tailored to meet the needs of underserved communities across the country. The digital money services business said the plan is specifically designed for migrant workers, refugees and low-income families. Underwritten by MCIS Insurance Bhd, Merchantrade claimed that Mi Medic Pro is the only healthcare insurance in Malaysia that allows self-purchase by foreign workers. It offers protection for individuals of all ages, from infants as young as 30 days old up to 65 years, for RM25 per month or RM300 annually The plan offers up to RM12,000 annually to help pay for hospital in-patient treatments at both government and a wide network of private hospitals across Malaysia. "Mi Medic Pro is more inclusive as it accepts a wider range of identification, making it easier for underserved people to get the healthcare protection they need," the company said. "Getting care at congested government hospitals can be time consuming, so having more options for faster treatments ultimately benefits all parties," it added. Merchantrade chief commercial officer Ivan Alias said the company leverages technology to support often-overlooked communities. Through its partnership with MCIS Life, it aims to provide accessible, affordable insurance that makes healthcare more inclusive for all. "A particularly important part of Mi Medic Pro is that it covers infants as young as 30 days old. We know that many foreign nationals, migrant and even Malaysian families struggle to find affordable healthcare options," Alias said. "This plan is a big step towards protecting vulnerable communities from unexpected medical bills. Covering babies from such a young age is especially important for migrant families who often face challenges getting timely medical care for their children due to crowded public hospitals," he added. MCIS Insurance CEO Prasheem Seebran said by extending this coverage to underserved communities, it can help families and individuals, no matter their background, get good medical care when they need it most.
