Latest news with #MerchantradeAsia
The Sun
2 hours ago
- Business
- The Sun
Merchantrade Asia aiming for digital payroll disbursements of RM5 billion in 2025
PETALING JAYA: Merchantrade Asia Sdn Bhd's digital payroll solution surpassed RM3.6 billion in salary disbursements to foreign worker e-wallet accounts in 2024, highlighting the company's continued leadership in digitising and transforming payroll processes while advancing financial inclusion for underserved communities. Maintaining this momentum, Merchantrade Asia is aiming to achieve an ambitious payroll volume target of RM5 billion by the end of 2025. Founder and managing director Ramasamy K Veeran said the RM3.6 billion disbursed in 2024 not only demonstrates the impact of the company's solution but also reflects a clear shift among Malaysian employers towards digital wage solutions that enhance productivity, transparency and employee well-being. 'We are focused on building on this growth to reach RM5 billion in 2025 by deepening our partnerships, strengthening our onboarding capabilities, and continuously innovating to meet employer and worker needs,' he said in a statement. The company has positioned itself as a trusted enabler of digital wage disbursement solutions for Malaysian businesses, from large corporations 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 Asia's digital payroll offering was strengthened following its recognition as an approved issuer of a designated payment instrument under the Employment Order 2024 by the Ministry of Human Resources. Designed for convenience and scale, Merchantrade Asia's digital payroll system includes mass onboarding at the employer's premises, an easy-to-use portal, training, and access to 97 branches and 450 agent locations nationwide that act as service centres. With comprehensive support for employers from onboarding to after-sales service, the solution is a more sought-after choice compared to traditional banks, particularly for the foreign worker segment. For foreign workers, salaries are credited directly into the Merchantrade Money e-wallet, enabling access to a suite of digital financial services. This includes international remittances, mobile top-ups, micro-insurance, bill payments, and retail and online payments with the Visa prepaid card. One of the key features of Merchantrade Asia's payroll service is its capability to facilitate Social Security Organisation 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.
New Straits Times
01-05-2025
- Business
- New Straits Times
BNM imposes penalties totalling RM35,000 on Merchantrade, JAGS Money
KUALA LUMPUR: Bank Negara Malaysia (BNM) imposed a total of RM35,000 in administrative monetary penalties (AMP) on Merchantrade Asia Sdn Bhd and JAGS Money Sdn Bhd. In a statement today, the central bank said that an AMP of RM29,000 was imposed on Merchantrade Asia and RM6,000 on JAGS Money due to non-compliance with the Money Services Business Act 2011. "The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating their sanctions database upon the publication of the Domestic List," BNM said. 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 the customer due diligence and ongoing 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," BNM said. Meanwhile, JAGS Money's non-compliances 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 Domestic List. "JAGS paid a total of RM6,000 for the AMP imposed by BNM on March 17, 2025," the central bank said.
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.
The Star
30-04-2025
- Business
- The Star
Bank Negara imposes penalties totalling RM35,000 on Merchantrade Asia, JAGS Money
KUALA LUMPUR: Bank Negara Malaysia (BNM) imposed a total of RM35,000 in administrative monetary penalties (AMP) on Merchantrade Asia Sdn Bhd and JAGS Money Sdn Bhd. In a statement today, the central bank said that an AMP of RM29,000 was imposed on Merchantrade Asia and RM6,000 on JAGS Money due to non-compliance with the Money Services Business Act 2011. "The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating their sanctions database upon the publication of the Domestic List,' BNM said. 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 the customer due diligence and ongoing 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,' BNM said. Meanwhile, JAGS Money's non-compliances 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 Domestic List. "JAGS paid a total of RM6,000 for the AMP imposed by BNM on March 17, 2025,' the central bank said. - Bernama
