Latest news with #MerchantradeAsiaSdnBhd
The Sun
15-06-2025
- 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.
The Star
07-05-2025
- Business
- The Star
EnrichMoney unveils first-of-its-kind feature in Malaysia 'Pay with Points'
From left to right: Malaysia Aviation Group Loyalty and Travel Services chief executive officer Philip See, Merchantrade Asia Sdn Bhd chief executive officer Ivan Alias, Commercial PayNet senior director Azrul Fakhzan Mainor, and Enrich Loyalty head Hemanth Jayaraman at the launch. IN a move to further enhance travel and lifestyle experiences, Enrich has expanded the capabilities of EnrichMoney with its latest feature: Pay with Points. This new functionality allows members to instantly redeem their EnrichMoney Points via DuitNow QR at participating merchants, marking the first solution of its kind in Malaysia. Introduced in 2023, EnrichMoney is a multi-currency e-wallet and Visa prepaid card designed to cater to the evolving needs of modern travellers. With features such as buying and selling up to 20 foreign currencies in-app, competitive exchange rates, and seamless integration with the Enrich loyalty programme, EnrichMoney offers a convenient, secure, and rewarding way to manage spending whether at home or abroad. The introduction of Pay with EnrichMoney Points further enhances the experience, allowing members even greater flexibility and value by converting their loyalty points into everyday spending power. Malaysia Aviation Group Loyalty and Travel Services chief executive officer Philip See said, they are thrilled to offer their members a seamless and rewarding way to use their Enrich Points beyond travel. 'This latest innovation underscores our unwavering commitment to enhancing the Enrich experience by integrating more convenience, relevance, and everyday utility into our members' lifestyles. 'As we continue to evolve Enrich into a holistic travel and lifestyle loyalty programme, we remain focused on delivering benefits that truly matter to our members at every step of their journey,' he added. To celebrate the launch, from now until May 31 May, members who use the Pay with Points feature will receive up to RM5 off their transactions, making it even easier to enjoy the benefits of their loyalty with every purchase. Download the EnrichMoney app for free on the App Store or Google Play Store. Sign up as an Enrich member today and unlock a world of possibilities with EnrichMoney. Visit for more information.
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.
