Merchantrade gets BNM nod for new electronic service

PETALING JAYA: Merchantrade Asia Sdn Bhd has received approval from Bank Negara Malaysia’s (BNM) money services business (MSB) regulation department to implement the electronic Know-Your-Customer (e-KYC) service, the company said today.

In a statement today, it said the e-KYC’s implementation would be integrated with eRemit, its remittance online portal and mobile app.

“With e-KYC, new applicants now have a more convenient way to register with a total digital experience for doing money transfer with eRemit,” it said, adding that the integration was expected to go live by the early part of the second quarter of 2018.

As an MSB operator, Merchantrade conducts remittance, money exchange and wholesale currency services.

The company is also an approved e-money operator under the Financial Services Act.

It said eRemit’s online-based remittance service was developed in 2011.

The app won the award for “best remittance breakthrough transfers” at the Florin Awards Asia 2016.

Merchantrade also said it had attained the FPX Top Merchant award in 2013.

“In 2017, Merchantrade’s eRemit had successfully recorded value of around RM700 million in transactions and with the e-KYC, eRemit is expected to double up its transaction value by 2020,” it said.