Merchantrade Receives Approval For Wage Payment Instrument

KUALA LUMPUR, Aug 5 (Bernama) -- Merchantrade Asia Sdn Bhd (Merchantrade) has been recognised by the Peninsula Malaysia Labour Department (JTKSM) as an approved issuer of a designated payment instrument for wage payments. 

Merchantrade founder and managing director Ramasamy K. Veeran said the expansion into digital wage solutions was a natural progression following the company's success in the remittance and e-wallet sectors. 

He emphasised the need to address the challenges faced by foreign workers and other unbanked segments in Malaysia.

“Over the years, we have built a robust ecosystem tailored to the needs of this segment. Thus, we believe Merchantrade is strategically positioned to facilitate the shift from cash to digital wage payments,” he said in a statement.

Ramasamy highlighted the significant challenges employers face in opening traditional bank accounts for migrant workers and other unbanked segments. 

The new solution aims to transform the payroll process by eliminating cash and cheque payments, enabling direct salary deposits into employees' Merchantrade money e-wallets.

This solution is poised to be a game-changer across various industries, including plantation, manufacturing, construction, service and domestic work, benefiting large multinational corporations and small to midsize enterprises alike.

Complementing its proprietary wage disbursement and e-wallet platforms, Merchantrade’s ecosystem includes an extensive network of physical touchpoints, with 95 branches and over 490 agent locations nationwide. 

These serve as support centres with dedicated on-ground teams assisting employers and employees in both urban and rural areas.

The company's ‘first-to-last-mile’ approach ensures comprehensive support from onboarding and training to after-sales service.

From an environmental, social and governance perspective, Ramasamy said this solution promotes equitable financial services and aligns with the government’s digital transformation and sustainability agenda, as well as Malaysia’s Financial Inclusion Framework for the financial year 2023-2026.

-- BERNAMA