Merchantrade Asia Sdn Bhd received approval from the MSB Regulation Department of Bank Negara Malaysia (BNM) to implement the electronic Know-Your-Customer (e-KYC).
With e-KYC (which will be integrated with eRemit), new applicants now have a more convenient way to register with a total digital experience for doing money transfers. The integration is expected to go live by early Q2 this year.
Merchantrade’s eRemit facilitation online-based remittance services was developed in 2011 and was awarded the Best Remittance Breakthrough Transfers award in 2016. Merchantrade has also attained FPX Top Merchant award in 2013. In 2017 Merchantrade’s eRemit has 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.