Merchantrade
Merchantrade Asia is a Bank Negara Malaysia-licensed money services business providing cross-border remittance, currency exchange, e-wallet (Valyou), micro-insurance, mobile services, and digital payroll solutions for Malaysia's migrant workers, their employers, and underserved communities across 200+ country corridors.
- Company typePrivate
- Founded1997
- HeadquartersPetaling Jaya, Malaysia
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Merchantrade does
Merchantrade Asia Sdn Bhd is a Petaling Jaya-headquartered money services business established in 1997, operating under Bank Negara Malaysia Money Services Business License No. 00344. It runs a hybrid physical-digital financial services ecosystem spanning cross-border remittance, multi-currency exchange, e-money, micro-insurance, mobile services, and digital payroll. Its distribution combines 97 owned branches and 400+ agent locations across Malaysia with digital channels (eRemit, Valyou Wallet, Merchantrade Money Visa Prepaid), Western Union and MoneyGram principal agreements, and corridor-specific wallet integrations such as eSewa for Nepal.
The company generates revenue primarily through transaction fees and FX spreads on remittance and currency exchange, complemented by recurring premiums on Merchantrade Insure products (underwritten by Generali Insurance Malaysia Berhad), recurring mobile SIM and data revenue from HelloSIM, and transaction-based fees from the newly launched digital payroll portal serving employers of foreign workers. Customer segments concentrate on Malaysia-based migrant workers (Indonesia, Nepal, Bangladesh, India origin countries), their employers (B2B payroll customers), Malaysian SMEs requiring FX and insurance, and outbound travelers. Designated Payment Instrument issuer status in Peninsular Malaysia (August 2024) and Sabah (December 2025) anchors the digital payroll product line, which had processed RM3.6 billion in wages by mid-2025 against a stated RM5 billion 2025 target.
Strategic ownership and capital actions include a 4.99% strategic stake acquired by MCIS Insurance Berhad in November 2021, prior investments from Celcom Axiata (2017), Kenanga Investment Bank (2020), and Sumitomo (2009), and the 2020 acquisition of Valyou Sdn Bhd to internalize wallet infrastructure. The company is private (no IPO disclosure), founder-led by Ramasamy K. Veeran as Managing Director, and operates with 501–1,000 employees across its Malaysian footprint.
Merchantrade firmographics
Firmographics- Name
- Merchantrade
- Legal name
- Merchantrade Asia Sdn Bhd
- Website
- https://mtradeasia.com
- Company type
- Private
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Merchantrade Asia is a Bank Negara Malaysia-licensed money services business providing cross-border remittance, currency exchange, e-wallet (Valyou), micro-insurance, mobile services, and digital payroll solutions for Malaysia's migrant workers, their employers, and underserved communities across 200+ country corridors.
- Ownership category
- akta.pro rank
Merchantrade industry classification
Industry- Product category
- Remittance and Money Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Card Issuing (52221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
- akta.pro secondary industries
- Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC), Trade & Invoice Payments (Cross-Border B2B) (FSAMAIAL)
Keywords
Where Merchantrade is headquartered
LocationHeadquarters
- HQ city
- Petaling Jaya
- HQ country
- Malaysia
- HQ region
- Asia
Offices8 records
Markets served
Merchantrade business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Remittance & Money Transfer: Fees charged for international money transfers via counter and digital channels through Western Union and MoneyGram partnerships
- Currency Exchange: Margin earned on currency exchange transactions across 97+ branches and 400+ agent locations
- Micro-Insurance Products: Premiums from insurance products including travel, life, medical, personal accident, and foreign worker insurance underwritten by Generali Insurance Malaysia Berhad
- E-Wallet Services: Transaction fees from Valyou mobile wallet services including P2P transfers, bill payments, and mobile top-ups
- Digital Payroll Services: B2B payroll portal fees from employers for digital wage disbursements to foreign workers via e-wallet
- Mobile Services (HelloSIM): Mobile network and data services for underserved segments including migrant workers
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Personal Accident Insurance - Basic |
| Subscription | Annual | Sickness & Personal Accident - Xtra |
| One time/ perpetual license | Pay-as-you-go | Travel Insurance |
| Subscription | Monthly | Life Insurance |
| Subscription | Monthly | Medical Insurance |
| Subscription | Monthly | Foreign Worker Insurance |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels6 records
Merchantrade product offering
Product offeringCore offering
Merchantrade Asia Sdn Bhd operates a comprehensive digital financial services ecosystem encompassing international remittance, multi-currency exchange, mobile wallet payments, multi-currency prepaid cards, micro-insurance, and digital wage payment solutions for foreign workers. The company serves consumers through 97 owned branches, 400+ agent locations, and digital platforms (Valyou mobile wallet, eRemit), while also providing B2B employer-facing payroll solutions approved as a Designated Payment Instrument issuer by Bank Negara Malaysia.
Product overview
Merchantrade Asia operates a unified financial services ecosystem combining money services, digital payments, and micro-insurance to serve financial inclusion goals for underserved segments including migrant workers and the unbanked. Its core money services business encompasses counter currency exchange (97 outlets + 400+ agents), counter money transfer (largest remittance provider in Malaysia), and the eRemit digital remittance platform. The digital payments layer includes the Merchantrade Money Visa Prepaid Card (multi-currency, Visa-backed) and the Valyou Mobile Wallet (Bank Negara Malaysia-regulated), both supporting remittances, bill payments, mobile top-ups, and QR payments. Insurance is offered through the Merchantrade Insure platform covering personal accident (Basic and Xtra variants), life, medical, travel, motor, and foreign worker insurance, underwritten by Generali Insurance Malaysia Berhad. Additional services include HelloSIM (mobile network), Ozopay, e-Invoice compliance, and a digital payroll/wage payment system approved as a Designated Payment Instrument for Peninsular Malaysia and Sabah. Remittance connectivity is extended through Western Union and MoneyGram integrations, and the Valyou wallet connects to eSewa for Nepal corridor remittances.
Differentiator
Problem solved
Functional benefit
Brands
- eRemit: Digital remittance service platform
- Valyou
- Merchantrade Money
- Mtrade Insure
- HelloSIM
- Ozopay
Products and services
- Currency Exchange Counter currency exchange service offering competitive rates 365 days a year, delivered through 97 owned outlets and over 400 agent locations in duty-free zones, travel agents, luxury hotels, and major shopping malls across Malaysia. Targets travellers, tourists, and consumers needing foreign currency access.
- Money Transfer (Counter) Counter money transfer service positioned as the largest remittance service provider in Malaysia, enabling customers to send money internationally via physical branch and agent touchpoints with fast transfers to major countries worldwide through Western Union and MoneyGram partnerships.
- eRemit Digital Remittance Digital remittance platform enabling international money transfers via online and mobile channels. Customers can log in at eremit.com.my to manage transfers, update personal information, and send money to overseas bank accounts or for cash pickup worldwide.
- Merchantrade Money Visa Prepaid Card A Visa-branded multi-currency prepaid card enabling users to buy, store, and sell 21 currencies. Designed as a travel card for overseas spending in local currency to save on conversion fees. Paired with the Merchantrade Money e-wallet, supports ATM cash withdrawals, QR payments, and international remittances.
- Valyou Mobile Wallet A Malaysian mobile financial services app regulated by Bank Negara Malaysia, offering international remittance to destinations including Indonesia, Nepal, Bangladesh, and India; peer-to-peer transfers; bill payments; mobile prepaid top-ups; cash-in and cash-out; and QR-based merchant payments. Targets underserved segments including migrant workers and the unbanked.
- Merchantrade Insure (Micro-Insurance) Micro-insurance products for foreign workers and underserved segments, offering fast and simple protection that reduces financial burden on employers. Coverage includes personal accident, sickness and personal accident, life insurance (including COVID-19), medical, and travel insurance, underwritten by Generali Insurance Malaysia Berhad.
- HelloSIM Mobile Services Mobile SIM and value-added services offering access to a mobile network and data plans, positioned as a digital enabler for underserved segments. Provides connectivity alongside Merchantrade's financial services ecosystem.
- Merchantrade Digital Payroll / Digital Wage Payments An employer-facing payroll portal and e-wallet-based digital wage disbursement system. Approved as a Designated Payment Instrument issuer for both Peninsular Malaysia and Sabah, enabling employers to pay foreign worker salaries directly into the Merchantrade Money e-wallet, supporting remittance, mobile top-ups, QR payments, and ATM access via Visa cards. Processed RM3.6 billion in digital payroll, targeting RM5 billion by end of 2025.
- Ozopay Digital Payments A digital payment product referenced on the Merchantrade exchange page alongside Merchantrade Money and Insure, offering additional digital financial services within the Merchantrade ecosystem.
- e-Invoice Compliance Service Electronic invoicing capability supporting business transaction compliance with LHDN (Lembaga Hasil Dalam Negeri Malaysia)'s e-Invoice system. Allows businesses to adopt e-invoicing through Merchantrade's platform to remain tax compliant.
Quantifiable outcome
- Digital payroll service surpassed RM3.6 billion, targeting RM5 billion by end of 2025
- +1 more outcomes
Companies that use Merchantrade
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles4 records
Merchantrade technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature5 records
Merchantrade partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Esewa Money TransfercoreStrategic partnership enabling digital remittance services from Malaysia to Nepal for the Nepali diaspora. The agreement includes a promotional campaign offering Rs 200 cashback per transaction for customers sending money through Merchantrade to an eSewa wallet. The partnership aims to strengthen digital remittance channels and contribute to financial inclusion by making cross-border transactions more accessible.
- Western UnioncoreWestern Union money transfer services available at Merchantrade branches throughout Malaysia, enabling customers to send and receive international money transfers globally through the Western Union network.
- MoneyGramcoreMoneyGram money transfer services provided at Merchantrade locations, allowing customers to send money internationally through the MoneyGram network with both cash-to-cash and cash-to-account options.
- Generali Insurance Malaysia BerhadcoreMerchantrade Insure products (Basic, Xtra, Life, Medical, Travel, Motor) are underwritten by Generali Insurance Malaysia Berhad, one of the largest insurers in the world, providing insurance products through Merchantrade's distribution network.
- Bank Negara MalaysiacoreBank Negara Malaysia licensed Money Services Business (License Serial No. 00344) for remittance, currency exchange, and wholesale currency business operations. Also designated as Approved Issuer of Designated Payment Instrument for digital wage payments.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Merchantrade competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key highlights6 records
Customer concentration
Merchantrade social profiles
Digital presenceMerchantrade compliance and trust
Trust signalCompliance2 records
Merchantrade financial estimates
Financial estimateRevenue estimate
Valuation estimate
Merchantrade leadership team
Management profileNumber of profiles
Profiles2 records
Merchantrade subsidiaries and ownership
Company hierarchySubsidiaries1 record
Merchantrade funding detail
Funding detailFunding overview
Funding rounds4 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Merchantrade M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Merchantrade
What does Merchantrade do?
Merchantrade Asia Sdn Bhd operates a comprehensive digital financial services ecosystem encompassing international remittance, multi-currency exchange, mobile wallet payments, multi-currency prepaid cards, micro-insurance, and digital wage payment solutions for foreign workers. The company serves consumers through 97 owned branches, 400+ agent locations, and digital platforms (Valyou mobile wallet, eRemit), while also providing B2B employer-facing payroll solutions approved as a Designated Payment Instrument issuer by Bank Negara Malaysia.
Is Merchantrade a public or private company?
Merchantrade is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Merchantrade founded?
Merchantrade was founded in 1997. It employs 501 to 1,000 people.
Where is Merchantrade based?
Merchantrade is headquartered in Petaling Jaya, Malaysia, in the Asia region.
How does Merchantrade make money?
Six revenue lines are on record. Remittance & Money Transfer is the primary driver. The others are currency Exchange, micro-Insurance Products, E-Wallet Services, digital Payroll Services and mobile Services (HelloSIM).
Does Merchantrade have an API?
No public API is recorded for Merchantrade.
What industry is Merchantrade in?
Merchantrade's product category is Remittance and Money Services. Its primary akta.pro industry code is THALAHAE, Cross-Border Payments & FX (multi-currency wallets, DCC, remittance), with a secondary code of BPAMAFAC, Digital Wallet Platforms (Consumer & Merchant). Its NAICS code is 522320 and its SIC code is 6199.