Merchantrade

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.

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

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

• Money transfer services
• Currency exchange
• Digital remittance
• Mobile wallet services
• Micro-insurance products

Headquarters

HQ city

Petaling Jaya

HQ country

Malaysia

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Remittance & Money Transfer: Fees charged for international money transfers via counter and digital channels through Western Union and MoneyGram partnerships
2. Currency Exchange: Margin earned on currency exchange transactions across 97+ branches and 400+ agent locations
3. Micro-Insurance Products: Premiums from insurance products including travel, life, medical, personal accident, and foreign worker insurance underwritten by Generali Insurance Malaysia Berhad
4. E-Wallet Services: Transaction fees from Valyou mobile wallet services including P2P transfers, bill payments, and mobile top-ups
5. Digital Payroll Services: B2B payroll portal fees from employers for digital wage disbursements to foreign workers via e-wallet
6. Mobile Services (HelloSIM): Mobile network and data services for underserved segments including migrant workers

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core 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

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• Esewa Money TransfercoreStrategic or Co-development Partner · 2 April 2026Strategic 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 UnioncoreChannel Partner/ Reseller/ DistributorWestern 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.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram 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 BerhadcoreStrategic or Co-development PartnerMerchantrade 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 MalaysiacoreOthersBank 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

Market position

Competitive moat6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@MerchantradeOfficial
• Facebookfacebook.com/mtradeasia
• LinkedInlinkedin.com/company/merchantradeasia
• TikToktiktok.com/@mtradeasia
• Xx.com/mtrade_asia

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merchantrade