Speaking to FMT on its 2017 outlook, Merchantrade founder and managing director Ramasamy K Veeran said the company would build on the basics and venture deeper into the digital market, following the success of its mobile apps last year.

These apps, he said, like eRemit, enable customers to easily transfer money to their employees or loved ones overseas.

“eRemit is especially popular with parents who need to transfer money to their children studying overseas and employers sending money on behalf of their domestic helpers to the Philippines or Indonesia.

“With eRemit, you don’t have to leave your home to transfer money and the app is available on both the iOS and Android platforms.”

Citing Malaysia’s high internet and mobile penetration rates, Ramasamy said it was important for Merchantrade to continue tapping into the country’s digital market, failing which the country would get left behind.

According to the Department of Statistics, there are 21 million internet users in Malaysia, out of the country’s 31 million population.

There are also over 44 million mobile phone subscribers in the country, with many owning more than one mobile phone.

Keeping this in mind, Ramasamy said Merchantrade would continue to introduce new products, including one to benefit companies through a business-to-business portal called eRemit Business.

This portal, he said, would be launched in February and would be a boon for SMEs as they would be able to transfer money overseas to business partners or employees, and even purchase goods and services.

“Our business customers get the same great benefits offered to individual customers like same-day payments, low service charges and competitive exchange rates.”

“For example, a small or medium-sized Malaysian company making tudung (head scarves) may have its operations or partners in Bandung, Indoneia. They would need to move money fast and provide quick settlements often.”

This, he said, was where eRemit Business could help with daily money transfers of up to RM2 million.

Ramasamy said Merchantrade’s core strength continued to be its wide network of branches and agents nationwide.

“We have 75 branches and over 350 agents in Malaysia today where customers can transfer and exchange money.”

He said Merchantrade will continue to add more locations, especially in shopping malls, for the convenience of its customers, who can then easily access its wide range of services.

For more information on Merchantrade and its services, visit www.mtradeasia.com