Merchantrade’s FinTech services include eRemit, a money transfer service and eForex, an online foreign exchange currency service that will now be offered to BonusLink’s eight million members nationwide.
In an event in Kuala Lumpur today to seal the partnership, Merchantrade’s founder and managing director, Ramasamy K Veeran said, “We are excited with the tremendous opportunities derived from this partnership which is aimed at accelerating our FinTech services growth faster.”
The partnership is expected to drive Merchantrade’s growth further with RM1 billion eRemit transactions alone by 2018.
“In 2016, the eRemit platform recorded RM650 million in transactions and the amount is expected to reach RM800 million this year whilst the eForex projected growth would be 140% by end 2017,” said Ramasamy, adding that it made “more business sense” for Merchantrade to share the economy with an existing strong brand like BonusLink.
“Through this strategic partnership, both Merchantrade and BonusLink will leverage on each other’s strengths of cross marketing initiatives and promotional activities to bring more benefits to the customers,” Ramasamy said.
He also said the digital revolution had transformed the way customers accessed financial products and services.
According to Malaysia’s Department of Statistics, the average Malaysian spends more than five hours a day on the Internet which can be attributed to the country’s high broadband and mobile penetrations that currently stand at 72.2% and 144.8% respectively.
Victor Goon, General Manager of BonusLink added, BonusLink Members will be able to collect points when they perform eForex and eRemit transactions online. We are optimistic that this collaboration will boost both our brands in the Malaysian market.”
In conjunction with the launch of the new partnership, BonusLink members can now collect 2X BonusLink Points from August 23 to September 30 every time they perform an eRemit or eForex transaction.
Merchantrade’s eForex and eRemit services are already available online and can also be accessed via downloadable apps on both Android and iOS platforms.
BonusLink members will be awarded 50 points for each successful eForex transaction of between RM500 to RM1000, and 150 points for each successful transaction of between RM1001 and above.
As for eRemit transactions, BonusLink members will receive 150 points for every successful transaction regardless of the amount.
“We are gaining significant ground in this digital revolution, disrupting the traditional way of doing business. We believe collaboration and shared economy is one of the significant disruptors to push our growth to the next level,” said Ramasamy, adding that the company aimed to become a leading payment gateway in the near future while growing its brand as a regional player.