back Back

Merchantrade partners with China’s Ant Group in Asia

By Edil Corneille

October 20, 2020

Share

Ant Group, China, Asia, open platform, financial inclusion, Remittance, unicorn, alipay, alibaba, fintech, blockchain, digitalMalaysia’s Money Services Business (MSB) operator, Merchantrade, has partnered with unicorn company Ant Group, the financial services arm of Alibaba and a developer of open platforms for technology-driven inclusive financial services.

The collaboration allows customers of Merchantrade in Malaysia and Singapore to facilitate real-time remittances to Alipay users in China, with funds reaching bank accounts linked to their Alipay app. Alipay is operated by Ant Group and currently serves over a billion users.

The service is now available at Merchantrade’s 81 branches and over 450 of its agent locations in Malaysia. It is also available on Merchantrade’s remittance mobile app, eRemit Malaysia, and soon will be available on the company’s e-wallet, Merchantrade Money, as well as at its Singapore-based subsidiary, Kliq, on its eRemit Singapore mobile app.

The partnership aims to bring more innovative and convenient financial services to Merchantrade’s customers in Malaysia and Singapore. It will also expand to allow Merchantrade customers to remit funds to persons in the Philippines, Pakistan, Bangladesh and Indonesia, through Ant Group’s partners in these markets.

“As a leading MSB operator and international remittance hub provider, we continuously explore new ways to apply our technology and connect with partners to make financial services more inclusive, especially for the underserved globally, particularly in Asia, where we have a foothold in the remittance market through local partners,” said Ramasamy, Founder and Managing Director of Merchantrade Asia. The company has built an ecosystem of relevant financial services through industry partnerships and collaborations and has mentioned that it continues to welcome future partnership opportunities to enrich the lives of its customers.

Previous Article

October 20, 2020

eWAY introduces Click to Pay with Visa and American Express

Read More
Next Article

October 20, 2020

PeoplesBank goes live with NYMBUS SmartLaunch

Read More








IBSi Daily News Analysis

March 22, 2024

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023