Merchantrade partners with China’s Ant Group in Asia
By Edil Corneille
Malaysia’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.
IBSi Daily News Analysis
May 30, 2023
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