Merchantrade Inks Deal With Ant Group to Offer Remittance Services to Alipay Usersby Fintech News Malaysia October 20, 2020
Merchantrade, a digital money services business operator and e-money issuer, has entered into a partnership with Alibaba’s Ant Group.
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 is said to currently serve more than one 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 its e-wallet, Merchantrade Money as well as at its Singapore-based subsidiary, Kliq Pte Ltd, 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.
Recently, Merchantrade made headlines when news of the company acquiring Valyou from the Norwegian Telenor Group broke out.