Merchantrade Asia reported it has processed more than RM3.6 billion in digital wage disbursements to foreign worker e-wallet accounts in 2024.
The company has set a new target to reach RM5 billion in payroll volume by the end of 2025.
Merchantrade, which provides digital wage solutions for Malaysian businesses across sectors such as plantation, manufacturing, construction, and services, currently supports over 40 public listed companies.
Its payroll offering allows employers to transfer salaries directly to migrant workers via the Merchantrade Money e-wallet.
Merchantrade said the payroll system is designed for ease of use and scalability.
It supports features such as mass onboarding at employer premises, an easy-to-use portal, training, access to service centres at 97 branches and 450 agent locations, and support for PERKESO (SOCSO) payments.
Employees can also use the Merchantrade Money e-wallet for international remittances, bill payments, mobile top-ups, micro-insurance, and retail and online transactions via a linked Visa prepaid card.
Ramasamy K. Veeran, Founder and Managing Director of Merchantrade said,
“The RM3.6 billion disbursed in 2024 not only demonstrates the impact of our solution but also reflects a clear shift among Malaysian employers towards digital wage solutions that enhance productivity, transparency, and employee wellbeing.
We are focused on building on this growth to reach RM5 billion in 2025 by deepening our partnerships, strengthening our onboarding capabilities, and continuously innovating to meet employer and worker needs.”
Featured image: Edited by Fintech News Malaysia, based on image by Frolopiaton Palm via Freepik
