KUALA LUMPUR: Merchantrade Asia Sdn Bhd (Merchantrade) has received Bank Negara Malaysia’s (BNM) approval to introduce the Electronic Know Your Customer (e-KYC) processing for money changing.
The e-KYC online registration, which will take less than five minutes to complete, gives customers the convenience to access the multi-currency exchange platform without the need to physically be present at a counter.
This makes it a convenient and seamless experience when signing up for a Merchantrade Money multi-currency
"The e-KYC for money changing is another big step in our efforts towards digitalisation of our services from cash to cashless as well as our commitment to provide convenience in the digital space for our customers," Merchantrade Asia founder and managing director Ramasamy K Veeran said in a statement today.
Customers will automatically have access to the 24 hour live digital currency exchange platform on the Merchantrade Money multi-currency wallet once the short registration process is completed.
This will enable 20 currencies including US Dollar, Singapore Dollar, British Pound, Australian Dollar, Indonesian Rupee, Euro, Thai Baht, Yen, Saudi Riyal, China Renminbi, Hong Kong Dollar, South Korean Won and Indian Rupee directly in their wallet.
The limit of this wallet is RM10,000.
Further, this platform allows customers to lock in the cheapest rates and start utilising the card overseas, and if they have a balance of foreign currency, they can sell the currencies back in the app at any time.
"Money changing is an 80 billion ringgit industry, and we aim to disrupt it," Ramasamy said.
Merchantrade Money is currently popular amongst travellers and parents who have children studying abroad where card to card transfer is found to be the most useful feature.
Other features include top-ups by online banking, online shopping in foreign currencies and international remittance.
Notably, the Merchantrade Money wallet, launched a year ago, still leads the race and is gaining massive growth in registration and is showing signs to triple its current growth trajectory, which is more than RM700 million in top-ups.