KUALA LUMPUR: Merchantrade Asia Sdn Bhd, Malaysia's largest non-bank licensed remittance and money exchange service provider, has target an estimated RM4.1 billion in remittance transactions in 2015.
Managing Director Ramasamy Veeran said in 2013, the company recorded RM2.3 billion remittance transactions, while last year the figure was RM3.2 billion.
"Merchantrade, established in 1996, has a strong touchpoint coverage throughout Malaysia.
"It currently serves 500,000 walk-in customers monthly, making it six million customers a year at the 66 branches and 258 agent locations in the country," he told Bernama.
Ramasamy also said sixty agent outlet locations would be added by year-end.
Among notable shareholders in Merchatrade are Celcom Axiata Bhd and Japan-based Sumitomo Corp, which gives the company credibility.
"The company is also collaborating with Indonesia's PT Bank Negara Indonesia (Persero) Tbk (BNI) and PT Bank Rakyat Indonesia (Persero) Tbk (BRI), making it a reliable source for money transfer.
"BNI and BRI give their full support to Merchantrade because of our shareholder credibility and transparency in processes and dealings," Ramasamy added.
He said the difference between Merchantrade and other competitors is that it transfers directly into bank accounts instead of cash pick-ups.
Merchantrade is also the pioneer for non-bank money services in Malaysia.-Bernama