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The Sun
6 days ago
- Business
- The Sun
Merchantrade Asia aiming for digital payroll disbursements of RM5 billion in 2025
PETALING JAYA: Merchantrade Asia Sdn Bhd's digital payroll solution surpassed RM3.6 billion in salary disbursements to foreign worker e-wallet accounts in 2024, highlighting the company's continued leadership in digitising and transforming payroll processes while advancing financial inclusion for underserved communities. Maintaining this momentum, Merchantrade Asia is aiming to achieve an ambitious payroll volume target of RM5 billion by the end of 2025. Founder and managing director Ramasamy K Veeran said the RM3.6 billion disbursed in 2024 not only demonstrates the impact of the company's solution but also reflects a clear shift among Malaysian employers towards digital wage solutions that enhance productivity, transparency and employee well-being. '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,' he said in a statement. The company has positioned itself as a trusted enabler of digital wage disbursement solutions for Malaysian businesses, from large corporations to SMEs across sectors including plantation, manufacturing, construction, and services. More than 40 public-listed companies now rely on the solution for secure, efficient, and transparent salary payments to their migrant workforce. Merchantrade Asia's digital payroll offering was strengthened following its recognition as an approved issuer of a designated payment instrument under the Employment Order 2024 by the Ministry of Human Resources. Designed for convenience and scale, Merchantrade Asia's digital payroll system includes mass onboarding at the employer's premises, an easy-to-use portal, training, and access to 97 branches and 450 agent locations nationwide that act as service centres. With comprehensive support for employers from onboarding to after-sales service, the solution is a more sought-after choice compared to traditional banks, particularly for the foreign worker segment. For foreign workers, salaries are credited directly into the Merchantrade Money e-wallet, enabling access to a suite of digital financial services. This includes international remittances, mobile top-ups, micro-insurance, bill payments, and retail and online payments with the Visa prepaid card. One of the key features of Merchantrade Asia's payroll service is its capability to facilitate Social Security Organisation payments directly into Merchantrade Money accounts. This integration simplifies the claims process for eligible foreign workers and supports employers in managing their social protection obligations.
Focus Malaysia
11-06-2025
- Business
- Focus Malaysia
Merchantrade's digital payroll service surpasses RM3.6b, targets RM5b in 2025
MERCHANTRADE Asia Sdn Bhd, Malaysia's non-bank money services business operator and leading wallet player, has today (June 11) revealed that its digital payroll solution has surpassed RM3.6 bil in salary disbursements to foreign worker e-wallet accounts in 2024. This milestone highlights the company's continued leadership in digitising and transforming payroll processes while advancing financial inclusion for underserved communities. Merchantrade now sets its sights on an ambitious target of RM5 biln in payroll volume by end-2025. To-date, Merchantrade has positioned itself as a trusted enabler of digital wage disbursement solutions for Malaysian businesses – from large corporates to SMEs across sectors including plantation, manufacturing, construction and services. More than 40 public listed companies now rely on the solution for secure, efficient and transparent salary payments to their migrant workforce. Merchantrade's digital payroll offering was further strengthened following its recognition as an approved issuer of a designated payment instrument under the Employment Order 2024 by the Human Resources Ministry (KESUMA). 'The RM3.6 bil 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 well-being,' commented Merchantrade's founder and managing director Ramasamy K. Veeran. 'We're focused on extending this growth to reach RM5 bil in 2025 by deepening our partnerships, strengthening our onboarding capabilities and continuously innovating to meet employer and worker needs.' In a nutshell, Merchantrade's digital payroll system delivers distinct advantages for both employers and employees. Designed for convenience and scale, Merchantrade's digital payroll system includes mass-onboarding at the employers premise, an easy-to-use portal, training and access to 97 branches and 450 agent locations nationwide that act as service centres. For foreign workers, salaries are credited directly into the Merchantrade Money e-wallet, thus enabling access to a suite of digital financial services. This includes international remittances, mobile top-ups, micro-insurance, bill payments as well as retail and online payments with the Visa prepaid card. One of the key features of Merchantrade's payroll service is its capability to facilitate PERKESO (SOCSO) payments directly into Merchantrade Money accounts. This integration simplifies the claims process for eligible foreign workers and supports employers in managing their social protection obligations. – June 11, 2025
