Bridging the gap in financial inclusion & empowering cashless payments for migrants in Malaysia
Applicant name: Merchantrade Asia Sdn Bhd
Innovation Name: Merchantrade Money – A Multi-Currency Visa Prepaid Card With Digital Wallet
Innovation Type: Product
Website: https://www.merchantrademoney.com/
Mission: Bridging the gap in financial inclusion & empowering cashless payments for migrants in Malaysia
Innovation Description: In July 2018, the Immigration Department recorded 1.76 mil documented migrants in Malaysia. Nearly 50% were unbanked (without account/credit/debit card) and lacked access to banking facilities due to their foreign worker status (perceived as high risk),accessibility (stay in rural locations-plantations,outskirts, industrial areas) and the cost of banking facilities (high fees & charges). Majority of them get their salaries in cash and keeping it safe is a struggle. There have been many incidents where their money has been lost, stolen or they’ve even got robbed.
Migrant workers are in need of a legal, secure and affordable channel to store and manage their money. With Merchantrade Money Visa Prepaid Card, migrant workers can safely deposit their salary into the card and use the card/app to remit money back home, make payments at Visa merchants in Malaysia, back home & online, withdraw cash anytime, purchase mobile reloads and top up easily via our extensive network of 85 branches and 400+ agent branches in migrant populated areas.
Status of Innovation: In-market
Innovation Active Since: Jan 25 2018
Applicant Type: Private Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 1996
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
We aim to transform the cashless payment experience for migrant workers in the country by giving them an opportunity to undertake financial transactions, generate income, accumulate assets and protect themselves financially against unexpected events, thereby enabling them to benefit from economic progress. Merchantrade Money is a single app platform that provides a full range of solutions for a migrant worker’s financial needs:
1.Large wallet size(RM10k)
2. Convenience-remit money,card-to-card transfers,track expenses,pay bills, mobile prepaid reloads,shop online, QR Payments
3. Collaboration with Visa-make payments and withdrawals worldwide
4. Safety-block card, change PIN/passcode via app
5. In app features-multi-currency,micro-insurance, micro-investment,micro-loans
7. Marketing-6 languages on the app (including native languages), easy UI/UX, simple language, targeted campaigns,on-ground team to guide & educate, loyalty program.
To date, there are around 60,000 e-wallet users and over RM290 million in reload value.
Secondary Category
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
Using technology to innovate:
1.Enhance service offerings with Open APIs and by bundling other products within the company-integration of remittance, money changing, mobile top-up and IATS services into digital wallet application by sharing API.
2.Remittance service in the app leverages on an internally developed proprietary software solution for international remittance, a disruptive alternative to SWIFT Network.Together with our extensive Payout Network in Asia, we’re able to provide quick, affordable money transfers to any part of the world.The system is connected via API integration host to host for with other banks and money transfer operators for disbursements.
3.Salary crediting portal-Engage companies with migrant workers for salary crediting services,designed to facilitate the “last mile” of payroll processing. It enables employees to receive net salaries in their prepaid card and easily track it via mobile phone. Employees don’t have to go to banks to deposit their cash or for remittance, as they used to traditionally.
Team Members
Full Name: Chin Min Ming
Role: Executive Vice President, Payments Business
Linkedin: https://www.linkedin.com/in/min-ming-chin-668a72187/
Full Name: Kueh Hon Ling
Role: Vice President, Merchantrade Money Product Development & Innovation
Link: https://www.linkedin.com/in/hon-ling-kueh-8677b86/
Supporting Links
Merchantrade Money Presentation: https://docdro.id/koZyvFG
Merchantrade Money Video: https://www.youtube.com/watch?v=Wp8N-ei9z-c
Entry Representative
Full Name: Chin Min Ming
Role: Executive Vice President, Payments Business
