KUALA LUMPUR: Merchantrade Asia Sdn Bhd (Merchantrade) has received Bank Negara Malaysia’s approval to implement the electronic Know-Your-Customer (e-KYC).
In the statement, the company said the implementation of e-KYC will be integrated with eRemit, its award winning remittance online portal and mobile app.
With e-KYC, new applicants now have a more convenient way to register with a total digital experience for doing money transfer with eRemit.
The integration is expected to go live by early second quarter of this year, the company said.
Merchantrade’s eRemit facilitation online-based remittance services was developed in 2011 and was awarded the Best Remittance Breakthrough Transfers award in 2016.
The company also attained FPX Top Merchant award in 2013.
In 2017, Merchantrade said its eRemit has successfully recorded value of around RM700 million in transaction and with the e-KYC, eRemit is expected to double up its transaction value by 2020.