- The international money transfer giant partners with Merchantrade Asia to make way for its expansion goals in Malaysia
- Merchantrade’s Ramasamy Veeran says the money transfer brand’s goals are in line with Merchantrade’s customer-centric values
- Merchantrade currently has over 450 locations in Malaysia
Money transfer giant Western Union has signed a partnership agreement with Merchantrade Asia to expand its access in the Malaysian market. The development is a welcome one, observers say, as Malaysia’s inbound and outbound remittances have increased in the past few years.
According to Merchantrade Managing Director Ramasamy Veeran, Western Union will help his company understand Merchantrade customers better. Veeran notes that the company he founded has always been customer-centric.
The partnership will increase customer access to money transfer services as Merchantrade Asia has over 450 locations around the country. This is in addition to the 2,400 agent locations that Western Union has in Malaysia.
According to observers, additional locations will make it possible for Malaysians to transfer money internationally without going through traditional transfer methods. Western Union has the technology to send money abroad that can reach recipients within minutes. Western Union is also known for its affordable overseas transfer rates hence its popularity in the Southeast Asian country.
“We are very pleased to collaborate with Merchantrade Asia and welcome them into our global family of agents”, Western Union’s Regional Director for Malaysia and Brunei Steven Wong Weng Leong says.
Malaysia is one of the biggest remittance recipients in East Asia based on 2017 reports, making Merchantrade’s partnership with Western Union a timely one. According to Malaysian officials, remittances play a critical role in the country’s economy as they help provide economic opportunities to citizens. As a migrant destination, Malaysia also needs reliable money transfer services for outbound transfers.
