New Straits Times
E-KYC to be integrated with eRemit by Q2
KUALA LUMPUR: Merchantrade Asia Sdn Bhd has received Bank Negara Malaysia’s approval to implement the electronic KnowYour-Customer (e-KYC) processes.
The money services business operator said in a statement the implementation of e-KYC will be integrated with eRemit, its award-winning remittance online portal and mobile app.
With e-KYC, 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 were developed in 2011 and the company was awarded the Best Remittance Breakthrough Transfers award in 2016.
The company had also attained FPX Top Merchant award in 2013.
Last year, Merchantrade said its eRemit successfully recorded around RM700 million in transactions, adding that with the e-KYC, eRemit is expected to double its transaction value by 2020.