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.

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