Merchantrade Asia
Merchantrade Asia is a Malaysian financial-services company focused on remittances, foreign exchange, digital payments, mobile financial services and related telecommunications offerings.
Last updated August 31, 2026
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Overview
Merchantrade Asia, commonly known as Merchantrade, is a Malaysian financial-services company whose activities combine international money transfer, foreign-currency exchange, wholesale banknote trading, digital payments and mobile financial services. The company also developed telecommunications and mobile virtual network operator capabilities and introduced microinsurance among its broader service offerings. Its business model connects physical outlets and agent networks with digital platforms, allowing customers to send money internationally, exchange currencies, access payment products and conduct cash-in or cash-out transactions. The company was established in Malaysia in 1996, initially as a supplier of telecommunications equipment. It subsequently expanded from technology and telecommunications into regulated money services. In 2007, Merchantrade launched Merchantrade Mobile in partnership with Celcom Axiata Berhad and introduced Merchantrade Express Remittances. The combination of mobile connectivity and remittance services became an important part of its proposition, particularly for customers requiring international calling, airtime transfers and cross-border money movement. Merchantrade obtained an investment from Sumitomo Corporation in 2009 and secured a Class A money-services-business licence in Malaysia in 2012. The licence supported the company’s expansion in remittance, currency exchange and wholesale banknote services. It later developed Merchantrade Doowit, a mobile remittance platform, as part of its transition toward digital delivery. Celcom Axiata invested in the company in 2014, strengthening the relationship between its financial-services and mobile businesses. The company expanded through acquisitions, investments and partnerships. It acquired full ownership of Vital Rate Sdn. Bhd., which operated currency-exchange outlets at locations including Pavilion, Suria KLCC and KL Sentral. It also acquired an interest in Kliq Pte and later increased that holding to full ownership. In 2017, Merchantrade formed a joint venture with Dubai-based Jetixa, and in 2019 it partnered with Western Union on a global money-transfer network service. In 2020, it acquired all of Malaysian mobile financial-services business Valyou Sdn. Bhd. and subsequently moved its mobile virtual network operator service into the wholly owned Valyou subsidiary. Merchantrade’s physical distribution network has included dozens of company outlets, wholesale banknote hubs, agent locations and cash-in/cash-out merchants across Malaysia. The company has also operated retail and online currency-exchange services, with outlets in prominent commercial and travel-oriented locations. Its digital offerings have included a multi-currency electronic wallet with a Visa-accepted prepaid card capable of exchanging directly into 20 foreign currencies and making card payments. Other digital and infrastructure partnerships have involved IDEMIA for digital onboarding and LintraMax. Institutional shareholders identified in reference material include Celcom Axiata Berhad, Kenanga Investment Bank and MCIS Insurance Berhad, also known as MCIS Life. Merchantrade has received industry recognition including the 2019 RemTECH Award, Visa’s Most Outstanding Launch - Innovation Products Award and a Malaysia Technology Excellence Award. The company’s positioning is that of a regulated, omnichannel financial-services provider serving consumers, migrant workers, travellers, businesses and institutional partners through a combination of branches, agents, merchants, mobile services and digital platforms.
History
Merchantrade Asia began operations in Malaysia in 1996 as a telecommunications-equipment supplier. Its early identity was therefore rooted in communications infrastructure rather than financial services. Over time, the company broadened its activities into mobile connectivity, remittance and foreign exchange, creating a business that linked telecommunications distribution with cross-border payments. A major expansion occurred in 2007, when Merchantrade introduced Merchantrade Mobile in partnership with Celcom Axiata Berhad. During the same period it launched Merchantrade Express Remittances. These initiatives established two complementary channels: mobile services for international communications and regulated mechanisms for transferring money across borders. The company later obtained investment from Sumitomo Corporation in 2009, providing an institutional relationship during its transition toward a broader financial-services model. In 2012, Merchantrade obtained a Class A money-services-business licence. This enabled it to operate more fully in international remittances, currency exchange and wholesale banknote services within Malaysia’s regulated financial-services environment. The company subsequently created Merchantrade Doowit, a mobile remittance platform, reflecting the growing importance of digital customer acquisition and mobile transactions. Celcom Axiata invested in Merchantrade in 2014, deepening the connection between the two companies’ mobile and financial-services activities. Merchantrade then expanded its foreign-exchange footprint through the acquisition of all of Vital Rate Sdn. Bhd., whose outlets included sites at Pavilion, Suria KLCC and KL Sentral. It also acquired an interest in Kliq Pte and later increased that interest to 100 percent. These transactions supported the company’s presence in retail foreign exchange and related financial services. The company pursued international connectivity and network expansion through a 2017 joint venture with Jetixa of Dubai. In 2019, it partnered with Western Union on a global money-transfer network service. During the same period, Merchantrade received recognition for its technology and remittance activity, including the RemTECH Award, Visa’s Most Outstanding Launch - Innovation Products Award and a Malaysia Technology Excellence Award. In 2020, Merchantrade acquired 100 percent of Valyou Sdn. Bhd., a Malaysian mobile financial-services business. The company later transferred its mobile virtual network operator service to the wholly owned Valyou subsidiary. Merchantrade also obtained investment from Kenanga Investment Bank, and the two parties were associated with plans to offer Kenanga Money eWallet. Additional technology and distribution partnerships included IDEMIA for digital onboarding and LintraMax. By the period described in the reference material, Merchantrade operated a substantial Malaysian distribution network comprising company outlets, wholesale banknote hubs, agent locations and cash-in/cash-out merchants. Its service portfolio included international remittances, retail and online foreign exchange, wholesale banknotes, digital payment processing, a multi-currency e-wallet with a Visa-accepted prepaid card, mobile data and international direct-dial services, airtime credit transfers and microinsurance. Institutional shareholders identified in the available material were Celcom Axiata Berhad, Kenanga Investment Bank and MCIS Insurance Berhad. The available references do not provide a current executive roster, exact incorporation details beyond 1996, or an official corporate website URL.
- 2020
Valyou acquisition
[1]Merchantrade acquired all of Malaysian mobile financial-services business Valyou Sdn. Bhd.
- 2019
Western Union network partnership
[1]The company partnered with Western Union on a global money-transfer network service.
- 2017
Jetixa joint venture
[1]Merchantrade formed a joint venture with Jetixa of Dubai.
- 2014
Celcom Axiata investment
[1]Celcom Axiata Berhad invested in Merchantrade, reinforcing their mobile-services relationship.
- 2012
Class A money-services licence obtained
[1]Merchantrade obtained a Class A money-services-business licence in Malaysia.
- 2009
Sumitomo Corporation investment
[1]Sumitomo Corporation invested in Merchantrade.
- 2007
Mobile and remittance services launched
[1]The company introduced Merchantrade Mobile with Celcom Axiata and launched Merchantrade Express Remittances.
- 1996
Company founded
[1]Merchantrade Asia was established in Malaysia as a telecommunications-equipment supplier.
Products and positioning
A Malaysian omnichannel money-services and digital-finance provider combining regulated remittances, foreign exchange, banknote distribution, payment products, mobile connectivity and agent-based cash access.
International remittance · 2007
Merchantrade Express Remittances
A remittance service introduced in 2007 for international money transfers. It formed part of Merchantrade’s expansion from telecommunications into regulated cross-border financial services and was distributed through the company’s physical and partner network.
Digital remittance
Merchantrade Doowit
A mobile remittance platform developed by Merchantrade to provide a digital channel for international money transfers. The platform represented the company’s move toward mobile-led financial services alongside its branch and agent operations.
Mobile telecommunications · 2007
Merchantrade Mobile
A mobile virtual network operator service launched in partnership with Celcom Axiata. Its described capabilities included 4G LTE mobile internet, international direct dialing and international airtime credit transfer. The MVNO service was later moved to Merchantrade’s wholly owned Valyou subsidiary.
Digital payments
Merchantrade multi-currency e-wallet
A non-bank-issued multi-currency electronic wallet paired with a Visa-accepted prepaid card. The product was described as supporting direct exchange into 20 foreign currencies and card payments, linking Merchantrade’s foreign-exchange capabilities with everyday digital spending.
Foreign exchange
Retail and online foreign exchange
Merchantrade provides retail and online currency-exchange services, supported by physical outlets in Malaysian commercial and high-traffic locations. The company also operates in wholesale banknotes, serving institutional and business requirements in addition to consumer exchange.
Brand decisions
2020
Acquisition of ValyouM&ABackground
Merchantrade sought to expand its Malaysian mobile financial-services capabilities and consolidate its mobile-services operations.
Action taken
The company acquired a 100 percent stake in Valyou Sdn. Bhd., a Malaysian mobile financial-services business.
Aftermath
The mobile virtual network operator service was subsequently moved into the wholly owned Valyou subsidiary.
2019
Partnership with Western UnionStrategyBackground
Merchantrade was expanding its international money-transfer reach beyond its own Malaysian distribution network.
Action taken
The company formed a partnership with Western Union for a global money-transfer network service.
Aftermath
The partnership broadened the international network available through Merchantrade’s remittance business.
Sources1 sources
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