Supporting Workers Through Digital Wages
Enriching lives and empowering the underserved lies at the heart of Merchantrade’s philosophy. For over three decades, Merchantrade has evolved from a brick-and-mortal remittance service provider into a non-bank offering a full suite of services to the traditionally unbanked population of Malaysia. Whilst cross-border payments were our starting point, we have expanded far beyond them — from wallets to digital wage solutions, VISA prepaid cards, micro-insurance, ATMs, mobile prepaid services and more. Together, our services strive to enable convenient, reliable and inclusive financial access.
In recent years, we have focused on products that address issues surrounding governance, transparency, sustainability, financial inclusion – especially with a focus on our digital wage solution. In Malaysia, employers are required to pay wages through a financial institution, as mandated by the Employment(Amendment) Act 2022 effective 1 January 2023.
As such, our wallet and digital wage solution has provided a safe and compliant solution for employers in Malaysia.
Blue-collar workers in Malaysia, often daily wage earners, face significant challenges when they are paid in cash. Many work in rural or remote locations, such as plantations, where accessing a remittance service provider can require travelling up to 40 kilometres. This often means taking time off work — resulting in salary deductions — and, in some cases, paying additional fees to middlemen just to send money back home.
In 2024, Merchantrade became one of the few providers officially endorsed by Malaysia’s Ministry of Human Resources to facilitate wage payments directly into the Merchantrade Money wallet.
Opening a local bank account is often difficult for migrant workers, but the Merchantrade Money wallet eliminates these challenges by allowing workers to receive their salaries digitally and securely. With funds topped-up directly into their wallets, these workers can now remit money home and carry out everyday transactions safely and conveniently, at significantly lower costs.
Strengthening Governance and Transparency
Transparent governance of our solutions have made sure workers are paid on time, according to the law, reducing risks of cash handling (ie. money going missing or stolen, natural accidents like fire or rain). Having digital audit trails have resulted in reduced disputes; employers benefit from reduced administrative burdens and clearer compliance processes; workers no longer have to sleep with money hidden under their pillows every night.
This not only improves productivity and safety, but also opens the door to a world of digital possibilities and alternatives. A recent global study ranked Malaysia second in the world for monthly QR code usage, with around 66.1% of the population using them. Our digital solutions enable this activity; QR codes are used widely for merchant payments, peer-to-peer transfers and everyday transactions, helping our users participate in the rapidly growing digital landscape.
In 2025, we introduced over 1,000 Merchantrade-branded, VISA-enabled ATMs nationwide, granting workers convenient access to their withdrawals, top-ups and funds whenever they need them. We consider ATMs a complimentary service in addition to our digital products, enabling cash withdrawals and greater flexibility, meeting practical needs in rural areas for small-ticket payments.
Improving Social Protection: PERKESO Integration
In 2024, we collaborated with PERKESO, Malaysia’s social security scheme. Through this partnership, workers can now receive their insurance claims directly into their wallets, including seamless cross-border payments for those who have returned to their home countries. PERKESO provides mandatory social security protection for all eligible private-sector employees in Malaysia, covering workplace accidents, occupational illnesses, disability and death. By enabling digital claim disbursements, we help workers receive essential support faster and securely, without needing to travel or rely on cash-based processes.
Driving Inclusion for Communities
As we continue to drive financial inclusion, our vision remains clear: to create a future where everyone (regardless of background, location or financial preferences) can fully participate and integrate into the modern financial ecosystem. Our vision extends beyond cross-border payments, focusing on connecting communities, fortifying trust and delivering sustainable solutions that promote governance and transparency, ultimately demonstrating that true innovation is measured by the breadth of access provided. Fundamentally, we believe that true innovation is measured by how many lives it touches, and how broadly it expands access.
