Sampath Bank partners Merchantrade Asia of Malaysia to boost real-time remittances

Wednesday, 22 March 2023 00:06 - - {{hitsCtrl.values.hits}}

Sampath Bank team led by Managing Director Designate Ayodhya Iddawela Perera (fourth from left) handing over token to Money Services Business Executive Vice President Noorzliana Binti Ahmad (fourth from right). Others from left: Sampath Bank Inward Remittances Manager Wajira Hewage, Sampath Bank Inward Remittances KPO/BNO AGM Rajendra Ranasighe, Sampath Bank Chief Information Officer Ajith Salgado, Money Services Business Senior Vice President Danial Edward Bin Abdullah, Merchantrade Correspondent Partnership and eRemit Business Development Vice President Chalini Sokaya and Sampath Bank Inward Remittance Assistant Manager Niranjan Sivathasan

Merchantrade Asia, a remittance hub, popular amongst migrant worker communities in Malaysia, has mapped out strategies with Sampath Bank to provide ease-of-access for remittances by Sri Lankan’s living and working in Malaysia.

This partnership has been elevating the lives of these Sri Lankan’s for more than seven years and this expansion, provides them further access to services in this regard.

Mechantrade is a licensed remittance company and being the leader in Remittance and Digital Payments space offers currency related services via 94 owned branches and 450 agent locations in Malaysia. Merchantrade Asia operates 365 days a year, having over 350,000 pay out locations worldwide, providing money transfer services to over 40 countries as well as countries in Asia including Bangladesh, Nepal, Indonesia, Philippines, Vietnam, India and Sri Lanka. As Asia’s leading Fintech player, Mechantrade is SEA’s and Malaysia’s largest non-bank and is the creator of the fastest growing e-wallet and leading micro-insurance provider.

Since 2016, Sampath Bank has been in partnership with Merchantrade, allowing remittances between the two countries to take place with ease. With the expansion of this partnership and its offering, Sri Lankan’s living and travelling to Malaysia, have access to a myriad of financial services allowing a regulated inflow.

In fact, with a considerable number of Sri Lankans expected to migrate to Malaysia for employment the collaboration of these two institutions will ensure well- formulated strategies to secure this sizeable share of the prospective market. This partnership will further solidify transactions within a large community of Sri Lankan migrant workers allowing them to send money directly to the country either by direct transfer or via a cash pickup.

Sampath Bank will continue to strategise such partnerships to allow the most efficient inflow of remittances to the country.