BNM offers approval to Merchantrade for eKYC

Wednesday 4 December 2019 13:24 CET | News

Bank Negara Malaysia’s (BNM) has allowed Merchantrade Asia Sdn Bhd (Merchantrade) to introduce the electronic Know Your Customer (e-KYC) processing for money changing.

As per New Straits Times, the e-KYC online registration will take less than five minutes to complete, and customers are given the convenience to access the multi-currency exchange platform without the need to physically be present at a counter.

Moreover, after the registration process is completed, customers will automatically have access to the 24 hour live digital currency exchange platform on the Merchantrade Money multi-currency wallet. 20 currencies will be enabled directly in their wallet. The currencies include US dollar, Singapore dollar, British pound, Australian dollar, Indonesian rupee, euro, Thai baht, yen, Saudi riyal, China renminbi, Hong Kong dollar, South Korean won, and Indian rupee.

The platform enables customers to lock in the cheapest rates and start utilising the card overseas. In case they have a balance of foreign currency, they can sell the currencies back in the app at any time. Other features include top-ups by online banking, online shopping in foreign currencies, and international remittance.

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Keywords: Merchantrade, BNM, eKYC, exchange, digital currency, wallet, online banking, online shopping, remittance
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime