Sampath Bank expands partnership with Merchantrade Asia

Sampath Bank team led by Managing Director Designate Ayodhya Iddawela Perera hands over a token to Mechantrade Asia Executive Vice President Money Services Business Noorzliana Binti Ahmad in the presence of (from left) Sampath Bank Manager Inward Remittances Wajira Hewage, AGM Inward Remittances KPO/BNO Rajendra Ranasighe, Chief Information Office Ajith Salgado and (from right) Sampath Bank Assistant Manager Inward Remittance Niranjan Sivathasan, Mechantrade Vice President Correspondent Partnership and eRemit Business Development Chalini Sokayah and Money Services Business Senior Vice President Danial Edward Bin Abdullah

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 Lankans living and working in Malaysia. 
This partnership has been elevating the lives of these Sri Lankans 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, the Philippines, Vietnam, India and Sri Lanka. As Asia’s leading fintech player, Mechantrade is SEA’s and Malaysia’s largest non-bank entity and is the creator of the fastest growing e-wallet and a 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 Lankans 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 sizable 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.