Under the terms of the agreement, Merchantrade will offer MGI money transfer services at its locations across the country.
During the year 2011, approximately $7bn came in Malaysia as remittances, and the region has shown growth in receiving remittances, says a World Bank report.
The pact with Merchantrade has boosted the US company’s reach in the country and now its fund transfer services cover the eastern and western sides of the country.
MoneyGram Southeast Asia and Middle East APAC senior vice president Grant Lines said that the agreement provide more access to affordable money transfer services to those who rely on remittances for their daily needs.
"The alliance with Merchantrade will also enable MoneyGram to soon launch a trusted online money transfer option in Malaysia, through Merchantrade’s online e-remit service, to give our customers more money transfer choices," Lines added.
Merchantrade Asia managing director Ramasamy Veeran commented, "Now, we can offer our customers a money transfer service that is affordable and reliable."
