Online remittance in set to grow at an accelerated pace as more consumers find the ease of using technology base services instead of traditional methods to send money to abroad. Tapping into the growth, Merchantrade Asia an early player in the eRemitence space (featured on BusinessToday) will be expanding even further following the agreement signed with BonusKad Loyalty. The partnership will allow Merchantrade to provide eRemit and eForex service to eight million BonusLink members nationwide.

The collaboration it is expected to add to Merchantrade’s eRemit transaction to a staggering RM1 billion by 2018, qualifying as the next unicorn in the fintech sector. According to Ramasamy K. Veeran, Founder and Managing Director, the eRemit platform recorded RM650 million in transactions last year and the amount is expected to reach RM800 million by the end of this year, while the eForex projected growth would be around 140%.

Financial sector is currently seeing much interest from technology start-ups as being ripe for disruption, however strict regulations from central banks and governments are preventing unapproved application from soliciting customers. However, Bank Negara has created sand box for fintech companies to test and beta market their services to banks and selected users.

Early starters are benefiting as more consumers look to mobile and internet to mange their banking activity, leaving many banking institution clambering to get to pace. Merchantrade started as a money changer and is now leading in eRmit service with more partnership coming soon. In celebrating the occasion the provider is offering BonusLink members twice the point for transaction made for eForex currency purchases or eRemit, for money transfers overseas.