Merchantrade Asia has entered the ATM business after securing regulatory approval as an ATM acquirer, marking a major milestone in its mission to enhance cash accessibility across Malaysia through more than 1,000 ATMs in collaboration with Visa and Safeguards. The rollout aims to bridge financial gaps in rural and underserved communities.
MALAYSIA, 7 NOVEMBER 2025 – Merchantrade Asia Sdn. Bhd., a leading provider of money services and digital financial solutions, today announced its strategic entry into the Automated Teller Machine (ATM) sector following regulatory approval to operate as an ATM acquirer. The initiative, supported by its long-standing partnership with Visa and security firm Safeguards Corporation, will see the enablement of over 1,000 ATMs nationwide.
This expansion aims to improve financial inclusion and cash accessibility in rural and underserved areas where conventional banking services remain limited. The network will cater to millions of users, including Malaysia’s migrant worker population and small business communities.
Merchantrade’s ATM strategy adopts a two-pronged approach. The first involves the Visa Sponsor BIN model, under which Merchantrade sponsors Safeguards’ nationwide network of over 1,000 ATMs, allowing Visa-enabled cardholders—including travelers, debit, credit, and prepaid users—to perform cash withdrawals seamlessly.
The second approach introduces Malaysia’s first Brown Label ATM model, integrating Safeguards’ existing infrastructure, including MEPS functionality, with Merchantrade’s brand and Visa platform. Merchantrade has already deployed over 12 of its own branded ATMs and plans to expand to more than 200 units nationwide, significantly increasing brand visibility and customer reach.
These Merchantrade-branded ATMs offer both cash withdrawal and deposit services—a feature rarely found in non-bank ATMs. They accept all Visa-enabled cards, including Merchantrade’s flagship Merchantrade Money prepaid Visa card, providing enhanced convenience for traders and small business operators to deposit daily earnings. Future placements include high-traffic community areas such as grocery outlets, industrial zones, and factory compounds.
Ramasamy K. Veeran, Founder and Managing Director of Merchantrade Asia, stated, “By embracing this two-pronged strategy, we are not just installing machines; we are expanding the financial landscape. This network empowers individuals and small businesses to access funds and manage cash more easily where they live and work. It’s a major step in our ongoing commitment to financial empowerment in Malaysia.”
Previn Pillay, Country Manager of Visa Malaysia, commented, “We’re proud to extend our partnership with Merchantrade and Safeguards to deliver secure and convenient cash access for Visa cardholders nationwide. While digital payments are growing, ATMs remain a crucial first step into digital finance for many—especially in rural areas. This collaboration advances financial inclusion for communities that need it most.”
Darmendran Kunaretnam, Group CEO of Safeguards Corporation, added, “Partnering with Merchantrade marks a defining moment for us. The Merchantrade brand is well recognized among migrant workers and underserved communities, and together, our combined network will extend the reach of non-bank ATM services across the nation.”
Through this strategic rollout, Merchantrade solidifies its position as a leading non-bank player in Malaysia’s financial ecosystem—bridging the gap between digital innovation and physical cash accessibility for all segments of society.
