KUALA LUMPUR: Merchantrade Asia Sdn Bhd, the biggest money services business (MSB) provider by agent network in the country, has acquired money changing company Vital Rate Sdn Bhd.

Merchantrade’s founder and managing director Ramasamy K. Veeran said the acquisition is in line with the company’s strategic goal in capturing the retail market of the money exchange business, especially at prime locations.

“The strategic advantage of Vital Rate’s business is that it has a presence at high-end shopping malls such as Pavilion, KLCC, KL Sentral and other strategic tourist areas, and we can now reach out to a wider demographic of customer base,” Ramasamy said at a briefing.

He said with this acquisition, Merchantrade is gearing to capture a 10% overall market share by the year 2020.

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