KUCHING: Serikin, a quaint border settlement located about 50 kilometres from the city centre here has become the country's first cashless border market via Merchantrade Asia Sdn Bhd’s digital financial services.
Nestled along the Indonesia-Malaysia border, the weekend market is a bustling trading ground offering a vast array of Indonesian handicrafts, textiles, batiks, toys, carpets and more; its vibrancy has attracted traders from Kalimantan and tourists from around the world. Merchantrade managing director Ramasamy K. Veeran said the campaign has shown the impact of inclusive financial services on Serikin's local communities, which aligns with the government’s digital agenda."The digital ecosystem we’ve developed with our innovative Merchantrade Money DuitNow QR solution has facilitated safer, more convenient payments for both merchants and customers.
The shift to digital transactions has significantly reduced the risk of cash loss or theft to merchants who often cross international borders for their livelihoods and ensured compliance with the laws of both countries. Additionally, merchants can convert their Malaysian ringgit funds into Indonesian rupiah using Merchantrade Money's in-app multi-currency conversion feature when they return to Indonesia.
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