Maybank inks MoU with China UnionPay Merchant Services

Maybank has signed a MoU with China UnionPay Merchant Services (UMS) to tap into the card payments market in China. This market is estimated to be worth at least RMB14 trillion per year and is growing at about 26% annually. This tie-up is expected to benefit Maybank’s existing corporate customers involved in retail business in China such as automotive distributors, food & beverage outlets, departmental stores and hotels.

Maybank is the first Malaysian bank to sign such an agreement with China UMS, which will also see it boosting its cash management business in China. China UMS is the leading issuer of point of sales (POS) terminals in China currently, with a market share at about 40%.

Under the MOU, Maybank will be able to offer its clients collection and payment solutions including POS machines, online payment solutions, ATM solutions and other professional services. At the same time, Maybank customers will enjoy preferential rates by China UMS when they sign up for its POS terminals or online payment gateway to enable card payments by purchasers of their products. These Maybank customers can also enjoy faster collection of card payment proceeds that will be directly credited into their Maybank accounts after clearing by China UMS.

The signing of the MOU was held at the Maybank Shanghai Branch between Maybank and China UMS. Representing Maybank were Datuk Cheong Kwee Heng, CEO, Greater China and Mr John Wong, Group Head, Transaction Banking while China UMS was represented by Mr Zhang Yong Tao, Vice President and Mr Liu De Wei, General Manager of Marketing Department.

“Apart from deepening our POS business, this strategic partnership is also beneficial for both parties to jointly explore new markets and enhance our service and product offerings by leveraging on the strengths and resources of each other. For Maybank, this is a significant and strategic step in reaching out to the promising China market,” said Datuk Cheong Kwee Heng, CEO, Greater China, Maybank.

“Servicing the banking industry has always been our focus. We are more than willing to share and provide our professional services in POS terminals, online payment platforms, self-service terminal platforms, and other top-class service experience to Maybank for their clients,” says Zhang Yong Tao, VP, China UMS.

Maybank has four branches in Greater China - Shanghai, Beijing, Hong Kong and Kunming - and has been actively involved in the wholesale banking segment in these locations. Cash management has been a growing business within this segment as corporate customers leverage Maybank's Regional Cash Management System (RCMS) to manage their liquidity positions as well as monitor and manage payments to and from their accounts in real time.

Transactions via Maybank’s regional cash management system - Maybank2E-Regional Cash – by clients in Greater China grew by 75% in 2015 since its official launch in 2014, and is expected to increase by 100% by end 2016 following this partnership with China UMS.

China UMS has established 40 subsidiaries in 30 provinces around the country and set up 316 business departments in secondary prefectures and cities. As at September 2015, China UMS was serving close to 5 million merchants, maintaining 6 million POS terminals, and operating 25,000 ATMs across China.

Maybank, MaGIC to boost startups across ASEAN

Maybank became the first bank to officially formalise its partnership with Malaysian Global Innovation & Creativity Centre (MaGIC) in efforts to further boost startups across the ASEAN region.

Maybank will leverage on MaGIC‘s expertise, regional reach and resources to nurture upcoming local and regional startups. One of the key roles for Maybank is to be the financial services partner for MaGIC’s ASEAN Centre of Entrepreneurship (ACE), which is a startup support services platform offering services such as legal advice, IP consultations, visa applications and company secretarial services through its partners. This platform will support Malaysian startups looking to expand into ASEAN countries and for ASEAN startups to expand into Malaysia.

MaGIC Chief Executive Officer Cheryl Yeoh said that this partnership will help in boosting the development of startups and social enterprise (SE) initiatives not only in Malaysia, but in the region. “We are pleased at this collaboration with Maybank – both as a main partner for our startup support services platform as well as providing the opportunities for fintech startups to grow locally and regionally. We are encouraged by the support we are seeing from the private sector and Maybank as one of the early driver for private sector opportunities,” she said.

In return, Maybank will act as an advisory partner to MaGIC’s Accelerator Programs and Academy, especially in building viable propositions in the context of regional opportunities in the financial services industry, help facilitate market validation and identify potential “go-to-market” partners.

Maybank's Amran Hassan, Head Corporate Development & Innovation said that Maybank has always placed importance in innovation as a key organisational competency that will help identify and shape new sources of competitive advantages. “The collaboration with MaGIC will allow Maybank to play a more prominent role in the supporting the start-up ecosystem regionally,” he said. "We have taken the market lead in the high-growth startup ecosystem as part of our efforts to support promising technology startups across the markets where we operate. We will continue to work with strategic industry partners in providing competitive platforms in our efforts to help build ASEAN into a global centre for innovation.”

Myanmar gets first Maybank branch

Maybank, Southeast Asia’s fourth-largest bank by assets, is the first and only Malaysian bank to open a branch in Myanmar. The Central Bank of Myanmar had on 1 October 2014 awarded a banking licence to Maybank as part of its move to liberalise the banking sector in the country.

The Maybank Yangon branch has a registered capital of US$75 million and will operate with a team comprising of mainly Myanmar nationals. Located in the commercial district of Yangon, the new branch will strengthen the Group’s international footprint which comprises some 2,400 offices in 20 countries worldwide, including all 10 ASEAN nations.

The opening of the branch was officiated by the Myanmar Central Bank Governor, H.E. U Kyaw Kyaw Maung and Chief Minister of Yangon Division, H.E. U Myint Swe, together with the Malaysian Ambassador to Myanmar, H.E. Mohd Hanif Abd Rahman and Maybank Group Chief Strategy Officer, Michael Foong. Among others present at the event were the Myanmar Central Bank Deputy Governors, U Set Aung and U Soe Min, Minister of Finance, Yangon Region, H.E. U Daw San San Nwe, Maybank CEO Indochina, Soon Su Long and Maybank Managing Director, Transaction Banking, John Wong.

Maybank Yangon branch will serve wholesale and corporate clients as well as domestic banks in Myanmar with a range of services such as deposit accounts, working capital financing, cash management, treasury and capital market solutions. In particular, it will leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas to cater to Myanmar’s immediate needs.

Speaking at the event, Maybank Group Chief Strategy Officer Michael Foong said, “Since 1994, Maybank has operated a representative office in Myanmar and supported Myanmar in infrastructure building by leveraging upon our regional presence and project financing strength. We also helped arrange financing for key infrastructure projects such as airports, telecommunications and gas pipelines.”

In 2012, Maybank Malaysia established a Malaysia-Myanmar remittance service jointly with five Myanmar banks under its Maybank Money Express service which was aimed at facilitating the remittance of funds from Myanmar nationals in Malaysia to their families in Myanmar.

Foong said that with the foreign banking licence, Maybank will now be able to play a bigger role in Myanmar and participate in previously restricted financial services, including providing loans to foreign companies as well as domestic banks.

“We intend to build strong partnerships with domestic banks in the areas of international trade, interbank and capital markets, as well as draw on our regional assets and capabilities to help Myanmar’s growth leapfrog in the region. In addition, we can help support Myanmar’s priorities in developing its banking infrastructure and financial system,” he said.

“We are positive on Myanmar’s economic outlook and hope to facilitate greater cross-border trade between Myanmar and our core markets as well as the Greater Mekong sub region.”

He added that Maybank will also continue to play its role in the area of community building. “We believe in contributing to the country’s economic prosperity and growing our business responsibly through ethical and sustainable financial services and products. We remain committed to improving the lives of the communities that we serve and giving back to the community – which is what we term as humanising financial services.”

In conjunction with the opening, Maybank Yangon announced a community-driven initiative for Myanmar, Project H.E.A.R.T. (Helping Every Asian Rise Together). This project aims to empower and bring light into needy communities across Asia, providing them with solar-powered light bulbs – a free, sustainable light source. Project H.E.A.R.T. is a key community initiative that forms part of Maybank Group’s larger mission to humanise financial services.

Maybank adds Malaysia’s first ever balance request service to Maybank2u app

Source: App Store.

Maybank has enrich its mobile banking value proposition. with the launch of Malaysia’s first ever “Quick Balance” service within the Maybank2u mobile app. The feature allows customers to view their account balance with the tap of a button, and comes with the freedom to customise the specific balances to monitor even on the go.

Quick Balance aims to boost the Bank’s digital banking presence, and follows the success of the recent Maybank2u App launch which has seen over 1,000,000 downloads since 8 September 2014.

Maybank’s Head of Community Financial Services Malaysia, Hamirullah Boorhan said the introduction of the Quick Balance aims to enhance Maybank’s offering in the digital space and provide Maybank customers with greater convenience when conducting basic banking.

“Viewing our account balance is something that each of us do on a regular basis. While our Maybank2u users can already do so easily, there are many customers who merely want to check balances but not transact online.”

Quick Balance provides simplicity to individual customers who maintain a banking or card account with Maybank and opt to only view their balances on mobile devices. It does not require customers to establish full Maybank2u online banking access and offers them flexibility to customise the balances they wish to monitor.

“Through Quick Balance, customers enjoy a convenient way to monitor their accounts anytime, anywhere. They can even quickly check their card balances before making purchases or whilst travelling abroad,” said Hamirullah.

Obtaining Quick Balance is simple. Customers create a new six-digit Quick Balance PIN by registering any of their savings, current account or credit card numbers and they will immediately gain access to their balances. The registration process requires a one time password which will be sent to the customer's mobile phone number for added security.

The app is available for iOS and Android devices. Click here for the download links.

Maybank waives M2U Visa Direct service charges till 31 December 2014

Maybank has introduced M2U Visa Direct to Malaysia. The cross-border fund transfer service, which is available 24 hours a day, seven days a week except during Maybank2u maintenance hours, enables Maybank Savings and Current account customers to transfer funds to any overseas-issued debit, credit or prepaid Visa Cardholders via Maybank2u, to more than 200 countries*.

The funds, which can range between RM300 and RM7,500 daily, are credited directly to the beneficiary's card account. The beneficiary can either perform a cash withdrawal, or spend the money at participating Visa merchants.

The 'Fast Fund' option sends the money within 30 minutes, whereas the slower option takes two working days. The service charge is a flat RM10, and this fee is waived till 31 December 2014.

Read the M2U Visa Direct FAQ here.

*This service is unavailable in Columbia, Cuba, Iran, Israel, USA, Sudan, Syria and Venezuela.

Maybank set to open formal branch office in Myanmar

Maybank, the fourth largest bank by assets in ASEAN, has been granted a banking license to open a branch office in Myanmar, according to an official announcement by the Central Bank of Myanmar (CBM) in October. Given as part of a move to liberalise the banking sector in the country, such licenses facilitate the foreign banks to participate in previously restricted services in Myanmar, including providing loans to foreign companies as well as domestic banks.

Maybank opened its representative office in Yangon back in 1994, providing liaison and advisory services. For over 20 years, Maybank had established correspondent banking relationships with domestic banks and supported Myanmar in infrastructure building by leveraging upon its regional presence and project financing strength. Maybank had financed key infrastructure projects such as airport, telecommunications and gas pipeline projects. The implementation of Maybank Money Express in 2012 has also made Maybank the first Malaysian bank to establish a Myanmar-Malaysia remittance service jointly with five domestic banks. These key milestones demonstrate Maybank's deep understanding of Myanmar's priorities, and its ongoing commitment to Myanmar's development.

Group President and CEO of Maybank, Datuk Abdul Farid Alias said that the foreign banking license granted to Maybank was a significant milestone in its partnership with Myanmar on its journey of growth, and will help further strengthen the Group’s regional footprint as well as its capabilities in serving customers seamlessly throughout ASEAN.

“Moving forward, we hope to facilitate greater cross-border trade between Myanmar and our core markets as well as in the Greater Mekong Subregion, particularly in Yunnan upon the opening of our third China branch in Kunming,” he said. “In line with our mission of humanising financial services, we also hope to continue to do our part in shaping Myanmar’s financial sector, and empower the Myanmar communities to accelerate socioeconomic growth.”

Meanwhile, CEO of Maybank International, Pollie Sim added that Maybank's commitment to partner Myanmar on the journey of growth has seen the Bank play a pivotal role in sharing technical and capabilities-building knowledge with bankers in Myanmar over the years.

“Maybank understands that building capabilities has always been one of Myanmar's priorities to develop its socioeconomic growth," she said. 

With over 2,400 offices spread across more than 20 countries including presence in all 10 ASEAN countries, Maybank can leverage on its extensive network to capture the flow of business around the world and seamlessly connect Myanmar to the global economy.

As the only Malaysian bank awarded a foreign banking license in Myanmar, Maybank looks forward to deepening its relationship with Myanmar through strong partnership with the domestic banks in the areas of international trade, interbank and capital markets. Maybank is positive on Myanmar’s economic outlook and will draw on the strength of its regional assets and capabilities to help Myanmar’s growth leapfrog in the region.

Maybank launches Visa Signature credit card in Malaysia

Maybank has introduced the Maybank Visa Signature credit card to Malaysia, and hopes to issue 20,000 of the premium card in the first year. The Maybank Visa Signature card is Malaysia’s first credit card to offer both cash back on a daily basis as well as flexibility to convert bonus points, called Treats, into cash, Maybank said. 

Source: Maybank. From left: Ng Kong Boon; B Ravintharan, Head, Cards Group, Community Financial Services Maybank; Tolan Steele,  Group Country Manager, Visa; Hamirullah Boorhan and Victor Kaw, Head, Cards Malaysia, Maybank.

Maybank Head of Consumer Financial Services Malaysia, Hamirullah Boorhan said that the Bank has identified demand from the high-end mass-affluent customer segment for a card that falls between the platinum and super-premium card range.

“Customers in this segment would typically have an annual income of between RM100,000 – RM180,000,” he said. “They are highly discerning, and value most a cash back feature as well as the option to convert their loyalty points into cash, on top of the usual redemption alternatives of gifts, products and services, vouchers, or airline loyalty miles.

“We believe there is no other product in the market targeted towards such as premium mass affluent segment and offers such high value proposition as well as the flexibility to utilise loyalty points.”

Ng Kong Boon, Visa Country Manager, Malaysia said: “Malaysia’s affluent class continues to grow, creating a need and business opportunity for both Visa and its banking partners to introduce a product that caters to the special requirements and lifestyle of this new segment of affluent consumers.

"Visa is proud to be working with Maybank to drive innovations in payment technology in the country, in line with the Malaysian government’s e-payment vision as laid out in its Economic Transformation Programme."

Added Hamirullah, “The premium card market is one which is still showing strong growth of some 20% in billings annually,” he said. “Premium card holders typically spend an average of eight times more than that of classic cardholders.”

The Maybank Visa Signature comes with rewards such as :

• 5% cash back for their petrol and grocery transactions every day,  capped at RM88 per month 
• 5x Treats points for overseas transactions
• Customers can obtain cash back of RM1 for every 250 points
• Annual fee waiver in the first year. Automatic annual fee waiver is also applicable from the second year onward subject to a pre-set minimum annual spend
• Complimentary The Valet Club parking privileges for the first 12 months
• Unlimited Plaza Premium Lounge access for all lounges in Malaysia

As a launch offer, there wll be a 5% cashback on Visa paywave transactions for six months.

SMEs, consumers to benefit as banks ramp up on innovation

Small businesses and bank customers now have more innovative choices for banking. Selected financial institutions in the Asia Pacific region received Financial Insights Innovation Awards (FIIA) at the Asian Financial Services (AFS) Congress 2014 in Singapore in late February in recognition of their innovation and creativity in fulfilling business objectives:

AllianceBank Malaysia is Asia's Most Customer Friendly Bank for its BizSmart Academy initiative. The Academy combines business education, coaching and seed funding to young SMEs and reaches out to both existing customers and the wider business community. 

The bank offers business education and training to customers through a structured year-long curriculum covering various management, business and finance topics, and also backs an annual SME Innovation Challenge through which high potential SMEs benefit from a two-month training and coaching programme, after which one winner receives RM250,000 to implement their business ideas. 

The Academy also features an online resource of tools and information for entrepreneurs.

Alliance Bank picked up Asia's Best Online Banking award as well for a customer-centric Online Banking solution for the business segment, along with other innovative products such as the Picture Business Credit Card and value-added propositions in the form of business education for SMEs and collaboration platforms.
 

CIMBBank has Asia's Best Payments & Remittance Service

OctoSend via CIMB Clicks service was launched on 23 August 2013 in Malaysia. This feature allows the bank’s customers to send money to anyone using only their mobile number or email address, taking away the hassle of remembering lengthy bank account numbers. This service can be accessed online, via the CIMB Clicks App and through OctoPay, the bank’s Facebook banking application.

Asia's Leader in Smart Banking is Cathay United Bank

Cathay United Bank's Agile Marketing Transformation programme is geared towards enabling more relevant relationship marketing initiatives more quickly. It uses predictive modelling to better align the right product to the right customer, adds greater automation, and leverages on analytics-backed enrichment of new customer data.

DBSBank received the Asia's Best Branch Banking award

Transformed DBS branches deliver an easy and convenient banking experience for its customers that is enriching, educational and entertaining through breakthrough banking infrastructure and technology.

DBS (Hong Kong) Bank, a branch of DBS Bank, provides Asia's Best Mobile Banking

DBS mobile app advertised in Singapore

At DBS Hong Kong, the DBS Online Loans Centre offers automated online straight-through loan application processing, where consumers can use either a desktop computer or smartphone to complete their application and obtain results within minutes, thereby saving time and providing added convenience for consumers.

The annual FIIA by IDC Financial Insights are given to top Asia Pacific financial institutions that have demonstrated innovation and creative thinking in the areas of customer engagement, product development, process reengineering or risk management to fulfill their business goals.