Our Journey

Incorporation in Singapore

Maybank transferred its Community Financial Services (CFS) business in Singapore from Malayan Banking Berhad, Singapore Branch (Maybank's Singapore Branch) to Maybank Singapore Limited, a Singapore-incorporated subsidiary, on 5 November 2018.

Maybank was identified as one of the domestic systemically important banks (D-SIBs) by the Monetary Authority of Singapore in 2015. Singapore is one of Maybank's home markets, and the incorporation of Maybank Singapore Limited is an important part of the overall strategy to accelerate its growth plans and business presence in Singapore.

Maybank Singapore Limited operates CFS business consisting of Retail (personal banking, privilege wealth, premier wealth), Private Wealth, SME - Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking business in Singapore. The Global Banking (including Global Markets) business continues to be operated under Maybank's Singapore Branch.

All Maybank customers will continue to enjoy the same quality of products and services. Maybank looks forward to serving you into the future.

 

Quick Reference

Maybank's Singapore Branch and Maybank Singapore Limited will each operate under its distinct reference name. It is important for customers to use the correct description and details from 5 November 2018 onwards to make payments or collect funds. The bank details are set out in the table below for your reference.

Full Bank NamesMalayan Banking Berhad, Singapore BranchMaybank Singapore Limited

Customers

Global Banking (include
Global Markets)

Retail (personal banking, privilege wealth and premier wealth), Private Wealth, SME and Commercial Banking

FAST Bank description

Malayan Banking Berhad

Maybank Singapore Limited

Bank Code

9636

7302

SWIFT BIC   

MBBESGSG

MBBESGS2

UEN Number

S60FC1376L

201804195C

 

The Board of Directors of Maybank Singapore Limited

MSL Board of Directors (PDF)

What is local incorporation and when will it take place?

Local incorporation involves the transfer of the Community Financial Services business from Malayan Banking Berhad, Singapore Branch (the "Branch") to Maybank Singapore Limited (the "Subsidiary") via a scheme of transfer under the Banking Act (the "Proposed Transfer"), namely the following businesses:

  • Retail (personal banking, privilege wealth, premier wealth), Private Wealth
  • SME - Retail, Small Medium Enterprises (RSME) Banking
  • Commercial Banking (CMG)

 

The Subsidiary, which is an indirect wholly-owned subsidiary of Malayan Banking Berhad, has applied to the Monetary Authority of Singapore ("MAS") for a full banking licence under the Banking Act with Qualifying Full Bank privileges.

The Branch will continue to operate its Global Banking business (including Global Markets) in Singapore.

Subject to the necessary regulatory approvals, the Proposed Transfer will take effect from 5 November 2018 or such other date as we may notify you (the "Effective Date").

Why did Maybank decide to undergo local incorporation in Singapore?

We were named by MAS as one of seven Domestic Systemically Important Banks (D-SIBs) in Singapore. As part of the regulatory requirements, foreign banks with a significant presence in Singapore are required to locally incorporate their retail operations.

Established in Singapore since 1960, Maybank's local incorporation signifies a further deepening of our commitment to the local community. In addition, we view Singapore as a key market and the local incorporation is an important part of our strategy to continue growing our international business to serve valued customers like you.

Is there any impact on retail payments / transfers?

Following the local incorporation, the Branch and the Subsidiary will each operate under its distinct reference name. It is important for you to use the correct description and details from the Effective Date before making payments or collecting funds to ensure that your transactions are processed accordingly. For your reference, the bank details of the Subsidiary and the Branch are set out in the table below:

DescriptionExisting Branch
- For Global Banking      
New Subsidiary
- For Retail (personal banking, privilege wealth and premier wealth), Private Wealth, SME - Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking (CMG)

Bank Full Name

Malayan Banking Berhad, Singapore Branch

Maybank Singapore Limited

Bank Code

9636 (NEW)

7302

SWIFT BIC   

MBBESGSG

MBBESGS2 (NEW)

FAST Bank description

Malayan Banking Berhad

Maybank Singapore Limited

 

Accordingly, if you are receiving a funds transfer from another bank to your account or making a payment to the Branch or the Subsidiary through:

  • FAST (Fast and Secure Transfers);
  • TT (Telegraphic Transfer);
  • MEPS (MAS Electronic Payment System); or
  • GIRO (General Interbank Recurring Order),

 

please select or inform the payer / remitting party to select (as the case may be) the correct Bank Full Name | Bank Code | SWIFT BIC | FAST Bank description with effect from the Effective Date to ensure that the transactions are processed accordingly.

When making cheque payments to the Branch or the Subsidiary, what is the payee name that we should issue the cheques to?

Payment to:     Existing Branch
- For Global Banking  
New Subsidiary
- For Retail (personal banking, privilege wealth and premier wealth), Private Wealth, SME - Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking (CMG)

Payee Name

Malayan Banking Berhad

Maybank Singapore Limited

 

Please ensure that your account number is clearly written on the reverse side of the cheque.

How will this impact my existing accounts / relationship with the Branch?

Customer Segmentation     Impact
(a) Retail
- Personal Banking
- Privilege Wealth
- Premier Wealth


Existing accounts will automatically be transferred to the Subsidiary as of the Effective Date. Following the Proposed Transfer, it will be business as usual and you will continue to enjoy the same quality of products and services with Maybank.
(b) Private Wealth
(c) SME
- Retail, Small Medium
Enterprises (RSME)
Banking





(d) Commercial
Banking (CMG)
Existing accounts will automatically be transferred to the Subsidiary as of the Effective Date.

Customers who have contracts which are governed by foreign laws will be guided by your respective Relationship / Account Manager to effect the transfer of such contracts to the Subsidiary.

Other than the above, it will be business as usual and you will continue to enjoy the same quality of products and services with Maybank following the Proposed Transfer.

 

The Branch will continue to operate its Global Banking business (including Global Markets) after the Proposed Transfer, except for Corporate Hire Purchase Accounts, Corporate Credit Cards, Factoring, Account Receivables Financing and Receivables Purchase.

All products and services under the Global Banking business (including loans/financing, deposits, Global Markets) will continue to be offered by the Branch. The same Relationship / Account Manager will continue to service you on matters regarding your account.

Where can I find out more information about this local incorporation?

You may refer to the FAQs on this page for more information about this local incorporation. If you have a Relationship / Account Manager, you can approach him / her directly on your queries. Alternatively, please contact our Customer Relationship Executives at 1800-MAYBANK (1800-629 2265) or (65) 6533 5229 (Overseas).

 

 

Maybank Singapore Limited - Frequently Asked Questions (FAQs)

FAQs for Customers of Retail (personal banking, privilege wealth and premier wealth), Private Wealth, SME - Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking (CMG) (PDF)

Chinese version: FAQs for Customers of Retail (personal banking, privilege wealth and premier wealth), Private Wealth, SME - Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking (CMG) (PDF)

Malayan Banking Berhad, Singapore Branch - FAQs

FAQs for Customers of Global Banking (including Global Markets) (PDF)

Chinese version: FAQs for Customers of Global Banking (including Global Markets) (PDF)

Scheme of Transfer

Summary of the Transfer of the Community Financial Services business in Singapore from Malayan Banking Berhad, Singapore Branch to Maybank Singapore Limited under Sections 55B and 55C of Part VIIA, Division 1 of the Banking Act, Chapter 19 of Singapore (PDF)

Information is updated as of 30 August 2018