27 January 2022

Maybank Singapore’s New Digital Roadmap Caters to Personal Finance Management and A Robust SME Financing Eco-system

Launch of new lifestyle and payments banking app, Maybank2u SG (Lite)

Maybank Singapore today announced the launch of three new digital banking initiatives to support the Bank’s strategic themes of being at the forefront of personal financial management and building a robust eco-system for small and mid-size enterprises (SMEs), ultimately giving banking convenience to its retail and business banking customers.

The new virtual banking initiatives are namely a new lifestyle and payments app “Maybank2u SG (Lite)” with e-angbao gifting and other money management features, the launch of online current account opening for SMEs, as well as allowing Maybank Malaysia customers to open a Singapore dollar savings account with Maybank Singapore online to facilitate real-time funds transfers.

Dr John Lee, Country CEO and CEO of Maybank Singapore, said, “Maybank seeks to enhance our customer journey and one of the service engines is to provide them with digital access that is secure and instantaneous. These digital services are in line with Maybank Group’s M25 strategic priorities to be pervasively digital, and demonstrate our mission of Humanising Financial Services by placing customers’ needs at the heart of our digital roadmap. Our goal is to accelerate digital onboarding and applications as well as enabling online self-servicing for new initiatives and existing services, so that banking is seamless and convenient for our retail and business banking customers.”

In addition, the Maybank2u Online Banking platform has been revamped with a new user-friendly design that is mobile responsive for optimised viewing. Maybank Singapore has also launched a QR log-in feature and Secure2u digital banking token. To search for a particular transaction in the history of any current / savings accounts or credit cards, customers may use the “Keyword Search” function to speedily find the information they want. 

New Maybank2u SG (Lite) mobile app
Complementing the existing Maybank2u SG mobile banking app, the new Maybank2u SG (Lite) app is Maybank Singapore’s latest lifestyle and payments mobile banking app to help customers level up their money management skills and boost their financial habits, acting like their virtual financial assistant. It is now available for download from Apple App Store and Google Play.

M2U SG (Lite) app lets users customise their profile page, view their account and investment details and track expenses on a dashboard, conduct payments through PayNow and FAST transfers, pay for their Maybank credit card spending as well as plan their finances.

There are four key exclusive functions in the app. Firstly, e-angbao digitally transmits a money gift to an intended recipient via PayNow for the Lunar New Year or any other joyous occasions and it allows image and message customisation. Secondly, the Savings Goals feature helps customers set aside money for both short and long term goals, with Boosters to help them achieve this even faster.

Thirdly, the Expenses feature is an automated expense tracker that helps customers track their spending activities – from PayNow and fund transfers to debit and credit card usage, and view them via easy-to-read graphs and categorisation.

Last but not least, the Moments feature offers customers personalised call-to-action suggestions based on their financial standing to help them improve their money management. For example, the app will show a reminder to build an emergency fund if there are inadequate savings.

After the initial launch, Maybank plans to introduce additional features on Maybank2u SG (Lite) app in phases.

Maybank’s integrated SME eco-system
As a first step to help SMEs tap financing seamlessly, Maybank Singapore has launched a new digital banking service to enable Current Account opening on the Bank’s website by using documentation from Myinfo business. SME clients may choose from Flexibiz Account, PremierBiz Account and Singapore Dollar Current Account, facilitating 24/7 banking convenience. They can also apply for a Maybank Business Visa debit card, Business Internet Banking access and cheque book in the same application.

Marc Leong, Head of SME Banking at Maybank Singapore, commented, “We currently serve almost 20 per cent of all micro-businesses and SMEs in Singapore and are focused on building a complete SME eco-system for them. We provide online banking solutions and help SMEs digitalise essential areas of their operations through SME Start Digital packages. These synergistic digital platforms, our Singapore-Malaysia corridor capabilities and network, coupled with a dedicated team of relationship managers aim to help businesses grow at a sustainable pace. For 2022, we will be rolling out new digital transaction and financing services that will enhance our customer experience and seize new market share.”

Maybank projects at least 1,800 new-to-bank customers will open an SME Current Account online in the first year. Sign up webpage:

Serving the Singapore-Malaysia corridor
Maybank Malaysia customers will soon be able to open a Singapore dollar savings account with Maybank Singapore online, and it will allow for real-time funds transfers across the border. This new service will potentially benefit 950,000 Malaysians or Singaporeans of partial or full Malaysian origin residing in Singapore. In addition, there were about 400,000 Malaysians who used to cross the Johor-Singapore Causeway daily to commute to work or school prior to Covid-19.

Cynthia Liaw, Head of Virtual Banking and Payments at Maybank Singapore, remarked, “As the largest bank in Malaysia, we have a business priority to strengthen our customer experience in Singapore-Malaysia financial transactions. Customers who plan to work in Singapore or send their children to Singapore to study may open the Maybank SG account before coming to Singapore. With Maybank RegionLink funds transfers, customers with children studying in Singapore can transfer funds instantly from Malaysia to Singapore for their living expenses. For those working in Singapore, they can also use this service to remit funds to their family and loved ones in Malaysia.”