13 November 2023

Maybank revolutionises Malaysia-Singapore digital banking services as demand for cross-border payments grows

Maybank has made further strides in its Malaysia-Singapore cross-border digital banking services, offering a more convenient, seamless and secure option for overseas funds transfers with Maybank Overseas Transfer service, as well as introducing the Regional View feature on its digital banking platforms for customers.

The Maybank Overseas Transfer is an instant online cross-border funds transfer service for Maybank Singapore’s retail and small and medium enterprise (SME) customers offering competitive exchange rates to over 50 DuitNow participating banks and non-financial institutions (NFIs) such as Touch 'n Go eWallet in Malaysia, on the Maybank2u SG (Lite) app and Maybank2u Online Banking.

Meanwhile, for Maybank Malaysia’s retail customers, this funds transfer service offers the benefits of real-time and instant* overseas transfers to any banks in Singapore via Maybank Malaysia’s MAE app and Maybank2u website, providing greater convenience and access to a wider selection of Singapore banks via MEPS.

This timely enhancement has eased cross-border funds transfers for over 900,000 Malaysians working in Singapore, while also serving the needs of Singaporeans working in Malaysia. With nearly 430,000 people who cross the border daily, the service benefits those who travel, work, or study in both countries.

Dr John Lee, Country CEO and CEO of Maybank Singapore said that the Bank has been leveraging the Group’s digital capabilities and extensive network to provide a diverse range of cross-border services to both Singaporeans and Malaysians.

“As part of Maybank’s key home market and having been operating in Singapore for over 60 years, we understand the pain points of our customers when it comes to a hassle-free experience while transferring funds to their loved ones in Malaysia. We have been providing instant fund transfer services for customers who hold both a Maybank Singapore and Maybank Malaysia account at zero fees, and have now extended our services to include over 50 DuitNow participating banks and NFIs for Maybank Singapore’s customers. This is in line with our aspirations to continue developing innovative financial solutions, solidifying our leadership position in the digital banking sphere,” added Dr John.

SME owners on the other hand, can streamline their business operations with cross-border funds transfers to their vendors or credit salary payments to their employees with ease, without worrying about the lack of cash liquidity or delayed payments.

“We also acknowledge the importance of SMEs as a significant contributor to the economic growth in the country and want to support them, and that cash liquidity and business agility are important to them. As an established ‘foreign local Bank’, we are here to serve the local business’ banking needs as we regionalise our business solutions by leveraging capabilities across the Maybank Group. We have designed the onboarding journey to be fully digital in our cross-border banking initiatives to support the Bank’s strategic thrust of customer centricity, to adapt to the needs of increasingly digitally savvy customers,” said Dr John.

As for the Regional View feature, it is yet another customer-focused digital banking initiative for Maybank Singapore’s retail customers to provide a single view of their Maybank’s holdings on a single dashboard on the Maybank2u SG (Lite) app and Maybank2u Online Banking. It also facilitates their ease of funds transfer between Maybank Singapore and Maybank Malaysia accounts without the need to add a payee once they link their accounts via the respective mobile or online banking platforms.

In line with its purpose of Humanising Financial Services, Maybank has always endeavored to introduce best-in-class financial solutions for its customers. This includes the Maybank Malaysia’s cross-border QR payment service launched in May this year - enabling Maybank Malaysia customers to make instant and secure cashless payments with participating banks when travelling to Singapore, Indonesia and Thailand via the MAE app, and for tourists in Malaysia to make cashless payments with Maybank QRPay merchants in Malaysia.

Maybank Singapore has been providing notable cross-border initiatives for customers by providing:

• Free instant online funds transfers between Maybank accounts in Singapore and Malaysia at competitive exchange rates with zero fees.
• Hassle-free online account opening for Maybank Malaysia customers to open a Maybank Singapore Dollar Savings Account for Maybank Malaysia customers.
• Discounts and privileges with their Maybank cards in Singapore and Malaysia at participating merchants. Interest-free instalment payments when shopping in Singapore and Malaysia.
• Free cash withdrawals at ATMs located in Singapore and Malaysia at favourable exchange rates.
• Hassle-free online bill payment to over 24 billers such as utility providers, local councils, insurers, and more in Malaysia via the Maybank Singapore Account.
• Seamless home financing referrals for Singapore customers who are keen to invest in Malaysia properties at competitive rates.

For SMEs

• Dedicated specialist team to support SME customers who seek to set up businesses in Malaysia to open operating bank accounts in Malaysia.
• Competitive financial and payment solutions to customers to facilitate their cross-border business needs.
• Value-added services to our clients by collaborating with corporate secretaries, government agencies and reputable business partners, who can assist SME owners to set up their Malaysian operations.
• A one-stop solution provider for businesses traversing the Malaysia-Singapore borders.

For more information on products/services available under Maybank Singapore, please refer to maybank.sg/beyondborders.  

For media queries, please contact sg.corpcomms@maybank.com