Maybank has achieved significant progress in its Malaysia-Singapore cross-border digital banking services, introducing the Maybank Overseas Transfer service and unveiling the Regional View feature. These enhancements offer customers a more convenient, secure, and seamless option for overseas funds transfers.
The Maybank Overseas Transfer service is an instant online cross-border funds transfer solution for Maybank Singapore’s retail and SME customers. It provides competitive exchange rates to over 50 DuitNow participating banks and non-financial institutions, including Touch ‘n Go eWallet in Malaysia. This service is accessible through the Maybank2u SG (Lite) app and Maybank2u Online Banking.
For Maybank Malaysia’s retail customers, the funds transfer service ensures real-time and instant overseas transfers to any banks in Singapore through the MAE app and Maybank2u website. This expanded service aims to offer greater convenience and access to a broader selection of Singapore banks via MEPS.
With a focus on easing cross-border transactions, these enhancements benefit over 900,000 Malaysians working in Singapore and meet the needs of Singaporeans working in Malaysia. The service is particularly advantageous for the nearly 430,000 individuals who cross the border daily for travel, work, or study.
Dr. John Lee, who is the country CEO and CEO of Maybank Singapore, emphasised the bank’s dedication to using digital capabilities and an extensive network to provide a wide range of cross-border services to both Singaporeans and Malaysians, noting the bank’s goal of continuing to develop innovative financial solutions and strengthening its leadership position in the digital banking space.
SME owners can now streamline business operations with the Maybank Overseas Transfer service, facilitating cross-border funds transfers for vendor payments and salary disbursements. Maybank recognises the importance of SMEs as contributors to economic growth and aims to support their banking needs through digital solutions.
The Regional View feature, another customer-focused digital banking initiative, provides Maybank Singapore’s retail customers with a single view of their holdings on a dashboard within the Maybank2u SG (Lite) app and Maybank2u Online Banking. It simplifies funds transfers between Maybank Singapore and Maybank Malaysia accounts without the need to add a payee.
Maybank’s commitment to humanising financial services is evident in its continuous efforts to introduce best-in-class financial solutions. Notable cross-border initiatives include free instant online funds transfers, hassle-free online account opening, discounts and privileges, free cash withdrawals, and seamless home financing referrals.
For SMEs, Maybank offers a dedicated specialist team, competitive financial and payment solutions, and value-added services to support their cross-border business needs. The bank aims to be a one-stop solution provider for businesses operating across the Malaysia-Singapore borders.
For more information on Maybank Singapore’s products and services, visit maybank.sg/beyondborders.