Maybank Singapore has launched solutions that facilitate a seamless experience in cross-border banking
New innovations are enhancing the efficiency of the cross-border payment process. This type of financing enables businesses to engage in global trade by offering a funding source that empowers them to compete internationally and conduct operations beyond domestic borders.
Cross-border payments can be made via bank transfers, credit card and alternative payment methods such as e-wallets and mobile payments. They are currently the most prevalent ways of transferring funds across borders.
Diverse services
Maybank Singapore has introduced innovative solutions to facilitate seamless cross-border activities between Malaysia and Singapore, and across Association of Southeast Asian Nations (ASEAN) countries.
One such solution is the option for Malaysians intending to work or study in Singapore to open an SGD savings account online and pay for their relocation expenses before their move.
In addition, Maybank’s cross-border ATM services ensure its customers do not have to worry about running low on cash during their travels. This service allows hassle-free cash withdrawals from Maybank ATMs in Malaysia, Singapore, Brunei, Cambodia, Indonesia and the Philippines, without any service fees.
Maybank Singapore is the centre of excellence for wealth management within the Maybank Group. It offers an extensive range of wealth management solutions, including Islamic wealth management, to support the growth needs of mass affluent, affluent and high-net-worth (HNW) clients.
The bank offers Singaporean investors eyeing overseas properties in countries such as those in the UK, Australia and Malaysia, the option to secure an overseas home loan.
Additionally, for Malaysian properties, customers have the flexibility to opt for financing through Maybank Malaysia. For business entities, Maybank Singapore also provides corporate account opening facilities, business advisory services and comprehensive business solutions to meet all international payments and currency conversion needs.
Client-first outlook
As of August 2023, Maybank has made strides in its Malaysia-Singapore corridor services as it provides both retail and corporate customers the convenience of instant online cross-border funds transfer services across the causeway.
The service allows individuals to transfer funds to any Malaysian bank account for a nominal fee of S$2 ($1.5). Total fund transfers to Malaysia have subsequently increased by 26% year-on-year.
This online service further enables Singaporeans and Malaysians residing in Singapore to make secure cross-border fund transfers to the DuitNow participating banks using the Maybank Overseas Transfer feature on the Maybank2u SG (Lite) app.
Maybank Singapore has been recognised as the winner of the Best Cross Border Innovation trophy at the Annual Retail Banker International Asia Trailblazer Awards 2024.