28th January 2022 - 2 min read
Maybank Singapore has announced an upcoming online service that will soon enable Maybank Malaysia customers to open a Singapore dollar savings account with them, which allows for real-time cross-border fund transfers as well.
According to the head of virtual banking and payments for Maybank Singapore, Cynthia Liaw, the new service will cater to the needs of customers who plan to work in Singapore or send their children to the state republic for education.
“With Maybank RegionLink fund 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,” said Liaw. Briefly, RegionLink is a same-day online fund transfer service provided for Maybank Singapore customers who wish to transfer money from their accounts to a Maybank Malaysia account.
It is estimated that 950,000 Malaysians or Singaporeans of partial or full Malaysian origin who are residing in Singapore will benefit from the service. Additionally, it will serve about 400,000 Malaysians who used to commute across the Johor-Singapore Causeway for work or education prior to Covid-19.
Aside from this, Maybank Singapore is also launching another two new digital banking initiatives to better assist its individual as well as small and medium-sized (SME) customers. These include a digital banking service to enable current account opening on the bank’s website, as well as a new app called Maybank2u SG (Lite).
With regard to the new online account opening service for current accounts, it is intended as a first step to help SMEs tap into financing seamlessly. It is also one of Maybank Singapore’s efforts in building a complete and robust ecosystem for these businesses, and is expected to onboard at least 1,800 new-to-bank SME customers within the first year.
Meanwhile, the Maybank2u SG (Lite) app – which has already been rolled out – is described as a lifestyle and payments app, with e-angpow gifting and other money management features. It is essentially a simpler version of Maybank Malaysia’s own MAE by Maybanku2 app.
(Source: Malay Mail)
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world