Maybank, National Bank Of Cambodia Launch Real-Time Funds Transfer Service

Alex Cheong Pui Yin

12th August 2021 - 3 min read

Maybank has announced the launch of a real-time funds transfer service between Malaysia and Cambodia, in collaboration with Cambodia’s central bank, the National Bank of Cambodia (NBC). Dubbed the Maybank-Bakong Cross Border Funds Transfer, the new service will enable a more convenient money transfer process between Maybank customers in Malaysia and Cambodia.

According to a joint statement from Maybank, the new service will involve NBC’s Bakong e-wallet and Maybank’s MAE by Maybank2u (MAE) mobile banking app. Additionally, it will be rolled out in two phases.

In the first phase, customers will be able to transfer funds from Malaysia to Cambodia, whereas the second phase – involving transfers from Cambodia to Malaysia – will be launched at a later date. At present, Maybank customers will be allowed to transfer funds of up to US$2,500 (RM10,000) daily via their mobile banking app at a minimal service fee.

“The ultra-convenient service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet,” said Maybank.

abm-datuk abdul farid alias — (Image: New Straits Times)

The group chief executive officer and president of Maybank, Datuk Abdul Farid Alias also commented that the launch of the Maybank-Bakong Cross Border Funds Transfer service marks a new milestone for the bank’s digital journey. This is because it is the first overseas funds transfer feature on its MAE app.

“Leveraging our ASEAN connectivity and digital capability, we have transformed the inter-country fund transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market,” said Datuk Farid, adding that he looks forward to future collaborations with NBC via other possibilities.

The chief executive officer of Maybank Cambodia, Datuk Mohd Hanif Suadi also chimed in to say that the new service will resolve issues such as high transfer fees and lengthy transaction time.

“It will certainly help lessen the burden of Cambodians working in Malaysia and their families, as they are able to receive the funds instantly and hassle-free. This is very much in line with Maybank Cambodia’s focus to create a digital network to provide a seamless, secure and stress-free banking experience for our customers. We are also proud to support the move towards a cashless society in Cambodia and to accelerate financial inclusion, particularly among underserved communities,” said Datuk Hanif.

Meanwhile, the governor of NBC, Chea Chanto said that he is confident that the service will enable both countries involved to leverage on technology to benefit their people. In particular, he is referring to migrant workers who need to remit funds to support their families in a secure and cost-efficient manner.

(Source: The Edge Markets)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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