KUALA LUMPUR, Nov 18 — Malayan Banking Bhd (Maybank) expects its online remittance business via financial portal, Maybank2u (M2U), to reach RM1 billion within two years, said Head of Community Financial Services Malaysia, Hamirullah Boorhan.
He said the bank is currently leading in the remittance business particularly via online with 7.5 million registered M2U customers.
“M2U has grown rather sturdily with 145 million monetary transactions a year, or about 27 per cent growth annually, and worth RM145 billion a year, or a growth of about 37 per cent per year,” he said.
Speaking to reporters after the launch of M2U Visa Direct here today, he said the M2U online remittance is currently growing at 30 per cent year-on-year at RM550 million in the last few years, and was expected to grow at 40 per cent next year with the new service.
“Visa Direct would enable us to tap new segments and strengthen our online service transaction market share of 35 per cent currently with the first-of-its-kind service in Malaysia.
“The service allows instant fund transfers from savings or current accounts to over one billion Visa cardholders in over 200 countries,” he said. Hamirullah said the new service would be a game changer for fund transfers as it simplified banking transactions, with a minimal flat rate of RM10 per transaction.
The transfer could be done in whatever currency with a minimum amount of RM300 and maximum of RM7,500 per day, while the recipients could either withdraw it via automated teller machine or pay for a purchase using their card, he said.
Maybank would also be looking to extend M2U Visa Direct to its other key markets in the future to expand the product scope to regional platform and further strengthen remittance capabilities in Asean to be the top player in this business, he said.
Meanwhile, Visa Group Country Manager, Regional Southeast Asia, Toolan Steele said the M2U Visa Direct service leveraged Maybank’s successful digital banking platform as well as its extensive global reach to offer innovative approach in global payment convenience.
On the limit of the transfer, he said it was not set just by Visa but was the internationally recognised limit and best practice worldwide to ensure that the systems of both companies were not used for illicit money transfers.— Bernama
