SINGAPORE, Jan 27 — Maybank Malaysia customers will soon be able to open a Singapore dollar savings account with Maybank Singapore online, and it will allow for real-time funds transfers across the border.

In a statement today, the bank said this is one of the three new digital banking initiatives launched by Maybank Singapore to support the bank’s strategic theme of being at the forefront of personal financial management as well as building a robust eco-system for small and mid-size enterprises (SMEs).

“As the largest bank in Malaysia, we have a business priority to strengthen our customer experience in Singapore-Malaysia financial transactions,” said Maybank Singapore head of virtual banking and payments Cynthia Liaw.

She said customers who plan to work in Singapore or send their children to the republic to study may open the Maybank SG account.

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“With Maybank RegionLink funds 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,” she added.

According to the statement, this new service will potentially benefit 950,000 Malaysians or Singaporeans of partial or full Malaysian origin residing in Singapore.

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In addition, there were about 400,000 Malaysians who used to cross the Johor-Singapore Causeway daily to commute to work or school prior to Covid-19, it said.

The other new virtual banking initiative is a digital banking service to enable current account opening on the bank’s website, as a first step to help SMEs tap financing seamlessly.

“We currently serve almost 20 per cent of all micro-businesses and SMEs in Singapore and are focused on building a complete SME eco-system for them,” said Maybank Singapore head of SME banking Marc Leong.

He said the bank provides online banking solutions and helps SMEs digitalise essential areas of their operations through the “SME Start Digital” packages.

“These synergistic digital platforms, our Singapore-Malaysia corridor capabilities and network, coupled with a dedicated team of relationship managers aim to help businesses grow at a sustainable pace.

“For 2022, we will be rolling out new digital transaction and financing services that will enhance our customer experience and seize new market share,” he said.

Maybank projects at least 1,800 new-to-bank customers to open an SME current account online in the first year.

Customers may sign up at webpage: maybank.sg/onlinecorpccc.

The third new virtual banking initiative is a lifestyle and payments app “Maybank2u SG (Lite)” with e-ang pow gifting and other money management features. — Bernama