Maybank2u going to Indonesia, Philippines

 

Maybank is looking to grow its Internet banking division by establishing a presence in all its retail branches in Singapore, the Philippines and Indonesia

MALAYAN Banking Bhd (Maybank) expects the transaction value of its Internet banking portal, Maybank2u, to grow by another 25 to 30 per cent this year as more individuals opt for convenience.

Maybank recorded RM30 billion worth of transactions in 2007.

"We look at Internet banking as a tool for customer retention, where we provide value for customers... on top of helping us to reduce operational costs," Maybank's senior executive vice-president and consumer banking head Lim Hong Tat told reporters after launching the revamped Maybank2u.com portal in Kuala Lumpur last week.

He said Maybank's Internet banking portal handles some 30 million transactions a month, the same as the amount handled by its 400 retail branches.

Maybank spent between RM3 million and RM5 million on upgrading its portal.

Lim said Maybank is looking to grow its Internet banking division by establishing a presence in all its retail branches across the region.

Maybank has retail branches in Singapore, the Philippines and Indonesia.

Maybank2u is already available in Singapore, with between 30,000 and 40,000 registered users as of September 2008.

The upgraded version of the Maybank2u portal is only to be launched in Singapore in three to six months.

Plans are under way to set up a similar portal in the Philippines in the next 12 months.