Maybank launches cross-border transfer service in Singapore

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Maybank launches cross-border transfer service in Singapore
Credit: © Reuters.

Maybank has introduced a new online cross-border fund transfer service tailored for its retail and SME customers in Singapore, marking a significant step in its digital banking expansion. The service, which was unveiled today, allows for seamless transactions through the Maybank2u SG (Lite) app and online platform to over 50 DuitNow institutions.

In a move that caters to the substantial community of over 900,000 Malaysians living in Singapore and Singaporeans working in Malaysia, the service facilitates real-time overseas transfers to all Singapore banks. This enhancement is part of Maybank's broader initiative to streamline cross-border payments and strengthen financial connectivity between the neighboring countries.

Dr John Lee, CEO of Maybank Singapore, announced the extension of their existing instant fund transfer services. He emphasized the bank's commitment to leveraging digital capabilities to offer comprehensive cross-border services. This includes the newly introduced Regional View feature, which provides customers with a unified view of their Maybank holdings across different countries once they have linked their accounts. The feature simplifies the process of transferring funds between a customer's accounts in different countries.

For retail customers of Maybank Malaysia, the convenience has been extended through the MAE app and Maybank2u website, enabling instant overseas transfers to any bank in Singapore using MEPS. Small and medium-sized enterprises (SMEs) stand to benefit significantly from this development as it eases cross-border vendor payments and salary disbursements.

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