Maybank sees 20% growth in fund transfer
KUALA LUMPUR: Malayan Banking Bhd (Maybank) is aiming for a 20% growth in the value of foreign workers’ fund transfer this year from Rm2bil registered last year.
President and chief executive officer Datuk Seri Abdul Wahid Omar said the target would be boosted by the introduction of Maybank Money Express (MME) remittance service to myanmar that would see some Rm38mil being transferred this year.
“The new service to Myanmar will help fuel the 20% growth that we are targeting. It will bring us another step forward in strengthening our regional MME remittance platform,” he said at an agreement signing between Maybank and four Myanmar banks to use the MME service.
The banks are Asia Green Development Bank, Co-operative Bank Ltd, A yeryarwady Bank Ltd and Kanbawza Bank Ltd.
The service would allow remittance transactions from Malaysia through Maybank branches and forex booths to the respective banks in Myanmar via an electronic platform.
Wahid said this was the first time that a bank in Malaysia was entering into a partnership to offer remittance services to people wishing to transfer funds to Myanmar.
He said it would especially benefit the 140,000 Myanmar migrant workers who could now send their money back home securely and at reasonable cost.
“It also accords us an added foothold there, apart from our existing representative office,” he said, adding that Maybank had planned to open its branch in Myanmar but this would only happen after Myanmar opened up its market to foreign banks.
Maybank is a leader in the local foreign worker remittance segment with a 32% market share.
Wahid said the foreign workers’ remittance market in Malaysia was valued at Rm5.6bil in 2010.
Since its launch in 2010, MME had grown significantly and now covers 10 countries which include Indonesia, Vietnam, Pakistan, India, Nepal, the Philippines, Singapore, Cambodia and Brunei.