Retail Banks

Maybank Singapore’s New Digital Roadmap Caters To Personal Finance Management And A Robust SME Financing Eco-System

Maybank Singapore has announced the launch of three new digital banking initiatives to support the Bank’s strategic themes of being at the forefront of personal financial management and building a robust eco-system for small and mid-size enterprises (SMEs), ultimately giving banking convenience to its retail and business banking customers.

The new virtual banking initiatives are namely a new lifestyle and payments app “Maybank2u SG (Lite)” with e-angbao gifting and other money management features, the launch of online current account opening for SMEs, as well as allowing Maybank Malaysia customers to open a Singapore dollar savings account with Maybank Singapore online to facilitate real-time funds transfers.


Dr John Lee, Country CEO and CEO of Maybank Singapore, said, “Maybank seeks to enhance our customer journey and one of the service engines is to provide them with digital access that is secure and instantaneous. These digital services are in line with Maybank Group’s M25 strategic priorities to be pervasively digital, and demonstrate our mission of Humanising Financial Services by placing customers’ needs at the heart of our digital roadmap. Our goal is to accelerate digital onboarding and applications as well as enabling online self-servicing for new initiatives and existing services, so that banking is seamless and convenient for our retail and business banking customers.”


In addition, the Maybank2u Online Banking platform has been revamped with a new user-friendly design that is mobile responsive for optimised viewing. Maybank Singapore has also launched a QR log-in feature and Secure2u digital banking token. To search for a particular transaction in the history of any current / savings accounts or credit cards, customers may use the “Keyword Search” function to speedily find the information they want.

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. This new service will potentially benefit 950,000 Malaysians or Singaporeans of partial or full Malaysian origin residing in Singapore. 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.


Cynthia Liaw, Head of Virtual Banking and Payments at Maybank Singapore, remarked, “As the largest bank in Malaysia, we have a business priority to strengthen our customer experience in Singapore-Malaysia financial transactions. Customers who plan to work in Singapore or send their children to Singapore to study may open the Maybank SG account before coming to Singapore. 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.”