Maybank to expand etransaction platform

Malayan Banking is targeting to extend its electronic transaction banking platform in the region from next year to include Indonesia, Singapore, China as well as other Maybank key markets.

Maybank Deputy President and Head of Global Wholesale Banking Abdul Farid Alias said the bank would incorporate custody services, cash management and trade finance transactions via a single platform.

He said transaction banking services was a growing revenue driver for the Maybank group and custody service has been accounting for an average growth of 10 per cent the past five years.

In a statement, he said the Maybank eCustody service launched today would also provide the "final link" in the group's overall electronic banking offering to clients.

The eCustody service is the latest online module within the bank's electronic banking portal, and it has been designed for safeguarding financial assets both for individuals and corporations.

The service promises clients convenience as well as improved efficiency as it enables them to make enquiries about their holdings without the need to call in or request for hard copy statements, Abdul Farid said.

"Maybank eCustody services includes the arranging of the settlement of any purchase and sale of securities, collecting information and income from such assets as well as providing information on the underlying companies and any corporate actions that they are undertaking," Abdul Farid said.

He said it would also manage client's cash transactions, perform foreign exchange services where required and provide periodical reporting on their accounts.

As at June this year, the bank's custody services had an asset base of RM50 billion and had more than 100 clients currently.--Bernama