Providing customers with greater convenience and enhance efficiency
Maybank today launched an innovative web-based trade finance service, TradeConnex making Maybank the first local bank in Malaysia to offer a comprehensive suite of conventional trade finance products online.
This new service will provide customers with trade financing solutions for international and local trade on par with global banks all over the world. It is accessible via Maybank2e.net, the Bank's award-winning business banking portal. This will enable customers to submit their trade finance applications for processing of Import & Export Letters of Credit, Collections and Financing; including also other products of Banker's Guarantees and Counter Guarantees online .
"In addition to the traditional, paper-based processing mode of trade finance services, this new service will provide Maybank customers with an alternative of an online banking environment leveraging on cutting edge technology. It also offers customers a new level of convenience as it allows for easy and secured connectivity from anywhere across the globe. In addition to that, it promises greater efficiency and productivity which are increasingly being sought after in today's competitive marketplace," said President and CEO of Maybank, Dato' Sri Abdul Wahid Omar at the launch held at Menara Maybank today .
This service comes with many in-built features such as validation, security controls and paperless processing which help to minimise errors, save time and provide customers with greater control over their trade financing activities. "This new service has been designed to empower customers with better management of their trade finance activities through the various reports, trade calendars and alert features that we have incorporated. As part of the Maybank2e.net platform, it will also enhance our Bank-customer relationship by enabling online interactive engagement between the two parties," said Dato' Sri Wahid.
"We are aiming to migrate at least 500 customers from our existing trade finance base to this new online environment by June 2011. There will be no subscription fee levied, and Maybank2e.net customers with Trade Finance facilities need only register to have immediate access," added Dato' Sri Wahid.
Dato' Sri Wahid said that the prospects for trade finance growth in Malaysia remain bright given the anticipated increase in domestic demand as the 10th Malaysia Plan initiatives start to kick off. "The switch will help boost our overall projected trade finance transaction value to over RM94 billion by the end of June 2011."
"The Minister of International Trade and Industry has reported that the May 2010 will be the 151st consecutive month since November 1997 that Malaysia has enjoyed trade surplus. Given the expected robust growth in trade, we have already planned to include additional online trade finance services such as electronic Banker's Acceptance and Banker's Guarantee as well as syariah compliant trade services by the end of fourth quarter 2010."
According to Dato' Sri Wahid, Maybank intends to expand this service to its regional offices so that customers can enjoy seamless trade finance solutions throughout the Group's network.
"We will continue to introduce other trade finance products, step up customer promotions and expand our overseas trade finance capabilities to support the anticipated growth in trade between Malaysia and its trading partners particularly in the ASEAN region. "This electronic trade finance service is one of these initiatives, which we expect will help our trade finance market share in this financial year to grow," said Dato' Sri Wahid .
Maybank has received numerous awards for its Maybank2e.net and trade finance services. These include the Finance Asia Country Awards for "Best Cash Management Bank and Best Trade Finance Bank"; Global Finance award for "Best Trade Finance Provider in Malaysia" and Trade Finance Magazine Awards for Excellence for "Best Local Trade Bank in Malaysia" and "Best Islamic Trade Bank in Asia (Maybank Islamic Berhad)."