Maybank, ASEAN’s fourth largest banking group by assets, today launched its Regional Cash Management System (RCMS) to tap into Asia’s fast growing cash management market, which is projected to be worth over USD$162* billion by 2014.
The RCMS, delivered through its state-of-the-art web-based Maybank2E platform, will enable the Bank to meet the increasingly regional transactional needs of global banking clients in all 10 ASEAN countries as well as in China and Hong Kong.
The new system was introduced at a media conference held in Singapore by the Maybank Deputy President and Head, Global Wholesale Banking (GWB), Abdul Farid Alias together with the Head, GWB Singapore, Lee Hong Khim and Managing Director, Group Transaction Banking, John Wong.
Speaking at the event, Farid said that the new RCMS was introduced after extensive studies into the needs of Maybank’s regional clients particularly in the transaction banking and trade finance segments.
He added that given the increasing intra-ASEAN trade and momentum of growth in Asia-Pacific, corporations and multinationals would benefit in having a cost-effective and efficient cash management system, real-time view of their liquidity positions as well as a complete spectrum of trade finance capabilities to better manage their businesses.
Farid said Maybank was a clear leader in Malaysia for Cash Management and Transaction Banking. “In Malaysia, we have market share of over 40% of transaction volume and 37% transaction value,” he said. “In Singapore and Indonesia, we are currently serving them on an individual market basis, but now we have the ability through this new system, to offer them comprehensive management of all their cash management and trade finance needs through one single platform for the region.”
He added that the redefined RCMS offers clients new capabilities, enhances efficiency and reduces operational risks and costs. Apart from cross-border accessibility, it includes many other enhanced features such as multilingual capabilities in six different languages namely English, Bahasa Malaysia, Bahasa Indonesia, simplified Chinese, traditional Chinese and Japanese as well as the ability to support all major currencies.
Meanwhile, Head, Maybank Singapore’s Head of Global Wholesale Banking, Maybank Singapore, Mr Lee Hong Khim said: “Led by Maybank as the foremost transaction Bank in Malaysia and a streamlined Regional cash Management model, Maybank Singapore is poised to play a leading role in the Republic for companies either moving into or from the key markets of Malaysia, Indonesia and the rest of the region where the Bank has an established footprint. Together with Maybank Singapore’s strong position as a provider of working capital in the local market, the Bank expects to see its cash management transaction volumes leap-frog at least two to three-fold over the next three years. This will position Maybank Singapore as one of the major players in an intensely competitive Cash Management market.
The system is able to track clients’ working capital positions with display of key ratios via automatic calculators to help them determine their financial positions. The RCMS comes with security features that meet the most stringent requirements of central banks in the region, including a two-factor authentication for login and transaction authorisation. Data transmission across the internet is fully encrypted.
The versatility of RCMS is also evident from its multi-channel capabilities which enable it to be used on different mobile platforms namely the iOS, Android, Blackberry OS and Windows apart from its native application on Apple’s App Store and Google Play.
Another special feature in the new RCMS platform is the access it provides via Maybank’s Trade Finance portal “TradeConnex” to a Trade Information Microsite. This microsite provides useful trade information such as country customs requirements, reports on customs duties, customs calculator, trade calendar, task lists and even trade events.
“This new facility will help Maybank move from mainly being a ‘brick and mortar branch’ bank to a robust wholesale, transaction bank for corporate clients,” Farid explained. “It will also assist us to acquire new customers who may be looking for a bank that can serve them seamlessly in the region through an efficient platform,” he explained.
Farid said that the RCMS, which was on par with global best systems, would strengthen Maybank’s position in the regional cash management market. “Our strong credit ratings will enable us to serve top multinationals and government-linked companies across the region including Greater China, making us well positioned in our aim to be among the leading banks in cash management in the region by 2015.”
He disclosed that the Bank would also focus on Japanese multinationals operating in the region by leveraging on its existing client base in individual markets as well as through Maybank’s correspondent banking partnerships.
* (risk adjusted revenue - according to study by McKinsey on Global Wholesale banking revenue for Deposits and Cash Management)