Maybank created another milestone today when it became the first local bank to sign-up with four banks from Myanmar simultaneously to introduce Maybank Money Express (MME) service to the country. This new MME service opens a new channel for workers from Myanmar in Malaysia to remit funds back home.
The signing ceremony was between Maybank and Asia Green Development Bank (AGD Bank), Co-operative Bank Limited (CB Bank), Ayeryarwady Bank Limited and Kanbawza Bank Limited. The new service will see remittance transactions from Malaysia into Myanmar via an electronic platform through Maybank branches and forex booths, to the respective banks in Myanmar.
From Left to Right - Encik Abdul Farid Alias, Deputy President & Head, Global Wholesale Banking, Maybank, U Than Zaw, Managing Director of Ayeryarwady Bank Limited, Aung Kyaw Myo, Deputy Managing Director of Kanbawza Bank Limited, Dato’ Sri Abdul Wahid Omar, President and CEO of Maybank, His Excellency U Tin Latt, Ambassador of the Republic of the Union of Myanmar, U Zaw Mynn, Vice Chairman Asia Green Development Bank (AGD Bank) Limited and U Pe Myint, Managing Director, International Banking, Co-Operative Bank Limited.
The signing ceremony was witnessed by His Excellency U Tin Latt, Ambassador of the Republic of the Union of Myanmar. The signatories included the President and CEO of Maybank, Dato’ Sri Abdul Wahid Omar alongside with the representatives from each of the banks, namely the Vice Chairman Asia Green Development Bank (AGD Bank) Limited, U Zaw Mynn; Managing Director, International Banking, Co-Operative Bank Limited, U Pe Myint; Managing Director of Ayeryarwady Bank Limited, U Than Zaw and Deputy Managing Director of Kanbawza Bank Limited, Aung Kyaw Myo.
Speaking at the event, Dato’ Sri Abdul Wahid Omar said, “Today’s signing between Maybank and our four partners from Myanmar is a landmark event. It is the first time that a bank in Malaysia is entering into a partnership to offer remittance services to people wishing to transfer funds to Myanmar. This agreement opens up a new and convenient channel for instant fund transfers between Malaysia and Myanmar.”
“We are anticipating that the new service to Myanmar will see some RM38 million in transfers this year, and help fuel the 20 % growth in total remittance value that we are targeting for 2012. Equally important, it will bring us another step forward in strengthening our regional electronic remittance platform. Our goal is to eventually offer Money Express across our regional network, in line with our mission to humanise financial services across Asia.”
Maybank is currently leader in the foreign worker remittance segment with 32% market share in Malaysia.
MME is available at all Maybank branches in Malaysia, as well as at strategic Maybank overseas offices and appointed MME agents. There are about 6,145 collection touch points which include Bank Internasional Indonesia (BII), Bank Muamalat Indonesia, Bank Rakyat Indonesia Syariah, Maybank Cambodia, Maybank Philippines Inc. (MPI), Maybank Singapore, Maybank Brunei, Maybank Vietnam, DongA Money Transfer (DAMTC), Sacombank-SBR, Agribank, Vietinbank in Vietnam, Muslim Commercial Bank (MCB) and Tameer Microfinance Bank in Pakistan, Axis Bank in India and Nepal Investment Bank Limited.