Maybank Wins Best International Bank in Cambodia 2021 Award
Maybank Cambodia has been named Best International Bank in Cambodia by the Asiamoney Best Bank Awards for the second consecutive year, recognizing the bank’s role in embracing sustainability in its business and community initiatives, including efforts to accelerate the financial inclusion across borders.
“We are honored to be the recipient of this prestigious award despite the challenging global market conditions resulting from the pandemic since the start of 2020. This would not have been possible without the strong support and trust of our customers, communities and stakeholders,” Dato said. Mohd Hanif Suadi, CEO of Maybank Cambodia.
“This distinction demonstrates our commitment and ability to leverage our leadership position in the country to deliver value to our stakeholders through growth opportunities stemming from our recovery and sustainability agenda, focused on environment, social and governance (ESG).
He added that, guided by its mission to humanize financial services, Maybank continues to leverage digital innovation and transformation initiatives to achieve sustainable growth with a focus on responsible transition to a low-income economy. carbon emissions, community empowerment and example with good governance practices.
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Despite the pandemic, Maybank has continuously responded to the pressing needs of its customers, making it easier for them to carry out their daily banking transactions through the upgrade of ATMs and the deployment of Smart Recycler Machine (SRM), where they can withdraw and deposit money through a single platform. In addition, the bank has enhanced its Maybank2u (M2U) mobile application and online banking platform, as well as its Maybank2E (M2E) cash management solution to provide customers with a seamless experience when transacting online.
Since the introduction of Host-to-Host capabilities on M2E, enabling straight-through processing (STP) directly from the corporate client’s host to Maybank’s regional cash management system, coupled with the trends of working from home or mobile working arrangements resulting from the pandemic, Maybank saw a 31% year-on-year increase in M2E customers in 2021.
In Foreign Exchange (FX), Maybank provides local banks in Cambodia with real-time currency quotes as well as comprehensive regional solutions as well as front-to-end and after-sales services.
Last year, Maybank reached an important milestone when it was chosen as the first international bank in Cambodia to embark on a groundbreaking initiative with the National Bank of Cambodia (NBC) to launch the Maybank-Bakong cross-border funds transfer. It is a one-of-a-kind cross-border solution deployed in Cambodia and beyond via the innovative blockchain-based technology.
Cambodian citizens working or residing in Malaysia benefit greatly from this service as they are now able to transfer money to their Bakong e-wallets in Cambodia easily and affordably through Maybank Malaysia’s MAE app. This gives them greater financial independence as they are able to actively manage their own funds, including paying their family’s bills and transferring money to loved ones.
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Additionally, Maybank has been providing loan repayment assistance to its customers, particularly in heavily impacted sectors as defined by regulatory authorities. This includes its participation in the special co-financing program for SMEs under the Cambodia SME Bank as well as the recent collaboration with the Credit Guarantee Corporation of Cambodia (CGCC) on the co-financing of the loan guarantee program.
Dato’ Hanif further added, “In 2022, we will continue to remain committed to serving and growing with our customers and the community on the digital and sustainability frontlines.
“Among other things, we are looking to further expand our cross-border opportunities, further leverage our Bakong success, grow our retail and SME solutions, including adding credit card offerings to our product line.
In October last year, Maybank also emerged as the Best Retail Bank in Cambodia and was commended for Best CSR Initiative at the Annual Retail Banker Asia Trailblazer Awards.