Maybank Singapore brings home Asian Experience Awards 2024 for cross-border banking solution

Maybank Beyond Borders has paved the way for future geographical expansions and continued innovations.

Maybank Singapore, a leading Bank with over 60 years of history in Singapore, took home the coveted Asian Experience Awards 2024 with the title of the Singapore Product Experience of the Year - Financial Services for its cross-border banking solution - Maybank Beyond Borders, which offers a seamless and integrated banking experience akin to local transactions.

With the increasing movement across the Causeway, this cross-border banking solution seeks to revolutionise cross-border transactions by leveraging the strong economic ties, as well as the cultural and historical affiliations between Singapore and Malaysia, by addressing the complexities and inefficiencies traditionally associated with international banking.

Simplifying cross-border banking processes from account opening to daily transactions, as well as streamlining backend operations to reduce processing times and improve service reliability, are just a few of the Maybank Beyond Borders initiatives, which will lay the groundwork for expanding similar initiatives to other regional corridors.

Since the roll-out of Maybank Beyond Borders, Maybank has set new milestones – a 96% increase in the number of Malaysian customers opening a Singapore dollar account remotely from Malaysia, a 41% growth in transaction volumes for real-time cross-border remittances and transfers, and an overwhelming 690% user adoption of the M2U app. 

At the same time, Maybank Beyond Borders has also contributed to the Bank’s revenue growth through increased transaction volumes and an expanded customer base across borders. It has also resulted in greater efficiency and higher cost savings from the improved backend processes and reduced processing times, which enables the Bank to offer a permanent fee waiver for instant funds transfers to Maybank Malaysia and a low fee of SG$2 to other banks in Malaysia. 

Maybank’s Regional View feature, which is an innovative solution that enables customers to have a holistic view of their cross-border holdings or finances on Maybank digital banking platforms, further positioned Maybank as a leader in cross-border banking and set a new industry benchmark that has led to greater innovations in the sector. These attest to the success of Maybank Beyond Borders and further establish Maybank as the preferred provider of cross-border financial solutions in the Malaysia-Singapore corridor.

Maybank will continue to introduce new features and enhancements based on customers’ feedback, harness technological advancements, and enhance customer experience through personalised and responsive financial services.

"This prestigious award is a testament to Maybank’s role as a trailblazer in the Malaysia-Singapore corridor, facilitating easier banking and transforming the cross-border banking landscape. We are proud to be the Bank that delivers seamless financial solutions to meet our customers' cross-border needs.

By leveraging the capabilities across the Maybank Group, we regionalise our business solutions and aim to fully digitise our cross-border initiatives, supporting the Bank’s strategic thrust of customer centricity. We will continue to lead and innovate in cross-border banking, setting new industry standards." said Mr Adam Tan, Maybank Singapore Head of Community Financial Services.

Asian Experience Awards 2024 recognises the ingenious initiatives of creative companies delivering meaningful brand experiences to their stakeholders

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at [email protected].