Malayan Banking Bhd (Maybank), the first Malaysian bank to operate the business on a single standard system that spans multiple countries, announced they have entered into regional cash management (RCM) business through its Maybank2E web-based platform, to compete with the foreign banks including Standard Chartered and HSBC, who are dominating the business over the last 20 years.
Maybank has invested US$20 million (RM61.18 million) in building the RCM system and expected break even the investment within two years. According to Maybank, the cash management market in Asia is growing and estimated to be worth over US$162 billion (RM495.56 billion) by 2014.
The bank has enabled its RCM system for Malaysian and Singaporean, with an expectation of all ASEAN countries except Myanmar to be enabled by the middle of 2013. The system is being tested by 9 pioneer clients since 3 months ago and the bank expected they can grow by 25 per cent annually over the next three years.
Currently, Maybank is leading the cash management market in Malaysia with 25,000 corporate clients in the country, 3,500 in Indonesia and 3,000 in Singapore but run on separate system.
by Alice Lee