Maybank and Western Union announced the launch of the first digital remittance service in Malaysia via its Maybank2u (“M2u”) mobile banking App.
The mobile App service enables Maybank customers to transfer money to more than 500,000 Western Union Agent locations in over 200 countries and territories. The money transfer service which is available 24 hours a day, seven days a week including public holidays, allows customers to transfer up to RM10,000 in a day. Recipients are able to receive money quickly after it is wired by the sender.
The digital remittance service is also available on the Maybank2u website.
Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat said, “This new service reflects the same commitment we have as Western Union in providing consumers the best in cross-border financial services. Maybank customers are now able to enjoy fast, convenient and reliable cross-border remittance transfer services digitally around the world.”
“We have revolutionised the money transfer processes for Maybank customers when comparing with current practice where they need to visit a Western Union Agent location in order to transfer money. Now, all they need to do is log in to the M2u App and select the Western Union service, and they are good to go,” added Lim.
He added that the new service will reinforce Maybank’s online leadership and help the bank to grow its business of enabling transactions on digital platforms.
Maybank currently has the highest digitally engaged customer base, logging in and transacting far more than its peers. Maybank is the leading mobile banking provider in the country with 62% of all mobile banking transactions in the Malaysian market, which is performed via the Maybank2u App.
Bassem Awada, Western Union Vice President for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS, said, “This mobile banking app not only grows our relationship with Maybank, but also strengthens our position in Malaysia’s cross-border money transfer market. The combination of Maybank’s strong presence in digital banking and Western Union’s growing digital network, geographic reach and ability to exchange in 130 currencies enables us to move money quickly and reliably.”
