Maybank, Western Union launch cross-border, digital remittance service

KUALA LUMPUR: Malayan Banking Bhd (Maybank) yesterday launched a digital remittance service in Malaysia, in a collaboration with Western Union.
Affected through its Maybank2u (M2u) mobile banking app, Maybank customers can now 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, even on public holidays, allows customers to transfer up to RM10,000 in a day.
The digital remittance service is also available on the Maybank2u website.
Maybank Group head of community financial services Datuk Lim Hong Tat said this new service reflects its in commitment in providing consumers cross-border financial services.
“We have revolutionised the money transfer processes for Maybank customers when compared 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,” said 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.