PETALING JAYA: Malayan Banking Bhd (Maybank) and the National Bank of Cambodia (NBC) have jointly launched a real-time funds transfer service between Malaysia and Cambodia through the two banks’ e-wallets – Bakong and MAE app.
This service would allow Maybank customers to transfer funds directly to NBC’s customers using mobile numbers registered under their Bakong e-wallet. For the initial rollout, the service is limited to fund transfers from Malaysia to Cambodia, while transfers from Cambodia to Malaysia will be introduced at a later date.
Aside from the convenience the service affords, it also charges a minimal service fee. Maybank customers are able to transfer funds of up to US$2,500 (or RM10,000 equivalent) daily.
Maybank group president and CEO Datuk Abdul Farid Alias said leveraging its Asean connectivity and digital capability, it has transformed the inter-country funds transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market. The feature marks a milestone for the bank’s digital journey as it is the first overseas fund transfer feature on its MAE app.
Maybank Cambodia CEO Datuk Mohd Hanif Suadi opined the cross border fund transfer will address longstanding issues of high transfer fees and lengthy transaction time and would help ease the burdens of Cambodians in Malaysia.
Maybank will waive all the service fees for all transfers made until Dec 31, 2021. This service is available under the transfer feature on the MAE app.
