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KUALA LUMPUR (October 8): Malayan Banking Bhd (Maybank) today launched its new electronic wallet and mobile banking application MAE by Maybank2U.
Through a virtual launch today, the lender announced that the new app has features like expense tracking, savings based on individual and group goals, a Visa debit card, and dining recommendations.
The bank also highlighted that customers can access their accounts through the new application, which also allows bill payment and fund transfers.
Under the new platform, users can monitor their spending on their different accounts, cards, and QR transactions, which can be classified into different categories. Cash transactions can also be included in this tool.
Meanwhile, the new app also has a new individual and group goal-based savings feature called Tabung. It is the first bank in the country to offer clients savings jointly with friends and family towards a particular goal in mind.
To help with this tool, the bank has introduced several methods to help with such savings. You can round up expenses and transfer the balance to Tabung (Replacement Change), credit savings obtained during QR (Scan and Save) transactions, and allow one to set daily spending limit on any purchase category, with a certain amount to be credited to the Tabung in question if that limit is exceeded (guilty pleasure).
The lender has also introduced a new card, the Visa MAE debit card, which complements its MAE e-wallet. Customers can request the card through the app, after which it will be sent to their respective addresses.
The app’s food recommendation (Makan Mana wheel) suggests dining options while allowing customers to enjoy promotions from their partner merchants across the country.
“MAE by Maybank2u was developed to be more than a banking application; We want it to be an all-encompassing platform to help our clients manage their daily monetary affairs. Think of it as a pocket digital bank, but with a lot of cool features to help you take control of your money. The application contains the existing functions within Maybank2u to help with their daily needs, such as paying bills and funds transfers, but we have also introduced new tools to help clients keep track of their expenses and at the same time encourage them to save. ” said the president and CEO of the Maybank group. Officer (CEO) Datuk Abdul Farid Alias at the launch.
He noted that the bank expects three million downloads of the application in the next 12 months.
When asked during the question and answer (Q&A) portion of the launch about how much capital expenditure (capex) was involved in developing the new app, Maybank Community Financial Services CEO Datuk John Chong noted that the app it was developed internally.
“Frankly, this was all developed in-house, so any cost was more on in-house talent,” Chong said.
Farid added that the bank’s strategy is that any internal application or technology must be developed within the group and must be internally.
As it stands, Chong said the lender has roughly 1.8 million clients for its MAE e-wallet.
“We have seven million active clients at Maybank2U, so these are our clients who are comfortable in the digital space, so we hope to convert them to use this [new MAE app] at the end of the day, ”he said.
At 11:50 a.m., Maybank shares were up 0.42% or three sen to RM7.13, valued at about RM80.15 billion. He saw 1.71 million shares traded.
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