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Maybank has launched its recently revamped MAE app with new features and a physical card that comes in striking yellow. MAE was initially launched last year as an electronic wallet that comes with a virtual debit card. The new app promises to deliver next-generation experiences to customers with a refreshing new banking app.
According to Maybank Group Chairman and CEO Datuk Abdul Farid Alias, “Maybank2u’s MAE was developed to be more than a banking app; 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 you with your daily needs, such as paying bills and fund 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. “
The new MAE app has a new interface that comes with a customizable home screen. One of the most important features is its expense tracker that automatically groups your expenses by category across all of your accounts, including your checking and savings accounts as well as credit cards.
To help you save better, the MAE app has a “Tabung” feature that will help you achieve your savings goal. This is similar to the Goal Savings Plan that was introduced in the updated Maybank2U in 2018. Once established, MAE will deduct the amount of your savings automatically, either weekly or monthly. To help you reach your goals faster, there is also a booster feature.
With the spare change feature in Boosters, you can round up your expenses for each expense and the additional deduction will go to your “Tabung”. The mechanism is somewhat similar to that of Raiz, in which if you pay for a RM2.40 item, it will be rounded to RM3.00 and the additional RM0.60 will be saved. However, this “Tabung” feature is purely for savings and is not tied to investment.
Another interesting booster is Guilty Pleasure, which “penalizes” you into saving when you exceed your daily budget set for various categories. For example, you can set RM30 as the maximum daily spending on food and beverages and have it deduct RM10 for your “Tabung” when you exceed your daily limit of RM30. You can also save via QR transactions with the Scan and Save feature.
According to Maybank, it is the first bank in Malaysia to use e-KYC for new account registration. This means that you can open an MAE account in a completely digital experience and there is no need to visit a physical branch. However, minors under the age of 18 must obtain the consent of their parents.
The new MAE physical debit card has a vertical design and supports Visa Paywave contactless payment. Like BigPay, Maybank claims to offer competitive exchange rates that are great for overseas travel, and you can freeze the card at any time via the app. The card can be ordered from the app and will be shipped directly to your door.
According to Maybank, the all-new MAE will eventually replace the current M2U application and is giving users time to slowly migrate to the new application experience. Your existing M2U linked cards and accounts are still easily accessible via the “Maybank2U” tab at the bottom of the screen.
Maybank aims to get 3 million downloads for the app in the next 12 months. To give it a try, you can download MAE from Maybank2u on the Apple App Store and Google Play Store. You can get more information on the Maybank website.
