Singapore’s banking and financial sectors are among the world’s most mature and sophisticated markets in the world, and like no other banking institute operating in Cambodia, Maybank is firmly established in Singapore.
Singaporean national Cynthia Liaw, CEO of Maybank Cambodia, who has more than 20 years of working experience in Singapore’s banking sector, said in an interview last week that Maybank had been active in Singapore since 1960 and densely covered the city state with 21 branches, adding that the bank’s strong stand in the market was illustrated by the landmark Maybank Tower on Singapore’s skyline.
“We are the only bank operating in Cambodia that has the Qualifying Full Bank (QFB) status in Singapore with such a high coverage of 21 branches,” Liaw said.
Qualifying Full Banks have greater branching privileges compared to other foreign banks and may conduct the full range of banking businesses permitted under the Singapore Banking Act. Among other privileges, banks holding a QFB status are permitted to join the country’s Shared ATM network and issue debit cards to account holders. For the consumer, this means easy access to cash throughout Singapore without further charges or paying comfortably cashless.
However, according to Liaw, the biggest advantage of having a Maybank account was the speed, given that you could remit money out of Cambodia in rapid time. “We are the only bank in Cambodia that offers FREE 2-hour cash remittance, for transfers in the SGD currency, from Maybank Cambodia to any Maybank branch in Singapore,” she said, adding “you can enjoy this instant 2-hour speed when you send money to any Maybank branch in Singapore, Malaysia, Hong Kong and Vietnam, whilst for remittance to other banks, this can be done within the same day.”
All one needs to do to enjoy this service is to open a Maybank account in the corresponding country, which can be conveniently facilitated from a Maybank branch in Cambodia.
“As a foreigner in a different country it can be difficult to open a bank account but at Maybank Cambodia we can assist in the preparation of all the paper work and make it really easy for our customers to open a Maybank account in Singapore or other countries that Maybank operates in,” Liaw explained.
Other than the attractive remittance service, a Maybank bank account, especially in Singapore, can let Cambodians most conveniently participate in all the investment and asset diversification opportunities of Singapore’s stock markets.
“Our Cambodian customers with a Maybank Cambodia or Singapore Premier Wealth bank account can enjoy our premier wealth management and other services not yet available in Cambodia such as portfolio management,” Liaw said, noting that with the Maybank online banking app, customers could always check their offshore assets and portfolios on their smartphones.
So much new opportunity in a more complex foreign market such as Singapore may put off Cambodian customers; however, Liaw said customers needed not to worry at all.
The CEO said that Maybank Cambodia was planning to offer seminars on offshore portfolio management to local customers.
She added, “I can even personally advise Cambodian customers where to buy property in Singapore, which schools they can send their children to and which doctors are good – I have been in Singapore all my life and I am more than happy to share it.”
