Malaysia's Maybank to launch online trade finance service
23 November 2007 | 5081 views | 0
Maybank will introduce online trade finance services via Maybank2e.net to provide greater convenience as well as increase productivity and efficiency to businesses for their trade financing needs.
The online service will enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime. The service also caters to both conventional and Islamic trade financing needs.
A signing ceremony was held today at Menara Maybank to appoint the vendor for the implementation of the online trade finance service which is expected to be rolled out in April 2008.
HCL (Malaysia) Sdn Bhd, as systems integrator will implement the online front-end trade finance solution developed by Misys, used by some of the world's leading global financial institutions.
"When implemented within the next six months, the online trade finance service will offer customers immense benefits in managing their trade financing needs in a borderless and 24 by 7 time environment. It is a convenient channel for customers to communicate directly with the bank from their office or home desktop environment," said Datuk Johar Che Mat, Chief Operating Officer of Maybank in his welcome address at the signing ceremony.
Encik Rozdin Masari, Senior Executive Vice President and Head of Business Banking and Oon Wee Jong, Executive Vice President and Head Information Systems signed on behalf of Maybank. Premkumar S, Corporate Officer and Global Head, Financial Services and Tom Thomas, Head, Financial Services, Asia Pacific represented HCL Technologies Ltd.
Datuk Johar said that the online service replaces the present manual process for application to utilise their trade financing facilities. "The service will be integrated with our back-end trade finance processing that will improve turnaround time in utilizing their trade finance facilities. The new service will also enable them to track and monitor the status of their application, use the trade documents preparation service and other related trade services. There are also 160 reports they can generate online, giving them better management of their trade financing facilities."
"The introduction of this service is Maybank's ongoing commitment to leverage on technology and the best of the breed solutions to offer greater value proposition to business customers using Maybank2e.net. The online trade finance service will form the Trade Finance Module of Maybank2e.net in addition to the current comprehensive Cash management module. We will soon be providing the treasury component in the near future. Once these three online Modules are integrated, this will give businesses even grater autonomy, authority and management of their business financial needs," added Datuk Johar.
"We have more than 17,000 customers utilizing our trade finance facilities. To date about 3,000 business customers are registered with Maybank2e.net. We Target 10% of customers in the first year of rollout and an increase of 30% on subsequent years to sign on this online trade finance service. The service will complement our present 39 business centres and 17 Trade Finance centres nationwide," said Rozidin in explaining the new service.
Maybank commands about 28% of the overall trade finance market share in Malaysia. Trade finance income contribution expanded 40% in the last financial year ending June 2007 over the previous corresponding year. "With the introduction of the online trade finance service, we expect greater utilization of trade finance facilities and generate further growth in our trade finance business. We aim to grow our trade finance market share to 30% in the current financial year," added Rozidin.
Premkumar S, corporate Officer and Global Head, Financial Services says, "HCL has a strong global position as a provider of strategic IT services to the Financial Services Industry. We, together with Misys, with whom we partner worldwide, are bringing Maybank a world-class trade finance solution coupled with strong delivery capability and localized support in Malaysia. We are confident that this will help Maybank's Trade Finance Business and strengthen its position in Malaysia and in the South East Asia region."