Since its establishment in 1960 by Tan Sri Khoo Teck Puat, Malayan Banking Bhd (Maybank) has grown from a traditional banking institution to a digital leader in Malaysia and Southeast Asia.
This transformation journey shows how the combination of heritage, scale and technological innovation can change the way people interact with banking.
History & early achievements
Maybank marked another milestone in Malaysian banking history when it became the first bank to introduce ATM machines in 1981. This move laid the foundation for the adoption of automation technology in financial services and helped solidify Maybank’s position as a major player in the industry.
Transition to the digital era
In 2000, Maybank launched Maybank2u, the country’s first internet banking platform. The move marked the beginning of a consistent digital transformation from face-to-face transactions to digital services that can be accessed from any location. Maybank2u now has over 10 million active users, demonstrating the widespread acceptance of online banking.
MAE app revolution
To attract the younger generation and their digital lifestyle, Maybank introduced MAE as an app that is more than just a bank account. MAE offers money transfer, bill payment, online shopping, automatic savings and scan and pay features.
The app is increasingly becoming a part of consumers’ daily routines and has transformed the approach to banking from a mere utility to a lifestyle experience.
Data & achievements
The combination of Maybank2u and MAE has contributed around 60 to 70% of customers’ daily transactions, a clear testament to the importance of digital channels to Maybank’s operations. With over 15 million customers across Southeast Asia, Maybank continues to be recognized as one of the most valuable banks in the region.
Challenges & competition
Competition is intensifying not only from conventional banks but also from new digital banks including GXBank and Boost Bank as well as e-wallet ecosystems such as TnG eWallet and GrabPay. Attracting and retaining young customers who prioritize apps that are simple, fast and compatible with their digital lifestyle remains a key challenge.
Future vision
Maybank is investing in artificial intelligence (AI), Big Data and cybersecurity to enhance customer experience and protect its digital ecosystem. The goal is clear, to continue to innovate to make banking easier, faster and safer, in line with the nation’s aspiration towards a cashless society.
For customers, Maybank is now more than just a bank, but a digital financial partner that supports every aspect of daily life from shopping to investment management.
Conclusion
From introducing Malaysia’s first ATM to building a digital platform that serves millions of customers, Maybank has shown that a balance between tradition and innovation is key to staying relevant.
With a focus on technology and user experience, Maybank now has the potential to maintain its position as a digital finance leader in the region.
