KUCHING: Maybank Banking Bhd (Maybank) is targeting to raise its market share in electronic dividend payments to 70 per cent from the current 30 per cent by 2013 with the introduction of its enhanced eDividend system.
The new system, which was launched yesterday by Maybank deputy president and head of Global Wholesale Banking (GWB) Abdul Farid Alias, is set to bring to the market a host of additional benefits to customers including greater cost savings, convenience, security and flexibility.
He said that launch of the enhanced eDividend service was another milestone for Maybank’s online cash management system, Maybank2e.net.
In addition, he said the bank was the first in Malaysia to partner with the Internal Revenue Board (IRB) to automate the taxation process of dividends, thereby eliminating the need for hardcopy tax vouchers.
He added that the value proposition Maybank was offering to registrars and corporate clients through this new service included greater cost savings, convenience, security and flexibility.
Maybank has long been a leader in electronic payments even before web-based solutions were introduced and now commands a client base of approximately 20,000 customers and a leading market share of 26 per cent in corporate deposits.
Its Maybank2e.net system processed over 80 million transactions valued at approximately RM800 billion last year, and has been growing at an average of 30 per cent annually.
Farid explained that given the magnitude of electronic payment business through Maybank2e.net, and the strategic importance of many clients using this service, the bank was well aware of it responsibility and role in ensuring that its system remains capable and robust to meet the growing payment needs.
“We are continuing to explore areas where we can use cutting edge technology to serve our clients better. In the next few months, we will be introducing even more capabilities to Maybank2e.net.
“We will also be leveraging on our regional network with the intention of cementing our leadership and boosting our offering in this segment,” he added.
Maybank eDividend is one of the modules within Maybank’s electronic cash management system or Maybank2e.net.
The other modules consist of Information Management, Payables Management Payroll Management, Receivables Management and Liquidity Management. Maybank2e.net was launched in 2003.