June 30, 2006 18:58 PM
Maybank Launches Fast Worldwide Money Transfer Service
KUALA LUMPUR, June 30 (Bernama) -- Malayan Banking Bhd (Maybank) Friday announced its strategic alliance with MoneyGram International Ltd, a New York Stock Exchange-listed company, to offer worldwide money transfer.
Maybank's senior executive vice president and head of retail financial services, Datuk Johar Che Mat, said the collaboration with MoneyGram was in line with the bank's aspiration to increase its non-interest income to a third of total revenue.
"The MoneyGram service complements Maybank's SWIFT remittance services, including the recently launched Maybank2u.com Foreign TT service, the first Internet banking portal offering online overseas remittance to more than 50 countries worldwide," Johar said.
He said Maybank had handled about RM190 billion of total remittance payments last year and the figure was set to increase further this year.
The MoneyGram service caters to individuals, overseas workers and businesses that require fast and reliable money transfer to anyone overseas, particularly those who need cash in an emergency and those who do not have a bank account.
MoneyGram's chief executive officer John Hempsey said Maybank was the second local financial institution after Affin Bank to establish collaboration in money transfer services with the company's global network of over 92,000 agents located in over 170 countries.
Johar said funds could be transferred person-to-person around the world in as little as 10 minutes, subject to the agent's hours of operations and local regulations.
"The sender or receiver need not require a bank account or credit card as cash is only used for transaction. The application procedure requires only some form of identification to send and receive money," he said.