Maybank taps cyberspace

Maybank taps cyberspace

KUALA LUMPUR (Reuters): Malaysia's biggest bank Malayan Banking Bhd (Maybank) on Friday launched the country's first Internet banking service that it hopes will draw 200,000 depositors in the first year.

The bank's www.maybank2u.com site enables customers to do their banking through the Internet from anywhere in the world, bank officials said.

State-controlled Maybank is the first local bank to start Internet banking under a central bank ruling which takes effect this month. Foreign banks will have to wait 18 more months.

Maybank chairman Mohamed Basir Ahmad said at the launch that the service would enable the bank to carry its brand name beyond Malaysia.

"This global visibility will strengthen our presence overseas enabling our branches there to target new customers," he said.

Maybank's move into Internet banking comes as it prepares to merge with Phileo Allied Bhd, which owns cyber-savvy PhileoAllied Bank, and another bank.