Maybank Private: Purveyor of Innovation in the ASEAN Region

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Maybank Private Purveyor of Innovation in the ASEAN Region
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Probably no one understands the ASEAN market better than Maybank. Being an ASEAN based bank with on-ground operations in all 10 ASEAN nations, it is well-positioned to connect clients to and from this region with the rest of the world. Maybank Private has strategically expanded its business footprint aggressively across ASEAN and beyond. With three onshore booking centres firmly established in Singapore, Malaysia and Hong Kong, it offers HNW clients across the region direct access to regional and global investment opportunities. A solid proposition that allows Maybank Private to punch above its weight.

Having been bestowed 8 major awards at the Global Private Banking Innovation Awards 2020 by The Digital Banker only proves that Maybank Private is destined for bigger things to come. The awards include:

  • Winner, Best Private Bank Overal ASEAN
  • Winner, Most Innovative Business Model
  • Winner, Outstanding Young Private Banker – Lawrence Hoo
  • Winner, Outstanding Young Private Banker – Kenny Liu
  • Winner, Outstanding Young Private Banker – Nick Goh
  • Winner, Best Private Bank for Islamic Services (Maybank Islamic)
  • Highly Acclaimed, Outstanding Technology Implementation – Back End
  • Highly Acclaimed, Best Private Bank for Client Experience

The Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker identifies the world’s best in class Private Banks, Family Offices and Wealth Managers. They are the elite performers when it comes to Fixed Income, Structured Investments, Family Office Services, Cash Management, Islamic Finance and more.

Among the highly reputable line up of judges who helped select this year’s award winners are respected subject-matter experts from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

Being an ASEAN based bank with on-ground operations in all 10 ASEAN nations, Maybank is well-positioned to connect clients to and from this region with the rest of the world.

“Maybank Private is supported by a strong team of Investment Consultants with a good mix of backgrounds, each with a slight skew in forte, while being competent in all asset classes. The team’s approach of adopting a regional perspective on on-boarding, servicing and referring of eligible clients paves the way for a total banking experience free from any conflict or ‘territorial’ mindset. As a result, its customer’s interest is always at heart,” said Nirav Patel, Managing Director at The Digital Banker, the organiser of the Global Private Banking Innovation Awards in a statement.

\"\"Commenting on the award, Mr. Alvin Lee, Maybank’s Head of Group Wealth Management and Community Financial Services Singapore, remarked: “As a bank with a full-fledged ASEAN presence, we deployed a strategy to leverage our universal banking model across our network to offer unique value propositions. These awards bear testament to the hard work put in by our resilient and tight-knit team over the years as we build our brand name in the wealth management franchise in Asia.”

Highlighting the importance of providing clients with immeasurable value, Dato’ John Chong, Maybank’s Group CEO of Community Financial Services further added that, “Maybank plans to ride on this momentum to scale the business, accelerate Total Financial Assets and Investment penetration by strengthening our product propositions and leveraging strategic synergies across business divisions to provide our clients with impactful investment solutions.”

Maybank Private’s Digital Roadmap

Maybank Private’s innovative business model relies heavily on its digital roadmap that aims to elevate customer experience to a higher level. Its Avaloq Wealth Management System is at the heart of this strategy. Avaloq is a fully integrated front-middle-back office system which allows automation and straight-through processing to boost its business performance. It equips Client Advisors with a 360-degree view of their clients’ banking relationship with Maybank, allowing a more holistic approach to client management.

Complementing this is the Maybank Wealth Mobile App which empowers customers to manage their finances by providing a consolidated view of their financing portfolio with the Bank. Equipped with secure biometric technology, it provides direct access to their Client Advisors any time, any day. As a result of these digital initiatives, average investment fees per quarter has increased to a whopping 378% from 2015 to 2019.

Maybank Private adopts an open architecture products platform which enables them to screen and source for products from the best providers globally for its clients. Its mantra of ensuring that the best performing products, best investment advisory and best execution services are provided to its clients all the time is keeping the team in good stead as it navigates the competitive market of the ASEAN region.

Maybank plans to ride on this momentum to scale the business, accelerate Total Financial Assets and Investment penetration by strengthening our product propositions.

Best ASEAN Private Bank

Leveraging on Maybank Group’s strength and presence in ASEAN and key financial centres, Maybank Private has strategically expanded its business footprint aggressively across ASEAN and beyond.

Maybank Private has a deep and extensive presence in Malaysia with Private Wealth Centres in four major cities, namely Kuala Lumpur, Penang, Kuching and Kota Kinabalu and access to over 350 Maybank’s branch network across the country.

Private Wealth London Desk is also a strategic gateway to European markets. The UK has seen a growing number of HNW investors from Southeast Asia. Being one of the most matured financial centres in the world, Private Wealth London Desk serves as a strategic gateway for Maybank Private to connect its clients closer to opportunities in the European markets. The onshore presence of its Private Wealth London office and relationship managers ensure all client’s needs are taken care of seamlessly. Cross-border offerings such as overseas mortgage loans for London properties is one of Maybank Private’s key value propositions.

Maybank’s ASEAN/ASIAN Network is vast:

  • Malaysia – 354 retail branches, 6 investment banking branches
  • Singapore – 18 retail branches, 2 investment banking branches
  • Indonesia – 374 retail branches, 11 investment banking branches
  • Philippines – 73 retail branches, 1 investment banking branch
  • Cambodia – 21 retail branches
  • Pakistan – 1,598 retail branches (via associate MCB Bank Ltd)
  • Vietnam – 165 retail branches (via associate An Binh Bank)
  • Thailand – 30 investment banking branches
  • Greater China – 5 retail branches, 1 investment banking branch
  • Brunei – 2 retail branches
  • Laos – 2 retail branches
  • Myanmar – 1 retail branch
  • Dubai – 1 Islamic branch

Over 60 years, Maybank Group has focused on building deep and solid relationships with its corporate and individual clients across all the ASEAN countries. This has provided Maybank Private the foundation to leverage on these relationships and entrench it further by providing additional value propositions. With this advantage, its number of clients has grown exponentially. Total Financial Assets (TFA) have also grown to US$ 14.2 billion, a CAGR of 30% over a five year period.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

 

 

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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