ASEAN KEY DESTINATIONS
Maybank eyeing to be Brunei’s leading bank for financing services
MALAYSIA’S Maybank plans to increase presence after bagging the ‘fastest growing foreign bank’ award in Brunei for 2015, awarded by international monthly financial magazine, Global Finance.
The bank’s general manager for Brunei operations, Lim Yu Kwang, sat with business reporter Fitri Shahminan , to discuss the bank’s future direction.
In terms of market position, where does the bank see itself in Brunei?
Lim: In the coming years, I would like Maybank to be one of the preferred banks for customers in Brunei.
Currently we are moving towards that but what I want in the next few years is that when people are seeking financing, they will consider Maybank first. This is what I want to see in the coming years.
I would say we are moving in the right trend and definitely in the coming years, Maybank will be one of the top banks in Brunei.
In terms of supporting this ambition, are there any initiatives that may be needed in the future to help achieve this?
In everything we do, we have to look at the end-to-end process. What I mean is, when you talk about products or services, we will be revisiting our current processes to see how we can sort of streamline them further to eliminate inefficiencies so we can achieve faster turnaround in terms of financing applications, among others.
In terms of services, we want to find ways on how to actually provide better services to our customers. Moving forward, we are also considering digitisation of our services.
Currently we are working towards having more ATMs in the country for the convenience of our customers.
How has the recent introduction of financial or monetary regulations supported your business model and operations?
The recent move from the government, for instance the new Total Debt Service Ratio requirement is more applicable on customers applying for financing facilities and I think it has had a good impact on the overall banking industry.
Having the TDSR in place means we would be able to get quality customers. We can then look at our strategies and target segments.
Because the Brunei market is too big for Maybank. We are growing and we want to be growing selectively to see which customer segment we can specialise in.
One of the objectives of the introduction of the TDSR is to promote responsible banking in Brunei, what is Maybank doing to support this?
We are very supportive of the move and in fact, being a member of the Brunei Association of Banks, we are working closely with the regulator on a number of projects aimed at increasing financial literacy and good banking practices in Brunei.
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