Maybank of Malaysia is collaborating with the UK’s Sage Software to offer ‘free’ digital banking for SMEs in Malaysia – a ‘first of its kind’ in Asean. The bank says SMEs in the region will be able to do instant online electronic payments via online and mobile banking channels from their accounting and payroll modules. The digital banking solution will use Sage’s ERP software and existing Maybank2u (M2u) Biz applications – the latter of which is the bank’s online banking services. The solution will also help drive greater usage of electronic payments in line with Bank Negara’s (Malaysia’s central bank) ‘Financial Sector’ blueprint. This blueprint was launched in 2011 with the goal of improving the Malaysian economy up to 2020. In terms of finance, it includes ‘strengthening regional and international financial integration’, the ‘internationalisation of Islamic finance’, and a better ‘regulatory and supervisory regime’.
