Maybank Philippines is shaking up the banking landscape in the Philippines by launching the first online-only savings account available in the country. This is within its program called Maybank M.O.V.E. (Mobile optimized Virtual Experiences).
Through its product called iSave, the universal bank aims to enhance and simplify the usually tedious process of opening a bank deposit account—through the company’s new straight-through banking system that facilitates easier and more convenient online banking.
Maybank MOVE’s iSave allows banking customers to open a digital savings account via the Maybank2U PH App, which is now downloadable for free on the Apple Store (for iOS device users) and Google Play (for Android device users).
iSave makes it possible to open an online deposit account without going personally to any bank. The app is designed to facilitate submission of all forms and documentary requirements. Every iSave account owner can access his/her account online and enjoy interbank withdrawals through any bank’s ATM nationwide, for free (initially) and 24/7.
“For Maybank, MOVE is about enriching our offerings through digital banking which is in line with our commitment to leverage on cutting edge technology as well as our strategic objective of being the digital bank of choice in the region,” said Maybank Philippines President and CEO Choong Wai Hong.
“Our digital approach is centered on four key areas: enriching our customer offerings, investing in strategic capabilities, exploring broadly an understanding deeply the landscape, and building and participating in the digital ecosystem, which includes engaging with regulators, fintech companies, and global leaders to build truly differentiated offerings for our customers,” he added.
Maybank’s new straight through processing (STP) capabilities also allows customers to appl y for credit cards and even car loans via iSave—right at the comfort of your home or even if you are on the go. You can also make transactions beyond regular banking hours.
The Maybank MOVE offering is also in line with the Bangko Sentral ng Pilipinas’ (BSP) financial inclusion agenda—making banking more accessible to more Filipinos across the country.
Maybank Philippines is currently the most accessible foreign bank locally (its parent company is based in Malaysia). It has 74 locations across the Philippines and over 100 on-site and off-site ATMs.