Maybank forecasts foreign remittance segment to grow by 15%

Estimate was made after the lender joined forces with Axis to boost remittance from India.

Malayan Banking Bhd (Maybank) has tied-up with Axis Bhd, one of the largest private banks in India, to introduce remittance services to beneficiary accounts in that country.

"The new remittance service is an extension of the existing facilities offered by the Maybank Money Express (MME)," Maybank said in a statement Monday.

Its deputy president and head of community financial services, Lim Hong Tat said: "We expect this new service to strengthen Maybank's foreign remittance segment.

"The segment currently has a 36 per cent overall outward remittance value amongst banks and we have targeted it to grow 15 per cent by June 2012." Lim hoped to leverage further on Axis Bank's network and reach out to more customers beyond Malaysia's shore, especially in India.

"The new service facilitates one of the quickest and cost effective modes of remittance and is not only convenient, but also secure," he added.

View the full story in The Malaysian Star.