2022 Winner – Maybank Cambodia Strategic use of value-adding digital tools get recognized – Retail Banker International Asia Trailblazer Awards

 

 

Maybank Cambodia Plc won the Best Retail Bank: Cambodia trophy at the virtual Retail Banker International (RBI) Asia-Pacific (APAC) Trailblazer Awards 2022 for its work so far on its five-year M25 strategic plan implementing three over-arching pillars spanning digital tools, such as the Maybank2u KH mobile app; new value drivers; and sustainability. The latter work, allied to Covid-19 relief and skills training programs, was Highly Commended in the Best CSR Initiative – Contribution to Local Community category at the annual awards.

The Maybank2u KH mobile app has bill payment and phone top-up capabilities, biometric login for security and local funds transfer, among many other personal banking functions. Customers can also access the central bank (NBC) developed Bakong cross-border funds transfer solution on Maybank’s over-arching MAE app that uses NBC blockchain-based technology to send real-time money via an electronic e-wallet between Malaysia, where many remittance workers live, and Cambodia. Recipients’ mobile phone numbers pre- registered on the NBC Bakong e-wallet can be easily and quickly reached by bank app users for a small service fee, without incurring agent expense.

These two new products meet two of the M25 strategic goals – namely, launching new digital tools and creating new value drivers. There are also new payment and collection services for corporate clients, such as enhanced foreign exchange (FX) and account payable (A/P) and receivable (A/R) tools.

The Credit Guarantee Corporation of Cambodia (CGCC) has also partnered with Maybank to offer co- financing underwriting options to small to medium-sized enterprises (SMEs), which has so far distributed 15 loans worth over KHR5.7 billion Riels (US$1.4 million). This is alongside a Business Recovery Guarantee Scheme (BRGS) collateral initiative unveiled during the Covid-19 outbreak. Both meet the sustainable ambition of the bank under its environmental, social and governance (ESG) agenda that aligns with its corporate social responsibility (CSR) work.

A separate partnership with SME Bank aims to get loans to small Cambodian businesses to encourage economic growth. More than 28 customers have used that scheme accessing in excess of KHR12.2bn (US$3m) in loans.

Commendation: CSR work
The wider financial relief program available to individuals and businesses on a case-by-case basis, after Covid-19 hit Cambodia hard, includes moratoriums on repayments and so forth. So far, 480 customers have accessed it, with KHR734bn (US$180m) set aside in stalled repayments.

The bank’s relief efforts helped it win a commendation in the Corporate Social Responsibility (CSR): Local Community category at the RBI APAC Awards 2022. The other deciding factors with the judges were:

  • Maybank Cambodia’s child sponsorship program: provides education opportunities to an intake of 50 underprivileged children per year offering them a food allocation and school support, such as weekly engagement sessions with Maybank employees who committed 2,300 hours last year to teaching them about their jobs and skills. A life plan for after high school is developed with each student who must then present it in an attempt to get them to stay in education and learn skills that will be useful to them and the country in future. The latest seventh phase in the long-running project means the intake has now reached 272 students who have completed the course.
  • Maybank Women Eco Weaver (MWEW) program: has been running since 2015 providing economic independence and financial inclusion for women weavers via sustainable silk textile In 2021, 106 women were trained in 2 locations earning US$180- 350 per month for themselves and their families. The program also supports 160 farmers growing 13,089 mulberry trees to make golden silk. It operated throughout the pandemic with appropriate ventilation, mask-wearing and social distancing policies.
  • Cashville Kids (CVK) Financial Literacy program: is designed to teach school kids the importance of money and how to save, spend, budget, and During the Covid-19 outbreak last year the long running face-to- face engagement element in the program shifted online, buttressed by social media outreach, that still managed to reach 9,000 students at 15 public and 15 private schools in Phnom Penh and four provinces. To date, CVK has reached 83 schools and 18,961 students. The accompanying Maybank financial education excellence awards (FINEX) recognize the best teachers, schools, and students.