KUALA LUMPUR (April 29): Malayan Banking Bhd (Maybank) is capitalising on Censof Holdings Bhd's IT expertise to offer digital banking solutions to small medium enterprises (SME) in Singapore.
In a joint statement, Maybank and Censof said Maybank had signed a
memorandum of intent with Censof's subsidiary Asian Business Software Solutions (ABSS).
"This collaboration will see Maybank and ABSS work hand-in-hand to deliver innovative solutions that leverage on MYOB software and the existing Maybank2U Business Internet Banking online platform.
"Asian Business Software Solutions (ABSS) group, via their MYOB branded SME accounting software, is at the forefront of SME growth in the region and is a specialist in the digitisation and modernisation of SME processes," Maybank and Censof said.
Maybank Singapore chief executive officer Datuk Lim Hong Tat said in the statement that capitalising on "financial technology" was one of the methods to grow the bank's business.
“SMEs are at a turning point, they need to look to financial technology to transform and grow their business. As a partner to SMEs for more than 56 years, our goal is to provide our customers with solutions that address the needs of our customers, from payroll to payments, so that they can compete in a fast and cost-effective manner particularly as we face a challenging economy,” Lim said.
Censof managing director Ameer Shaik Mydin said a collaboration with Maybank would raise Censof's profile.
“This collaboration with such an esteemed organisation as Maybank is a testament to the effectiveness and capabilities of our solutions. This partnership will add to Censof’s growing list of partners and enable us to continue to be at the forefront of SME growth across the region," Ameer said.
At Bursa Malaysia today, Maybank shares fell four sen or 0.4% to RM8.86 for a market value of RM86.98 billion. The stock saw 387,900 shares transacted amid broader market losses.
At 10:07am, the FBM KLCI fell 10.97 points to 1,663.79.
CENSOF (5195) - Highlight: Maybank, Censof announces collaboration
http://www.theedgemarkets.com/my/article/maybank-censof-announces-collaboration
