From left: Maybank Bhd strategic programme director Joanne Lee, Maybank group chief executive officer of community financial services Syed Ahmad Taufik Albar, Maybank head of community financial services Malaysia Datuk Hamirullah Boorhan, Maybank group chief digital officer Kalyani Nair
KUALA LUMPUR: Malayan Banking Bhd
(Maybank) expects at least 20,000 customers to sign up for its new goal-based product which aims to encourage a long-term investment strategy.
It added that many Malaysians lack financial planning and tend to spend unsustainably.
More than a third of Malaysians (36%) have financial debt issues due to poor financial planning and a third of working adults in the country need to borrow money to buy essential goods, the bank said in a statement.
Also, many Malaysians have less than RM10,000 in their Employees Provident Fund accounts and some of them have less than three months worth of emergency savings, it noted.
In the 2019 to 2023 surveys by the Securities Commission, it was highlighted that people struggled to find reliable financial guidance with 80% of them being unsure whether all financial services providers online are regulated.
“It is also increasingly important to be financial literate in this era of digitisation as information found online can be overwhelming and even inaccurate at times,” it added.
The Goal-Based Investment product allows customers to start their financial wealth journey easily and conveniently.
It is a unit trust fund that lets customers select their preferred investment funds to suit their financial objectives.
They range from a comprehensive suite of offerings managed by professional fund managers, it said.
The newly added product is a beginner-friendly digital retail investment tool that allows customers to start their financial wealth journey easily and conveniently, it said.
With a minimum of RM200, customers can invest in funds with low sales charges and no lock-in period, said Maybank strategic programme director Joanne Lee at the launch of the product here yesterday.
“It is a structured and guided process that helps customers invest and track their financial goals,” she added.
Lee added that it would guide customers in formulating their financial portfolios.
“Customers can embark on their investment journey easily by simply picking their personal financial goals aligned with their life aspirations such as retirement, children’s education planning or growing their wealth.”
According to the S&P Global Finlit Survey 2022 and the 2019 to 2023 surveys by the SC, some Malaysians may lack financial knowledge or are struggling with long-term financial planning.
Meanwhile, as part of Maybank’s pursuit of strengthening its business presence and position in the region, it has made the Goal-Based Investment product available in Singapore.
“We have made it available to Maybank Singapore customers via the Maybank2u SG (Lite) App and Maybank2u Web,” said Syed Ahmad Taufik Albar, Maybank group chief executive officer of community financial services.
“Maybank Goal-Based Investment helps to remove barriers by making investing accessible and affordable for everyone, requiring only a low investment amount and providing a guided experience through digital banking platforms,” he said.
“Maybank is driven by its mission of humanising financial services, aligned with our M25+ strategy to prioritise customer-centricity through digitalisation and technology modernisation in our product offerings,” he added.
The initiative also addresses the bank’s broader commitment to foster financial literacy and inclusivity across the communities it serves.
Both conventional and syariah-compliant funds are available for the Goal-Based Investment, while sales charge is set at a maximum of 1.5%.
From now until June 25, 2024, customers are entitled to a 0% sales charge on their initial investment.
