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Important Information

Impact of the local incorporation of Maybank’s Community Financial Services business in Singapore

With effect from 5 November 2018, Malayan Banking Berhad, Singapore Branch’s Community Financial Services business will be transferred to Maybank Singapore Limited, a subsidiary of Malayan Banking Berhad incorporated in Singapore.

The following Bank Description, SWIFT Bank Identifier Code (BIC) and Bank Code will be applicable for fund transfers & direct debit instructions to the respective Maybank bank entities.

For more information, please visit Maybank’s website on their local incorporation.

 Frequently Asked Questions

  1.  How does this impact me?
    1. Your existing Maybank payees/ beneficiaries maintained in Online Banking as of 2 November 2018: We will update their beneficiary bank details at our end to reflect the beneficiary bank information for the appropriate Maybank entity based on the details provided by Maybank to us.
    2. New Maybank payees/ beneficiaries added between 2 and 5 November 2018:Please update the beneficiary bank information to reflect the correct Maybank entity on or after 5 November 2018.If you are unsure which Maybank entity to choose, please confirm with your payee/ beneficiary.
  2. What are the transactions likely to be affected?
    1. All payments including standing instructions, future dated payments and inter-bank funds transfers via Fast and Secure Transfer (FAST/ IBFT), PayNow, inter-bank GIRO, MAS Electronic Payment System (MEPS – Local Bank Transfer – RTGS) and Telegraphic Transfers (TT) are likely to be affected.
    2. Following the transfer on 5 November 2018, the correct Maybank entity’s details will need to be selected to ensure successful completion of banking transactions. If you are unsure which Maybank entity to choose, please confirm with your payee/ beneficiary.:
  3. If I do not start using the updated beneficiary bank code/ details for my payments for Maybank payees/ beneficiaries, will you stop my payment
    1. No, we will not stop your payment. However, if you select an invalid beneficiary bank code/ detail, your transaction may be unsuccessful.
  4. Where can I find out more information?
    1. For more information, please visit Maybank’s website on their local incorporation.