{"id":91566,"date":"2020-09-10T18:37:51","date_gmt":"2020-09-10T10:37:51","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=91566"},"modified":"2020-09-10T18:37:53","modified_gmt":"2020-09-10T10:37:53","slug":"maybank-at-60-a-successful-malaysian-story","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=91566","title":{"rendered":"Maybank at 60 &#8211; a successful Malaysian story"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1024\" height=\"614\" src=\"http:\/\/www.namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/Maybank-Tower-night-view-1-1024x614.jpg\" alt=\"\" class=\"wp-image-91568\" srcset=\"http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/Maybank-Tower-night-view-1-1024x614.jpg 1024w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/Maybank-Tower-night-view-1-300x180.jpg 300w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/Maybank-Tower-night-view-1-768x460.jpg 768w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/Maybank-Tower-night-view-1.jpg 1839w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h5>By M.Saraswathi<br><\/h5>\n\n\n\n<p>KUALA LUMPUR, Sept 10 (NNN-BERNAMA) &#8212;\u00a0When Maybank first opened its doors 60 years ago on\u00a0Sept 12, 1960\u00a0with its first iconic branch in Jalan H.S Lee,\u00a0the nation was at a crossroad.<\/p>\n\n\n\n<p>Malaysia, which was then known as Malaya, was a newly-independent country and the bank\u2019s founding fathers, led by the late Tan Sri Khoo Teck Puat, had one main mission &#8212;&nbsp;to help finance its economic growth and make banking&nbsp;more accessible to its people.<\/p>\n\n\n\n<p>No one knew whether the bank would survive in an environment long dominated by foreign banks, or if it would flounder amidst competition from the \u201cgiants\u201d.<\/p>\n\n\n\n<p>As it marks its 60th anniversary on Saturday, Maybank Group&nbsp;President and Chief Executive Officer Datuk Abdul Farid Alias looks back with gratitude to&nbsp;all those who were instrumental in making the bank&nbsp;one of Malaysia\u2019s success stories.<\/p>\n\n\n\n<ul class=\"wp-block-gallery columns-3 is-cropped\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" width=\"1024\" height=\"867\" src=\"http:\/\/www.namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-farid-1024x867.jpg\" alt=\"\" data-id=\"91569\" data-link=\"http:\/\/www.namnewsnetwork.org\/?attachment_id=91569\" class=\"wp-image-91569\" srcset=\"http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-farid-1024x867.jpg 1024w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-farid-300x254.jpg 300w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-farid-768x650.jpg 768w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-farid.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><br><br> Datuk Abdul Farid Alias <\/figcaption><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" width=\"468\" height=\"335\" src=\"http:\/\/www.namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-2.jpg\" alt=\"\" data-id=\"91570\" data-link=\"http:\/\/www.namnewsnetwork.org\/?attachment_id=91570\" class=\"wp-image-91570\" srcset=\"http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-2.jpg 468w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-2-300x215.jpg 300w\" sizes=\"(max-width: 468px) 100vw, 468px\" \/><figcaption>Malayan Banking in its early days.<\/figcaption><\/figure><\/li><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" width=\"868\" height=\"1024\" src=\"http:\/\/www.namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-3-868x1024.jpg\" alt=\"\" data-id=\"91571\" data-link=\"http:\/\/www.namnewsnetwork.org\/?attachment_id=91571\" class=\"wp-image-91571\" srcset=\"http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-3-868x1024.jpg 868w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-3-254x300.jpg 254w, http:\/\/namnewsnetwork.org\/wp-content\/uploads\/2020\/09\/maybank-3-768x906.jpg 768w\" sizes=\"(max-width: 868px) 100vw, 868px\" \/><figcaption>Maybank&#8217;s first office<\/figcaption><\/figure><\/li><\/ul>\n\n\n\n<p>\u201cWe have many&nbsp;to be thankful to &#8212;&nbsp;our leaders and employees who built the bank, our loyal customers, the regulators, business partners, investors, and the wider community,\u201d he acknowledged.<\/p>\n\n\n\n<p>It is their collective support that has made Maybank&nbsp;the country\u2019s largest listed entity and Southeast Asia\u2019s fourth-largest bank with over 2,600 retail branches globally, he told Bernama.<\/p>\n\n\n\n<p>Maybank operates in&nbsp;home markets of Malaysia, Singapore and Indonesia.<\/p>\n\n\n\n<p>The&nbsp;Group also has presence in the Philippines, Brunei, Vietnam, Cambodia, Hong Kong, &nbsp;China, Thailand, India, Uzbekistan, United Arab Emirates, Laos, Myanmar, Pakistan, the United Kingdom, and the United States.<\/p>\n\n\n\n<p><strong>Values<\/strong><\/p>\n\n\n\n<p>\u201cI believe our founding values from the purpose of the bank itself &#8211;&nbsp;humanising financial services to building trust &#8211;&nbsp;will continue to drive&nbsp;Maybank\u2019s success in the future if we remain true to them.<\/p>\n\n\n\n<p>\u201cFrom the outset, our founding fathers were committed to bringing banking services to the masses. They were concerned that ordinary people should have access to financing and be able to progress economically and socially,\u201d said Farid.<\/p>\n\n\n\n<p>This was closely linked to the bank\u2019s aspiration to support nation and community-building, as it realised that the young fledgling Malaya needed to survive as an independent country and build a better life for its people.<\/p>\n\n\n\n<p>\u201cWe have never run away from these principles &#8212;&nbsp;whether in Malaysia or in all other&nbsp;countries where we operate today &#8212;&nbsp;our purpose is the same and many governments recognised this.<\/p>\n\n\n\n<p>\u201cIn fact, it has grown more all-encompassing and transformed into our overarching mission &#8212; which is \u2018humanising financial services\u2019.<\/p>\n\n\n\n<p>\u201cThis mission is the acid test which we apply to everything we do &#8212; acting with integrity,&nbsp;making a business decision, how we serve our customers, treat our employees,&nbsp;build our communities, relate to business partners, regulators and investors, and everything else,\u201d he explained.<\/p>\n\n\n\n<p>Establishing an unbreakable bond of trust with stakeholders is another area that Maybank values.<\/p>\n\n\n\n<p>\u201cThis has been another key pillar on which Maybank was built. Trust is fundamental to a banking relationship and we are indeed honoured to have earned the trust of millions of customers, our employees, and all other stakeholders, which has given us the&nbsp;competitive edge.<\/p>\n\n\n\n<p>\u201cTrust, like reputation, is difficult to build and so easy to break,\u201d he stressed.<\/p>\n\n\n\n<p>\u201cAs a financial institution, we are cognisant of this and have worked hard to continuously strengthen these bonds with our stakeholders.\u201d<\/p>\n\n\n\n<p>Farid recounted incidents during the financial crises where this trust was clearly visible.<\/p>\n\n\n\n<p>\u201cWe know that during such instances when there was a flight to quality, it was Maybank that was among topmost in the minds of the public &#8212;&nbsp;demonstrating their trust in our ability to withstand even the most difficult of times,\u201d he revealed.<\/p>\n\n\n\n<p>Intertwined with trust, another traditional value of Maybank is prudence.<\/p>\n\n\n\n<p>Farid said&nbsp;that as guardians of the public\u2019s money and a key component of the financial system\u2019s stability &#8212;&nbsp;not just in Malaysia but in many markets regionally &#8212;&nbsp;Maybank recognises that it must remain the bedrock of the system.<\/p>\n\n\n\n<p>\u201cBeing prudent does not mean remaining idle or backward &#8212;&nbsp;the guiding principle drummed into every Maybanker is that we must grow responsibly and ensure we continuously create value for all our stakeholders &#8212;&nbsp;not destroy it,\u201d he expounded.<\/p>\n\n\n\n<p>\u201cThis conservative stance has served us well over the years and ensured we stood the test of time.\u201d<\/p>\n\n\n\n<p>A good indication of this is seen in how Maybank has grown steadily since its inception.<\/p>\n\n\n\n<p>In its first annual report in June 1961, after nine months of operations, Maybank made $53,509 in net profit and had assets worth $102 million.<\/p>\n\n\n\n<p>Thanks to the prudent stance over the&nbsp;years, the Group has built a solid foundation, recording a net profit of RM8.2 billion in 2019, with assets exceeding RM834 billion.<\/p>\n\n\n\n<p>It is this innate commitment to being prudent that has also made Maybank resilient enough to withstand the impact of black swan events.<\/p>\n\n\n\n<p>\u201cWhether it is risk management, building our talent pipeline or our capital levels to one of the best in the region today, these are always done in the belief that we must lay a foundation strong enough to withstand unexpected shocks.\u201d<\/p>\n\n\n\n<p><strong>Finding the Right Balance<\/strong><\/p>\n\n\n\n<p>Farid said&nbsp;Maybank is continuously working hard in finding the right balance to assist its clients and the relevant economies on their journeys to sustainable operations, given the delicate balance between sustainable and inclusive economic development.<\/p>\n\n\n\n<p>\u201cWe want to do the right thing, guided by our mission and ensure that we build a sustainable future for all.\u201d<\/p>\n\n\n\n<p>He acknowledges that while Maybank has generally enjoyed steady success over the years, it has not been without its fair share of challenges.<\/p>\n\n\n\n<p>Among others, there was a&nbsp;run on the bank in 1966, the global and Asian financial crises, and now the COVID-19 pandemic which were difficult periods for the Group. \u201cYes, these were challenging moments, but most importantly, the question to ask is whether we have learnt anything from it &#8212;&nbsp;and I believe we have,\u201d he said.<\/p>\n\n\n\n<p><strong>Innovation Key to Success<\/strong><\/p>\n\n\n\n<p>Maybank has never been one to shy away from innovation. \u201cOur history is replete with milestones of numerous firsts &#8212;&nbsp;whether it was phone and internet banking, forays into overseas markets, to banking via mobile bus in the 1970s and now by mobile phone,\u201d he shared.<\/p>\n\n\n\n<p>\u201cAt the same time, we have introduced industry-leading human resource practices and community&nbsp;empowerment programmes such as our Women Eco-Weavers and Reach Independence&nbsp;Sustainable&nbsp;Entrepreneurship training for the disabled and marginalised which are recognised regionally.\u201d<\/p>\n\n\n\n<p>Farid believes that innovation will be key to Maybank\u2019s success in a future where digital reigns supreme, and says the Group continues to invest strategically to ensure it is well prepared. \u201cWe do not spend indiscriminately but enforce stringent parameters to realise value from every one of our&nbsp;investments.\u201d<\/p>\n\n\n\n<p>\u201cWe are especially focused on using data and technology to help us not just in decision making but also in responding to client needs in our fast-changing world.<\/p>\n\n\n\n<p>\u201cOur application development teams in Malaysia and Bangalore already&nbsp;produced a number of proprietary solutions that we use within our operations, including our web and mobile banking platforms, and we will be launching more within the next few months as part of our 60th-anniversary celebrations.\u201d<\/p>\n\n\n\n<p><strong>The Future<\/strong><\/p>\n\n\n\n<p>But even as he looks back with gratitude, Farid said&nbsp;Maybank is actively planning for a future totally different from the past.<\/p>\n\n\n\n<p>\u201cWe are living on the cusp of a radically different world, especially with this pandemic. It is ironic that at this milestone in our history, we are challenged anew like when we first started &#8212;&nbsp;can we remain resilient in a world where everything is totally disrupted?\u201d<\/p>\n\n\n\n<p>\u201cWe often say \u2018time will tell\u2019, but now we have to think differently.<\/p>\n\n\n\n<p>\u201cThere is a saying &#8212;&nbsp;tomorrow is now, it is today that we must create the world of the future. So we are not going to wait for it to unfold &#8212;&nbsp;rather, we are working hard to create the future for our&nbsp;following generations,\u201d he said.<\/p>\n\n\n\n<p>It is on this premise that Farid remains confident no matter what, Maybank will be resilient and continue to grow in the years to come.<\/p>\n\n\n\n<p>\u201cWe have diversified operations regionally, 43,000 talented people, a solid financial base, and the confidence of stakeholders which we will always work to maintain,\u201d he said.<\/p>\n\n\n\n<p>&#8211;NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By M.Saraswathi KUALA LUMPUR, Sept 10 (NNN-BERNAMA) &#8212;\u00a0When Maybank first opened its doors 60 years ago on\u00a0Sept 12, 1960\u00a0with its first iconic branch in Jalan H.S Lee,\u00a0the nation was at a crossroad. Malaysia, which was then known as Malaya, was a newly-independent country and the bank\u2019s founding fathers, led by the late Tan Sri Khoo [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":91568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/91566"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91566"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/91566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/91568"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91566"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}