Maybank aims to diversify income streams

AS dark clouds continue to loom over the global economy, Maybank Singapore aims to double its non-lending income contribution from its retail small and medium-sized enterprise (RSME) segment in the next three years, in an effort to diversify its income streams.

The Malaysian-headquartered bank has already seen results from this new focus, with the RSME segment recording over 100 per cent new business growth in areas like treasury services and trade finance, said Marc Leong, head of SME banking, Maybank Singapore.

"We are trying to move more into fee-based income as we realised there's always asset risk," he noted. "And SMEs need these services, so why not offer it to them instead of having competitors do it?"