Maybank Singapore defends consumer banking turf, eyes growth amid fintech disruption

[KUALA LUMPUR] Maybank is holding its ground as Singapore’s top foreign player, even as its global peers scale back in the traditional consumer banking sector. It plans to grow its income share from 18 per cent to 25 per cent within three years despite rising competition from fintech and digital banks, its Singapore chief said.

“We are looking to refurbish more branches to create a customer-centric and digital-friendly environment,” noted Alvin Lee, country chief executive of Maybank Singapore, in an interview with The Business Times.

“This approach ensures that we continue to offer a customer-first experience without scaling back our consumer banking operations,” said the 58-year-old veteran, who joined Maybank in 2013 and brings a wealth of experience from previous roles at JPMorgan Singapore, Barclays Bank in London and Citibank Singapore.