Maybank looks to a more connected Asean for its next phase of Singapore growth

FOR a growing number of businesses and families in Asean, financial lives no longer fit neatly within national borders.

A company may be based in Singapore but source, sell and invest across several markets. An individual may work here, own property in Malaysia, invest globally and support family elsewhere in the region.

Maybank sees this increasingly connected Asean as a major source of its next phase of growth.

“The next wave of growth will come from people whose lives, businesses and ambitions increasingly span borders,” says Adam Tan, head of community financial services at Maybank Singapore.

Customers, he adds, no longer think about their finances “market by market”. Instead, “they view their financial lives as one connected journey”.

Businesses are moving in much the same direction.

Mohamed Tahir, director of Zyfas Pharma, which banks with Maybank, says companies are increasingly building supply chains, customer networks and investment relationships across borders.

“As Asean becomes more integrated, companies that can operate regionally rather than locally will be best positioned to capture growth,” he says.

But moving into a new market is rarely straightforward.

“Growth across Asean is exciting, but every market operates differently,” Tahir says. “Businesses need to manage regulations, treasury, trade flows and local market dynamics. Success often comes down to having the right knowledge and the right network on the ground.”

For Maybank, that complexity creates an opportunity. Its proposition is that a bank already embedded across the region can help customers connect the different parts of their business and financial lives as they expand.

That thinking sits at the heart of ROAR30, Maybank’s strategy for its next phase of growth.

Singapore, one of the group’s three home markets alongside Malaysia and Indonesia, currently contributes around 20 per cent of group revenue. Maybank aims to lift that contribution to closer to 30 per cent by 2030.

Its Singapore growth strategy is underpinned by a broad range of opportunities, including regional trade and investment flows, evolving customer needs, increasing cross-border connectivity, and growing demand for integrated financial solutions.

Singapore at the centre

Nowhere is that cross-border opportunity more visible than between Singapore and Malaysia.

Around 500,000 people cross the Johor-Singapore Causeway each day, Tan notes. The Johor-Singapore Special Economic Zone (JS-SEZ) and the upcoming Rapid Transit System Link are set to deepen those ties further, bringing businesses, workers and capital on both sides closer together.

For Maybank, the corridor is also a practical example of what a more integrated Asean can mean for a bank and its customers.

The group says it has facilitated around RM20 billion (US$4.9 billion) in financing and investment related to the JS-SEZ, supporting companies investing, trading and expanding across the two markets.

It also operates dedicated JS-SEZ desks on both sides of the Causeway, with teams coordinating on deals and pipelines. Singapore customers can open Malaysian ringgit accounts locally, while the bank’s broader offering spans trade, treasury, payments, lending and advisory.

These needs tend to multiply as companies grow.

A business entering its first overseas market may initially need financing. As its operations expand, it may also require cross-border payments, working-capital solutions, foreign exchange, cash management and advice on navigating different markets.

Maybank sees mid-sized companies as particularly important in that transition. Many have already established themselves at home but are only beginning to build regional operations.

For Singapore companies, Malaysia is often a natural first step. From there, the opportunity can extend further into Asean.

The bank is also shifting its Singapore corporate portfolio towards sectors it believes will underpin the region’s next phase of development, including infrastructure, data centres, digital trade and regional supply chains.

This is where Maybank believes the breadth of its regional network matters.

Tan describes its advantage as the ability to “connect the dots” across markets and different parts of a customer’s financial life.

“As a bank deeply rooted in Singapore and Malaysia, with a strong Asean footprint, we can support customers across wealth creation, business growth, succession planning and legacy needs through a single relationship,” he says.

That regional reach becomes more important as companies venture into new markets, where the opportunities come with unfamiliar risks and operating challenges.

That need becomes more pronounced, Tahir says, because regional expansion depends on more than identifying an attractive market.

“The challenge is navigating new markets, managing risk and securing the right partners,” he says.

Where business meets wealth

For Maybank, the regionalisation of companies is closely linked to another growth opportunity: the wealth created by the entrepreneurs and executives behind them.

A founder expanding a company across Asean may also be investing personal assets across markets, buying property, planning for the next generation or thinking about succession.

Maybank therefore does not see its mid-sized corporate and wealth businesses as entirely separate propositions.

Instead, it aims to serve both sides of a customer’s financial life: supporting the business as it grows while also helping the individuals behind it manage the wealth that growth creates.

The bank describes wealth and mid-sized corporates as two engines of its Singapore growth strategy, serving customers across their business and personal financial needs.

“Customers increasingly expect a bank that understands their entire financial journey, not just individual products or markets,” Tan says.

“Today, they may be building a business, investing across borders, planning for their children’s future and thinking about legacy and succession at the same time. They want advice that is consistent, relevant and connected.”

The shift is also changing the nature of wealth management.

Maybank sees a new generation of Asian wealth holders becoming more globally connected and more involved in investment decisions, favouring a more collaborative relationship with advisers rather than simply delegating decisions.

Singapore is the base for Maybank’s regional wealth ambitions, which span its Privilege, Premier, Private and Islamic wealth businesses across the markets in which they operate.

Technology is another part of that strategy. Under ROAR30, Maybank plans to invest RM10 billion in technology, data and artificial intelligence as it develops capabilities across areas including wealth management, transaction banking, and corporate and investment banking.

But Tan says better technology does not lessen the importance of relationships.

“Technology has made banking faster and more convenient, but trust remains at the heart of every customer relationship,” he says.

For Maybank, its “Humanising Financial Services” philosophy means combining that digital capability with human judgement and an understanding of what customers are trying to achieve.

“A values-led approach means understanding what matters most to customers and supporting them at different stages of their lives with both expertise and empathy,” Tan says. “It means combining digital innovation with human insight.”

For Tan, that human element remains important even as technology makes cross-border banking easier.

“Technology and AI will accelerate growth, but people will power it,” Tan says. “The real opportunity lies in a more connected Asean, where businesses can access new markets more easily, investors can think regionally and individuals can pursue opportunities beyond their home country.”

For Maybank, Singapore sits at the centre of that opportunity: a hub from which it can connect businesses, capital and wealth with markets across the region.

And as customers themselves become more regional, the bank believes the distinction between one market and the next will matter less than the ability to connect them.

As Tan puts it: “The next phase of growth will be defined by connectivity rather than geography.”