This article first appeared in The Edge Financial Daily on April 21, 2017 - April 27, 2017

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has launched a new payment gateway called Maybank2u Pay targeted at supporting e-commerce entrepreneurs, particularly small and medium enterprises (SMEs).

In a statement yesterday, Maybank said Maybank2u Pay enables e-commerce businesses to apply online to obtain payment capabilities for their e-commerce sites and receive an approval in as little as 24 hours.

Maybank head of community financial services for Malaysia Datuk Hamirullah Boorhan said Maybank2u Pay is part of the group’s initiative to enable electronic payment capabilities for e-commerce businesses, especially SMEs which need a simple, effective and cost-efficient payment platform to support their online presence.

“E-commerce is growing in Malaysia and is expected to rise to more than 20% a year in 2020,” said Hamirullah. “It is crucial that our local businesses are given every support needed to leverage this growing trend among customers to shop online.”

He added that it is important for businesses to build a stronger presence in the online market given the vast opportunities available, particularly with the introduction of the Digital Free Trade Zone in the country.

In conjunction with the launch of Maybank2u Pay, Maybank is offering transaction fee waivers for three months for those who sign up for this service before May 31.