_20260505175637_theedgemalaysia.jpg&w=1920&q=75)
KUALA LUMPUR (May 5): Public Bank Bhd (KL:PBBANK) said on Tuesday that it will continue its digitalisation effort while preserving its branch network and workforce.
The bank, Malaysia’s third-largest by assets, is spending about RM500 million per year to refine its digital offerings, streamline operational processes and enhance productivity, chief executive officer Tan Sri Tay Ah Lek said at its annual general meeting.
“Digitalisation remains a key driver of growth for us,” he said. “We do not overspend… we are guarding this expenditure very closely.”
Malaysian banks, along with other lenders in Asia, have been stepping up their investments on technology systems in an artificial intelligence (AI) arms race.
Malayan Banking Bhd (KL:MAYBANK) said in January it planned to invest RM10 billion in technology over the next five years in a digital push that includes a new banking app as the country’s largest bank accelerates adoption of AI.
For Public Bank, the focus remains on accelerating its digital capabilities while exploring partnerships with financial technology (fintech) firms to support its digital ecosystem, Tay said.
“A key priority for us is using new technology to safeguard customer data in the digital space,” Tay said. The bank is also actively exploring AI and has deployed the technology in its fraud prevention system capable of analysing customer activities, triggering alerts and detecting malware activities, he said.
Public Bank remains competitive with its ongoing digital initiatives in the face of rising digital banks and fintech firms, Tay said, noting that the lender’s digital platforms MyPB Online banking and MyPB App have recorded usage growth last year, with the number of active users rising 4%-8%.
Despite the increased focus on digitalisation, the bank has no plans to rationalise its 314 domestic branches, which Tay said is at an optimal level.
The bank also has no intention to replace staff with machines, but will continue to digitise processes to improve efficiency and reduce costs, he added. The bank has more than 21,000 staff across Malaysia, Hong Kong, China, Cambodia, Vietnam, Laos and Sri Lanka.