Maybank Kim Eng, Maybank Singapore launch pioneering electronic payment service

It's accessible from a stock trading platform.

Maybank Kim Eng and Maybank Singapore have jointly launched Multi-Currency e-Pay – a first-of-its kind multi-currency electronic payment service that is accessible from a stock trading platform.

According to a release from Maybank Kim Eng, clients can use Multi-Currency e-Pay to make payment for the purchase of stocks settled in SGD, USD and HKD right from KE Trade Online, Maybank Kim Eng’s stock trading platform.

This convenient, seamless system means that there is no need for clients to log into a separate internet banking account to pay for their stock purchases.

In addition, sales proceeds will be credited to clients’ designated Maybank accounts right on the due date, meaning faster access to funds.

The release noted that the need for a multi-currency payment solution is evident. According to the Investment Trends September 2014 Singapore Broking Report, a comprehensive survey of more than 10,600 traders and investors, more online investors than ever before are trading international shares.

In 2014, 35% of online share traders traded in international shares and another 8% intended to start within the next year. Ameliorating currency risk could boost these numbers even more as it is perceived as an obstacle to investing overseas.

The majority of investors who, either do not yet trade in international shares (55%), or have a relatively low exposure to the asset class (60%), cited currency risk as a major deterrent.

Here's more from Maybank Kim Eng:

Through Multi-Currency e-Pay, clients who are already holding that same traded currency with Maybank Singapore are able to tap directly on their foreign currency banking account for settlement, eliminating the need for foreign currency conversion which may impact on their yield.

In addition, there are no service charges imposed for settlement via Multi-Currency e-Pay, unlike other modes of foreign currency payment like Telegraphic Transfers or foreign-currency cheque issuances.

Speaking about this new service, Mr. Harmeet S. Bedi, Chief Executive Officer of Maybank Kim Eng Singapore said: “More and more investors are looking farther afield for their investments. We enable them, not only by providing access to these markets, but by introducing the best settlement options.

Some investors have been impeded from venturing into overseas markets due to worries about currency volatility and foreign exchange risk - Multi-Currency e-Pay breaks down this barrier for them so they can take full advantage of all available trading opportunities.”

Aside from Multi-Currency e-Pay, as part of the push to make it easier for retail investors to trade, Maybank Singapore’s customers can now also use the Electronic Payment for Shares (EPS) service with their Maybank Current or Savings Accounts via internet banking. This will allow them to pay and receive payment for their shares which are bought or sold through any of the Singapore Exchange-approved stock broking firms.

Mr Lim Hong Tat, Chief Executive Officer, Maybank Singapore, and Group Head of Community Financial Services at Maybank said: “Ultimately it is about making it more convenient and easier for our customers to take control of their financial matters, whether it is for their banking activities or trading shares.

With the introduction of the Multi-Currency e-Pay as well as Electronic Payment for Shares (EPS) service for our customers, Maybank customers will have the ability to take advantage of trading opportunities as they arise quickly and easily.”