Maybank to increase market share in e-dividend payment

The Bank is principally engaged in the business of banking in all aspects, which also include Islamic Banking Scheme operations.

Malayan Banking Bhd (Maybank) is targeting to raise its market share in electronic dividend payments from 30% to 70% by 2013 with the introduction of its enhanced eDividend system.


As part of Maybank's online cash management system, Maybank2e.net, the enhanced eDividend service is offered in partnership with Inland Revenue Board to automate the taxation process of dividends, which would eliminate hardcopy tax vouchers.

“This means that shareholders no longer have to fill this section in their income tax returns when using the e-filing service as all their relevant dividend payment records will be captured.

“We are working towards linking dividend payments and tax information to Maybank account holders through our popular online banking portal, Maybank2u,” deputy president and head of global wholesale banking Abdul Farid Alias said.

Among the benefits of this new service to registrars and corporate clients are greater cost savings, convenience, security and flexibility.

“For a start, the auto generation of reconciliation files linked to our payment systems will ensure accuracy and punctual delivery of reconciliation reports.

“This reduces Maybank's per transaction cost which is then passed on to our clients,” he said.

“Shareholders are kept informed of their dividend payments via e-mail and SMS notifications while registrars and corporate clients enjoy the flexibility of our system which can cater to customised file formats,” he added. (The Star Online)