Malaysia's Maybank expands cross-border services to China

KUALA LUMPUR, Nov. 8 (Xinhua) -- The Malayan Banking (Maybank), a Malaysian bank, on Wednesday announced the expansion of its cross-border QR Pay service to China.

Maybank said in a statement that this initiative aims to benefit over 8 million Maybank MAE app users visiting China as well as more than 700,000 Maybank QRPay merchants in Malaysia via transactions made by visitors from China.

Earlier in 2023, Maybank launched the cross-border QR Pay for Malaysian MAE app users travelling to Thailand, Indonesia and Singapore, allowing existing Maybank QRPay merchants to accept payments from tourists and visitors who use supported payment apps from these countries.

The recent addition of the China corridor reaffirms Maybank's commitment to fostering international financial connectivity.

"Our entry into China offers an exceptional opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint," said John Chong, Maybank's Group CEO of Community Financial Services.

According to the statement, Malaysian MAE app users can make cashless payments with AliPay merchants in China.

Users will need to scan the QR code using the MAE app and subsequently enter the payment amount which will be converted to China's renminbi currency.

This is followed by an instant payment confirmation which details the exchange rate and deductible amount in Malaysian ringgit.

Similarly, merchants in Malaysia are now able to accept QR payments from incoming travelers from China.

The strategic initiative is a result of Maybank's ongoing collaboration with Payments Network Malaysia Sdn. Bhd. (PayNet) aiding Malaysians travelling to China, and in-bound Chinese tourists visiting Malaysia.