Friday, November 02, 2007

Maybank targeting double on online stock trading deals

Malayan Banking Berhad (Maybank), the largest bank in Malaysia, is forecasting that its online stock trading at its Maybank2U Internet portal to be doubled from the current transaction volume in six months time.

Currently, its online trading transaction is about RM30 million daily. An average of 9,000 transactions were conducted everyday. The online trading portal which was launched in 2000 has about 10,000 users.

Maybank is expecting the trading transaction to hit RM60 million in six month time. In order to achieve this projection, Maybank will be reducing the trading fees for its online traders from November 2007 onwards. Maybankinvest online customer can save up to 63% on their trading fees which enable them to break even their investment faster.

Maybank was the first local bank in Malaysia that introduce online banking. Maybank2u is controlling about 60% of the local Internet banking market. It has 3.6 million registered users, of which 830,000 were active.

The portal conducted more than 24 million of transactions in a month, valued at RM3.2 billion.

No comments: