MAB launches premium banking service for affluent customers

MAB launches premium banking service for affluent customers
Photo- Kyaw Ni Khin, chief business office at Myanmar Apex Bank, delivers a speech at the launch of MAB Gold wealth banking in Yangon (Photo- KhineKyaw, Myanmar Eleven)
Photo- Kyaw Ni Khin, chief business office at Myanmar Apex Bank, delivers a speech at the launch of MAB Gold wealth banking in Yangon (Photo- KhineKyaw, Myanmar Eleven)
Published 8 January 2019
KHINE KYAW

IN response to the fast-growing segment of affluent customers in its client base, Myanmar Apex Bank (MAB), a leading private bank with 94 branches across the country, recently launched its first premium service for the rich, according to the bank’s senior executives. 

“Wealth is growing around the Asia Pacific region. There is no difference in Myanmar. As a country that has just opened up its economy, there are many opportunities for banks to provide better services. So, we decided to create a wealth banking platform,” said Gary Voon, executive vice president and head of consumer banking at MAB.

In this respect, the bank introduced MAB Gold wealth banking, an important pillar of consumer banking offering a comprehensive suite of privileges to its customers. Catering to individuals with a minimum fixed deposit of 300 million kyats (Bt6.3 million), the new service offers members a full range of services, exclusive rewards, relationship managers, and a uniquely designed Visa card. MAB seeks to double the volume of its premium members within one year, he said. 

Customers of the high-end deposit segment are offered unparallel services, ranging from premium dining experience, wealth banking centres, dedicated relationship managers, MAB’s Fly for Free Miles programme, free access to Pan Pacific Lounge in Yangon and Hilton Hotel Mandalay, free access to Mingalar Sky Airport lounge, complimentary golf green fees, and their own travel concierge managers. Additionally, they can participate in a draw for a first-class condominium unit. 

“We are pleased to take wealth banking to a new level of sophistication and personalisation in Myanmar. We are the first in the market to offer such a platform to meet the demand of our well-heeled customers and their financial needs with a wide range of deposit tenors that come with privileges,” said Voon.

He said the bank's relationship managers are specially trained to assist our customers in everyday banking services as well as more complex banking transactions and decision-making.  

Plans ahead

According to Voon, 35 per cent of the bank’s total deposit comes from affluent customers. MAB is now trying to gather more deposits and grow its customer base in different areas, with an vision to become one of the top 3 banks in Myanmar.

“We are providing better services to our existing customers while seeking new clients. Driven by extensive investment in technology and human resources, our platform is now ready to serve more customers,” he said.

Voon said many products will be launched this year. With the opening of the insurance sector, the bank has planned to offer its customers new and more sophisticated products.

“For our credit card system, we will be launching a loyalty reward programme soon. We are targeting long-term deposits, basically to meet our asset liability and enable the bank to extend more long term loans,” he said.

Voon said the bank would continue to cooperate with international digital payment services including Visa and MasterCard.

“As we are focusing on retail banking, we have a good relationship with widely-accepted cards and plans are in the pipeline for the bank to issue cards of both brands [Visa and MasterCard],” he said.

According to Voon, the bank closely monitors market conditions in order to sustain growth amid market competition.

“The banking sector is evolving very well. Currently, all the banks are trying to provide additional services to their customers. We expect the sector to grow in line with Myanmar’s economy,” he said.

Kyaw Ni Khin, chief business office at MAB, said the bank’s customers would be able to strike a balance between their work and life with the bank’s improved services.

“By taking care of our customers with our dedicated services, they will be able to focus on social and business matters,” he said.

He also warned of "losing the meaning of life" if people fail to systematically manage their work and life.

“In the 21st century, the important thing in a person's life is not just livelihood. Lifestyle is equally important. Families, life and businesses cannot be separated anymore as in the past. 

These things all combine to form one’s lifestyle. Nowadays, we can see that technologies and the environment we live in are reinforcing a work-life balance,” he said.