Maybank's Alvin Lee: «Our Focus is Now on Execution»
The new Johor-Singapore Special Economic Zone will redefine the banking landscape in Southeast Asia, Maybank Singapore CEO Alvin Lee says in an interview with finews.asia. The bank stands as one of the largest financial players in both markets.
Alvin Lee, Maybank has a significant presence in both Singapore and Malaysia. How is the bank positioned to take advantage of this new transnational economic corridor between Johor and Singapore?
Maybank stands as one of the largest banks in both markets, with extensive networks – 18 branches and 6 Maybank Premier Hubs – the highest among foreign banks in Singapore and 37 branches in Johor alone. Our integrated approach enables us to offer seamless cross-border services.
Maybank stands as one of the largest banks in both markets, with extensive networks – 18 branches and 6 Maybank Premier Hubs – the highest among foreign banks, 27 touchpoints in Singapore, and 37 branches in Johor alone. Our integrated approach enables us to offer seamless cross-border services.
What does that mean?
A customer in Singapore can easily open an account in Malaysia, and vice versa, without any cumbersome process. We provide a broad array of solutions that go beyond traditional banking, including trade finance, wealth management, and even advisory services on business incorporation and tax implications.
«However, while AI is a powerful tool for efficiency, it still requires a human touch»
This depth of service has positioned Maybank as a trusted partner for both individuals and corporations operating in this dynamic region.
Technology plays a vital role in Maybank’s strategy. Can you explain how digital transformation and AI are shaping your operations?
Absolutely. We’re fully committed to leveraging technology to drive efficiency and innovation. Internally, we are automating redundant processes – this not only improves efficiency but also frees up our employees to focus on more strategic tasks.
We have a dedicated digital banking team and a data science team, and at the group level, we onboarded a new Chief Technology Officer. We’re integrating AI tools for drafting communications and generating data-driven insights, which increases our productivity dramatically.
However, while AI is a powerful tool for efficiency, it still requires a human touch. The initial input and strategic vision must come from us; the technology then amplifies our efforts.
Beyond technology, how does Maybank ensure that it remains agile and competitive in such a fast-changing landscape?
We strive to create an environment where employees are empowered to learn new skills and adapt to new technologies. For example, we actively promote internal talent and encourage employees to embrace digital tools that enhance productivity.
This approach not only reduces redundant processes but also cultivates a sense of belonging and loyalty among our staff. We’re very proud of our low turnover rates, particularly in sectors like private banking, which is a testament to our collaborative and family-oriented culture.
«Our approach isn’t just for Muslim customers»
By investing in training and ensuring that no one is left behind as we adopt new technologies, we secure both operational excellence and long-term stability.
Sustainable finance and Islamic finance have been highlighted as key growth areas in banking. How do these sectors integrate into Maybank’s long-term strategy?
With sustainable finance, we’re focusing on supporting the transition to green energy and financing projects that help reduce carbon footprints. For example, Singapore’s pledge to reduce its emissions to between 45 million tonnes (Mt) and 50 Mt by 2035 presents a massive opportunity for cross-border collaboration in energy and infrastructure projects.
Islamic finance, on the other hand, is built on values such as profit sharing and social responsibility. Our approach isn’t just for Muslim customers – it’s a values-based proposition that appeals to anyone seeking ethical financial products.
By emphasizing the shared values of cooperation and fairness, we’re positioned to double or even triple revenue in these sectors over the next few years. These initiatives are supported by our extensive experience and commitment to innovative, customer-centric solutions.
The Johor-Singapore Special Economic Zone (JS SEZ) provides a historical opportunity for the two nations. What does this long-term project, in your view, mean for Singapore and Malaysia?
The JS SEZ is designed to capitalize on an already robust trade corridor between Singapore and Malaysia. Even before the SEZ, there were about 350,000 daily commuters crossing from Johor into Singapore, with almost a million Malaysians present in Singapore at any given time.
«There’s always a risk when reconciling different regulatory frameworks»
With the SEZ’s tax incentives and facility funds, the flow of goods, resources, and talent will become even more efficient. This not only accelerates the movement between the two nations but also lays the groundwork for increased foreign direct investment into the region.
The collaboration is structured to be a win-win situation: Singapore brings its expertise in high-value services while Malaysia contributes its resources and geographical advantages.
Nevertheless, what challenges do you foresee?
One of the inherent challenges is that, unlike a model such as Shenzhen, which operates within one country, the JS SEZ depends on the seamless cooperation of two distinct political and economic systems.
There’s always a risk when reconciling different regulatory frameworks and managing intergovernmental relations. That said, the strong commitment expressed by both nations’ prime ministers and key ministers indicates that there is significant will to overcome these obstacles. Establishing dedicated cross-border task forces has been a critical step.
At Maybank, we have set up teams in both Singapore and Malaysia that coordinate continuously to ensure operational excellence and regulatory compliance. This level of collaboration is vital for managing any potential issues and for realizing the long-term benefits of the SEZ.
What are the distinct roles that Singapore and Malaysia play in this partnership?
Singapore’s role is largely centered around innovation, research and development, and financial services. We excel in areas like intellectual property management, high-value manufacturing, and wealth management.
«We’re targeting a 30 percent increase in income over the last year»
In contrast, Malaysia, especially the Johor region, provides key resources such as land, manpower, and energy. Together, these complementary strengths create a synergistic effect.
For instance, while Singapore drives urban planning excellence and attracts talent, Johor supports industrial expansion and offers cost efficiencies in manufacturing and logistics.
This collaborative framework can also attract investments from outside the region, turning the SEZ into a hub for international trade.
Looking ahead, what are your main priorities for Maybank, especially as you navigate the evolving dynamics of the JS SEZ?
For 2025, after laying the groundwork last year through a comprehensive transformation strategy, our focus is on execution. We’re targeting a 30 percent increase in income over the last year by focusing on three «supercharged» areas: wealth management (including Islamic and sustainable finance), trade finance, and digital innovation.
Additionally, we’re actively engaging with customers through seminars and expert talks, in partnership with entities like the Malaysian Investment Development Authority, to ensure our customers are well-informed about developments within the SEZ.
«I see the JS SEZ as a transformative catalyst that will also redefine the banking landscape»
Internally, our cross-border task force, comprising teams from both countries, is dedicated to ensuring that we not only meet but exceed customer expectations.
We’re also exploring strategic partnerships with fintech firms to broaden our ecosystem, reinforcing our position as a comprehensive service provider.
What thoughts would you share about the future of banking in this region?
I see the JS SEZ as a transformative catalyst that will not only strengthen economic ties between Singapore and Malaysia but also redefine the regional banking landscape. By blending Singapore’s high-value expertise with Malaysia’s resource capabilities, we’re laying the foundation for a more integrated and dynamic economy.
The key to success will be our ability to adapt – whether through technological innovation, sustainable practices, or the continuous development of our human capital. It’s an exciting time, and I’m confident that, together, we can navigate these changes to build a prosperous future for all stakeholders in the region.
Alvin Lee Han Eng was appointed Country CEO of Maybank Singapore, and CEO of Malayan Banking Berhad Singapore on January 1, 2024. With over 30 years of banking experience, he has held various roles in wealth management since joining Maybank nearly 12 years ago. Prior to Maybank, he worked at Citi and Barclays and served as a consultant for Burgan Bank. He holds a Bachelor of Accountancy (Hons) from Nanyang Technological University.
