Maybank is the largest bank and financial group in Malaysia and one of the largest banks in Southeast Asia controlled by the Malay sovereign fund PNB. Maybank's Islamic banking arm, Maybank Islamic, is the largest Islamic bank in ASEAN. Maybank provides banking products and services with a network of 2,400 retail banking branches in 20 countries.
This strategic investment is in line with Maybank's strategic goal of leveraging advanced fintech to enhance services. The two parties agreed to further develop the SEAAPS payment network in Southeast Asia, with Maybank agreeing to connect to SEAAPS and serve as a clearing house for all parties.
SEAAPS is a new mobile payment union serving S.E.A and Africa built by Deep Boundary Tech based on blockchain technology. Currently, it has been used by many financial institutions in Malaysia, Bangladesh, and Nepal.