Malaysia to see further increase in online banking adoption

Peter England, CIMB Bank Bhd head (retail banking), notes that the developed and developing countries like Malaysia are rapidly adapting Internet banking irrespective of the concerns such as security.

Malaysia is said to have successfully implemented Internet banking eight years ago and mobile banking is predicted to catch up with it either.

“Internet banking has become popular because of its convenience. However, there are still areas of concern such as security and assurance that channels of information are secure,” says England.
Abdur Rahman Ebrahim, Maxis Broadband Sdn Bhd head of solutions and integration services (enterprise business division) expressed his consent with the statement. He said mobile and Internet banking was naturally embraced by the masses, especially the younger generation.

As per his words approximately 10 million customers are Maxis subscribers in Malaysia.
“The mobile-phone is a personal and functional device which is getting indispensable,” he said.