Unfazed by the rise of digital banks, Maybank CEO highlights rivals’ biggest challenge

(Kuala Lumpur, Jan 21) Digital banks have been operating for some time and have reshaped the competitive landscape of the banking industry. However, Malaysia’s leading incumbent lender, Maybank (MAYBANK, 1155, Main Market Financial), said it is not concerned about its market leadership being undermined.

Maybank CEO Datuk Khairussaleh Ramli said the bank will not take any form of competition lightly and views every competitor in the market seriously. He made the remarks during a media briefing when asked how Maybank is responding to the rise of digital banks.

Khairussaleh noted that whether a bank is digital-first or traditional, digital capabilities have become a key competitive factor in the industry. “As long as we continue to innovate and strengthen our capabilities to support customer engagement more effectively, we have a stronger chance of maintaining our leadership position,” he said.

He added that based on his observations, local digital banks have, at the early stage, attracted some deposits by offering more appealing terms, demonstrating a certain degree of competitiveness. This, he explained, is largely because new banks need to quickly establish core functions to support the subsequent rollout of lending and broader financial services.

However, he cautioned that if digital banks are unable to scale services rapidly and achieve reasonable margins, operating pressures will inevitably emerge.

Still, Khairussaleh believes deposit rates offered by digital banks have gradually returned to more rational levels, and the impact of deposit flows on the broader market remains relatively limited.

Looking ahead, he said Maybank will stay focused on enhancing transaction processing capacity, payment features and micro-investment services—further improving customer experience to meet evolving market needs.