Pos Malaysia working on project with Maybank

POS Malaysia, which has teamed up with RHB Bank Bhd to offer the bank’s financial services at post offices, will start a pilot project with Malayan Banking Bhd (Maybank) for the same services by the end of this year. Group managing director and chief executive officer Datuk Syed Faisal Albar said Pos Malaysia is working things out with Maybank before the pilot project is undertaken by two or three of its post offices by the end of this year or early next year.

Its pilot project with RHB Bank at selected post offices started two months ago.

“We intend to broaden our financial services offering at post outlets. The strength of Pos Malaysia is that we are available almost everywhere, even in remote areas where it is not financially feasible for banks to open their branches,” he said after the launch of the “Pos Maid Protector Insurance” plan in Kuala Lumpur yesterday.

Syed Faisal said Pos Malaysia wants to move away from depending on low-margin postal activities and utilise its extensive network to offer banking transactions such as withdrawals, deposits and loan applications.

This is the trend among postal companies around the world, where financial services are one of the largest contributors to their profit.

He expects financial services to generate more than half of Pos Malaysia’s revenue in the future.

Currently, financial services are handled by Pos Malaysia’s retail arm, Posniaga.

Posniaga contributes about 30 per cent to Pos Malaysia’s total revenue, while financial services generate 17 per cent of Posniaga’s revenue.

The “Pos Maid Protector Insurance” plan is the country’s first personal accident plan for foreign maids working in Malaysia. It is the second non-motor insurance product under the collaboration between RHB and Pos Malaysia, after Pos Hospital Cash Income.

The plan will be available at about 700 post offices throughout the country starting August 8.