STRATEGIC PARTNERS
December 6, 2001
SINGAPORE -- Malayan Banking Bhd (Maybank), Hongkong and Shanghai Bank (HSBC) and Standard Chartered Bank (StanChart) on Dec. 6 announced that they would launch a shared ATM network in the opening quarter of 2002, the first by foreign banks.
The announcement came two days after Maybank and HSBC were awarded full retail banking licenses by the Monetary Authority of Singapore. StanChart had earlier gained the Qualifying Full Bank (QFB) status in 1999, along with BNP Paribas, ABN Amro and Citibank.
A joint statement by the three banks said that with the shared network, customers could access ATMs of partner banks in 54 locations island-wide and the number would increase to 69 once the banks set up the full five off-premise ATMs allowed under their QFB licences.
Among the foreign banks, StanChart has the highest number of ATMs with 29, followed by Maybank's 24 and HSBC's 21.
The joint ATM network will be based on the MasterCard ATM platform and will initially offer balance inquiries and cash withdrawals.
"This joint initiative with HSBC and StanChart further reinforces our commitment to provide greater convenience and value-added services to our customers in Singapore," said Loh Oun Hean, Maybank assistant general manager for banking business.
"Our long-anticipated development is now coming to fruition. This shared ATM network will strengthen our competitiveness and focus our abilities to deliver higher quality service to customers and potential customers," said Wilson Chia, head of consumer banking with StanChart Singapore.
Singapore currently has two ATM networks owned by local banks, DBS Bank and one co-shared by United Overseas Bank and OCBC. – Bernama.
