Page 3 - MAYBANK vs EPF

1.0 INTRODUCTION

Malayan Banking Berhad is a public company which offer financial services, investment and
commercial banking generally known as Maybank. It was established in 31 May 1960. Within 3

years, the bank already has 150 branches in Kuala Lumpur. Brand Finance Report stated that
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Maybank was one of the most valuable bank brands, it placed fifth in ASEAN and 83 in world
overall bank brands. It is one of the largest financial services in Malaysia and has expand their

products and services across all ASEAN countries such as Laos, Myanmar and Philippines.
Maybank was mainly in Malaysia, Singapore and Indonesia. Malayan Banking Berhad was
founded by Khoo Teck Puat, a Malaysian tycoon and Oei Tjong le.

Maybank started their operation 12 September 1960 in the country. Maybank also the first
bank who introduce ATMs in Malaysia. It is one of the greater innovations in banking system in

the country. Automated Teller Machine (ATMs) helps a lot in facilitate both the customers and as
well as the bankers. In addition, Brunei was the first Maybank overseas branch.

Moreover, Maybank also provide their beloved customers with a lot of products and services

which the main purpose of it is to facilitate their customers to perform their transaction.
Commercial banking, investment banking, Islamic banking and internet banking are one of the

products and services offered to their customer. Maybank’s mission of their establishment is to
help people with convenient, provide the same term and price for the customers, provide
consultation regarding customer’s personal financing and many more.

Employees Provident Funds (EPF) is not the same as Maybank. It is because EPF is a non-
bank institution that was established in 1951 as one of the oldest provident funds’ institutions.
EPF was founded by Tan Sri Ahmad Badri Mohd Zahir. The purpose of the establishment of EPF

is to help Malaysian workforces to have their savings in their old days after retirement. It is
essential for everyone because after retirement, they no longer have any source of income unless

they make some business and investment.

At first, only 500,000 members used EPF as provident funds institution around 1952. The
total number of members has reached about 14 million members with a total contribution of

RM800 billion and the total of asset under management has reached trillion ringgits. Over the
years, the EPF has proven its ability as a responsible and efficient member of the retirement
savings, playing a leading role in society by providing financial protection to the most Malaysians.

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