Maybank Seeks to Raise Singapore Revenue Share from 20% to 30% by 2030

Maybank seeks to increase Singapore’s share of its annual revenue from 20 percent to 30 percent by 2030, Singapore CEO Alvin Lee said. The Malaysian bank is expanding wealth-management offerings aimed at Singapore’s growing population of older residents. By 2030 one in four Singapore citizens will be 65 or older, compared with one in ten two decades earlier.

Lee said the bank’s Singapore clients already include more silver-generation users than the industry average. In 2019 Maybank introduced the Passion Plus program, which provides preferential savings rates and lifestyle benefits such as discounted massages, supplements and doctor visits. Its insurance unit Etiqa offers an accident plan for people aged 40 to 75 with higher medical-expense limits.

Lee joined Maybank in 2013 as chief investment officer of its private-banking unit after earlier roles at JPMorgan, Citibank and Barclays. He established the bank’s wealth-management operations in Singapore in 2016 and was named Singapore CEO in 2024, succeeding John Lee who retired in late 2023.

Maybank reported that wealth management remained a key growth engine in 2025, with total financial assets rising 5 percent to 562.3 billion Malaysian ringgit.

Foreign banks in Singapore are restricted to 25 brick-and-mortar branches. Lee said Maybank cannot match the scale of the three largest local lenders and must focus on selected areas.

Maybank opened an Islamic wealth-management hub in Singapore in 2023 and became the first bank there to offer full end-to-end Islamic wealth solutions. Lee said take-up has grown 20 to 40 percent annually. In 2025 the bank introduced Singapore’s first takaful product in decades.