Malaysian-based financial services provider Maybank has launched a new lifestyle and eCommerce Platinum card, known as the Maybank Shopee credit card in partnership with Shopee and Visa. This card will enable shoppers to collect Shopee coins through their purchases. The launch of this card comes at a time when more Malaysians are turning to eCommerce to get essentials, with "consumers spending an average of 20% more time on Shopee a week”, said Shopee in a press statement. As such, the trio teamed up to deliver a co-branded credit card that taps on this new market whilst putting more back into the pockets of Malaysians.
Separately, in conjunction with the launch of Maybank Shopee credit card, Maybank and Shopee will be presenting the "Shopee 7.7 Maybank" concert that will deliver entertainment to viewers at home on 6 July, featuring celebrities including Adira Suhaimi, Awal Ashaari, Hael Husaini, Jaclyn Victor, Nabila Razali, Naim Daniel, Sherry Alhadad, Yonnyboii and Zizi Kirana.
John Chong, group CEO, community financial services of Maybank said the company is constantly seeking out new opportunities to expand its offerings and privileges to meet customers’ evolving lifestyle, and has seen a “jump of 43% in its card billings for eCommerce platforms between 2017 and 2019”, indicating a significant shift towards online shopping.
“This partnership with Shopee will allow us to create value for our customers, tap into Malaysians’ eCommerce spending growth and thus give us a competitive advantage to further strengthen our leadership in the cards business. With the unique value proposition of the Maybank Shopee credit card and growing adoption of eCommerce, we anticipate this card will be a popular choice amongst Malaysian shoppers and are expecting a strong uptake,” Chong said.
Meanwhile, Ian Ho, regional managing director of Shopee said as a business, Shopee was always about “impacting the local community in significant ways” through its campaigns and collaborations with various stakeholders. He added that the collaboration with Maybank and Visa was one that intended to “help Malaysians with rising cost of living amid the socio-economic pressures” brought about by COVID-19, as it offered users cash rebates in the form of Shopee Coins and more for all Shopee and offline spend.
“The card was designed to answer the needs of consumers today where shopping preferences have shifted as more are now relying on eCommerce even to get their staples, daily essentials and household necessities compared to years ago when users would only purchase things online if they are unable to get it offline,” Ho explained.
Ng Kong Boon, country manager of Visa Malaysia said the trend of online shopping had accelerated as people became confined to homes as part of the new normal, with data by the company stating “eCommerce growing five times faster compared to face-to-face shopping”. He further added that Visa saw “one in eight active Visa cardholders who did not use eCommerce in the last year make their first purchase online this year”, with top categories including essential goods and services, and retail purchases.
Maybank has also kickstarted other marketing launches this year, including one with Hasbro to launch the Disney’s first Star Wars virtual run which was held in Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam on 4 May. This was launched to celebrate the 40th anniversary of the Star Wars franchise, and tap on the market base of Star Wars fans in Southeast Asia.
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