Maybank SG offers boost to charities with special rates, network opportunities

Charities in the city may also avail of an interest-free grant of up to SG$150,000 (US$111,000)

In April 2024, Maybank Singapore rolled out its myimpact Community Package, a financing service offered to registered charities in the Lion City. Benefits include preferential deposit rates and even networking sessions that aim to give the charities more exposure. 

Helena Ooi, head of strategy at Maybank Singapore, told Asian Banking & Finance that some charities continue to face cash flow challenges stemming from pandemic recovery. Others also require more support in order to accelerate and scale their organisations, and Maybank hopes to offer charities a boost in this regard.

“Recognising that charities play a vital role in uplifting the community they serve and creating positive change, and the need for greater support for these charities, we launched the myimpact Community Package,” Ooi said via exclusive correspondence.

The Maybank myimpact Community Package offers eligible charities a preferential time deposit rate of up to 3.95% per annum when bundled with a business current account. This is available not just to new charities signing up for the service, but also existing current account holders.

Apart from preferential deposit rates, the Maybank myimpact Community Package also provides charities with their own free SGQR labels (quick response code) for PayNow for greater convenience in raising funds.

Maybank also offers networking sessions for charities, connecting them with other organisations, stakeholders, and potential partners.
 
Interest-free grant

One key benefit offered by Maybank to charities is the potential to receive up to SG$150,000 in recyclable grants and networking opportunities through its Maybank Momentum Grant (MMG), administered by The Majurity Trust — a Singaporean organisation that works with donors and charities across the Lion City.

The grant — which Maybank said has already benefited over 25,000 beneficiaries and 17 organisations — is interest free and also recyclable with a “pay-it-forward” model.

“The goal is to provide smaller charities with flexible funding, so charities can invest in transforming their teams and operations, and ultimately become more sustainable. Successful applicants can receive a grant of up to SG$150,000,” Ooi said.

For the pay-it-forward model, grantee-partners are encouraged to return the grant to The Majurity Trust so it can be circulated to help more charities down the road. This would multiply the impact of the fund whilst cultivating a positive and mutually empowering ecosystem, Ooi said.

For its part, Maybank has pledged SG$2m (US$1.48m) for MMG for the years of 2023 and 2024. This follows an earlier SG$2m grant that was given out in donations across 2021 and 2022.

“Our first cohort of grantee partners have also started paying their grant forward and contributing to the support of the next cohort of grantee partners,” Ooi said.

The grant is available for charities and non-profit organisations in Singapore in the social and welfare sector with city state-based operations, with a maximum of SG$3m (US$2.2m) in annual Total Operating Expenditure (TOE), less than one year of cash reserves, and a plan to transform their organisation to scale their impact on the community.

“Maybank continues our commitment to uplifting the community, by learning how we can provide better support to underserved segments through the Maybank myimpact Community Package and promote financial inclusivity,” Ooi said.

Apart from charities, Maybank Singapore had been rolling out exclusive services to non-traditional customers over the past year.

For investors who do not fall under the super wealthy categories, Maybank Singapore has launched Goal-Based Investment (GBI), an online investment service available for as low as SG$200 or approximately US$150 — reportedly one of the lowest minimum investment amounts in unit trusts offered by banks in Singapore.

Until 30 June 2024, the sales charge on the first SG$2,000 (US$1,480) invested was waived.

In late 2023, Maybank opened its Islamic wealth management hub in Singapore, reportedly making it the first bank in the city to offer end-to-end Islamic wealth solutions.