Signet Share Registration Services
today signed an Agreement with Maybank for the provision of eDividend
Services via Maybank2e.net with Signet Share Registration
Services Sdn Bhd (“SSRS”), a member of the Symphony
Group of Companies.
The Agreement was signed by Dato’ Azman Yahya, Group Chief
Executive of the Symphony Group and Encik Abdul Hamid Sheikh Mohamed,
Executive Director of Symphony House, on behalf of SSRS, while
Maybank was represented by Dato’ Mohammed Hussein, Deputy
President and En Muhamad Umar Swift, Executive Vice President
and Head of Enterprise Financial Services Group.
The Agreement is for the management of cash from companies paying
out their dividend payment direct to shareholders’ accounts.
Signet Share Registration Services (“SSRS”) acts as
Share Registrars for over 200 public listed companies and is one
of the largest and most experienced share registrars in the country.
Together with Malaysian Share Registration Services (“MSRS”)
acquired by Symphony in January 2004, the newly merged entity
is the clear market leader of the industry, with an estimated
market share of approximately 360 companies or over 40% of the
share registration services for public listed companies in the
country. The Direct Dividend Payment Service or ‘DDPS’,
was earlier launched on the 22 September 2003 by SSRS to the Malaysian
capital market.
Under this agreement, Signet will subscribe to Maybank’s
eDividend service under its cash management portal,
Maybank2e.net. Arising from this, Maybank will take
over the processing and issuing of dividend payment for selected
companies in which Signet acts as share registrar. This includes
taking over the activities such as dividend and tax calculations,
warrant processing and printing of physical warrants and cheques.
In addition, Signet will enjoy the convenience of monitoring its
dividend payments and status reports via the web from anywhere,
24 hours a day. It will also be able to download and reconcile
their reports online via Maybank2e.net, thus enabling
them greater flexibility in managing their accounts.
Speaking at the ceremony, Dato’ Mohammed Hussein welcomed
Signet into the world of internet convenience which the bank has
introduced for the processing and payment of dividends to shareholders.
“I am confident that by leveraging on the power of information
technology through the Maybank2e.net platform, Signet
will benefit from our straight-through processing that eliminates
the previously tedious manual work in preparing dividend payments
or monitoring its status,” said Dato’ Mohammed Hussein.
Dato’ Mohammed Hussein added that Maybank2e.net
is continuously evolving to provide best-in-class Payment Services
to meet both commercial and corporate customer’s cash management
needs. As a Payment Power House, Maybank2e.net is further
enhanced to provide other related payment services to cover both
domestic and foreign disbursements. This includes single and bulk
issuances, salary payments, standing instructions, Funds Transfer,
Trade Bills, and not limited to Custody settlements. Statutory
bodies contribution such as EPF and SOCSO are also part of the
payments services provided and forms a subset our Payroll Services
we offer under maybank2.net. Under the cash management system
suite of products, all disbursements can be made through cheques,
Intrabank, Interbank (GIRO and RENTAS) and SWIFT cross border
as part of the payment methods (gateways).
“Continuing from our success in providing internet based
channel for retail customers , viz. maybank2u.com, which has more
than 1.37 million users and 387 payee corporations registered
contributing to transaction throughput of 2.84 million per month,
Maybank embarked to provide enterprise cash management services
via both internet (Maybank2e.net) and intranet ( via
desktop banking) to it’s commercial and corporate customers.
Todate, total cash management customers stands at 2,641 comprises
of 2,141 intranet and 500 internet based. This registers a month-to-month
growth rate of 30% for intranet services and 40% for internet
based services. Consolidated revenue growth for cash management
is about 20% average on month-to-month contributed from 43% volume
surge through Maybank2e.net. As part of our success
in relating to international payment services, Maybank was selected
as the best foreign exchange bank in Malaysia by Global Finance.
This further stems our commitment to provide global payment systems
as part of our strategic offerings,” he added.
En Abdul Hamid in his speech said, “The introduction of
the DDPS service was a small step taken in the Malaysian capital
market, but we believe will have a wider impact on the working
efficiencies of the industry especially for Companies that have
to manage the administration of their public shareholdings. Other
countries such as Australia, Thailand, Singapore and Hong Kong
had long since had their versions of it and it was about time
this type of service was brought to the Malaysian capital market
for the benefit of its capital market participants. This collaboration
between SSRS and Maybank will further enhance efficiencies of
our corporate clients.”
He further added that, “Today, we have taken the dividend
distribution service to the next level. With the advent of better
business technology and communication channels, our clients’
shareholders will now be able to enjoy a comprehensive, systematic
direct dividend payment service with this eDividend
Payment Service, via Maybank’s internet portal, Maybank2e.net.
Shareholders who get this service will no longer need to wait
for cheques to come through the mail and queue at the banks, since
their dividend is directly credited into their bank accounts.
For a small cost to the company that will drive efficiencies,
the savings to shareholders in terms of actual cost are huge and
with added security for a peace of mind – no more lost cheques
in the mail. The Symphony Group is proud to collaborate with Maybank,
who has excellent track record in its internet business transactions,
and we certainly hope this collaboration will flourish and extend
to other areas as we pursue the objective of making our capital
market secure, efficient and reliable.”
Maybank is the first local bank to introduce the eDividend
service that offers many benefits to corporate customers, among
them, cost saving, convenience, easy to use, security and flexibility.
It is available on Maybank2e.net and accessible anywhere,
24 hours a day, all year round.
It also offers a new auto-crediting facility that can pay the
dividend directly into a shareholder's bank account as well as
a new report generation facility that outputs various reports
on the status of the dividend payment. The customer can conveniently
view or download and reconcile their reports online via Maybank2e.net.
The new auto-crediting facility dispenses
with cheque issuance by the company and cheque deposit by the
shareholders. Shareholders will also receive their dividends much
earlier and the dividend payment can be made to an account in
Maybank or other banks. The shareholder only provides his account
number to the company or registrar. Alternatively it can also
print cheques and warrants for the conventional mode of dividend
payment for collection at the counter or mail to shareholders.
