Maybank Sustainability Report 2023

SUSTAINABILITY REPORT 2023
MAYBANK
About This Report

GRI 2-2, 2-3, 2-5, 2-14
M ayb ank G roup’s (“ t he G roup” or EXTERNAL ASSURANCE SCOPE

“Maybank”) Sustainability Report details
The contents of this report have been reviewed and assured The scope of this report covers Maybank Group’s operations
our sustainability strategy, approaches, by SIRIM QAS International Sdn Bhd, which has verified the which includes its principal subsidiaries and regional offices.
initiatives and performance in 2023. In accuracy and reliability of all statements. SIRIM’s assurance Unless specified, this report excludes outsourced activities or
demonstrating our leadership, this year’s standard encompasses the assessment of Maybank’s joint ventures. It is worth noting that we have endeavoured
Sustainability Report is complemented by sustainability reporting practices and performance. This to report all issues deemed material to Maybank. Unless
includes a comprehensive examination of the underlying otherwise specified, the report contains qualitative and
our first standalone Environmental Report.
assumptions and processes supporting the Group’s quantitative results for all indicators presented.
The Sustainability Report focuses only on our
Environmental Report. The assurance also ensures alignment
Economic, Social and Governance impacts, with national and global reporting frameworks. SIRIM’s
while our environmental performance independent assurance statement provides a summary of OUR REPORTING APPROACH
including climate change are reported in the the audit report findings, which can be found on page 130. This report is disclosed in accordance with the GRI
Environmental Report. Stakeholders should In addition, Maybank’s sustainable finance achievements, Sustainability Reporting Standards and adheres to the
read this report together with the encompassing retail and non-retail sustainable finance following standards, where applicable, addressing significant
issues related to economic, social, and governance aspects.
Environmental Report and Maybank’s mobilised for the period from 1 January 2023 to 31 December
2023 (FY2023) had been subjected to an independent Aligned with global sustainability agendas, it offers an
Integrated Annual Report 2023 for a more
limited assurance by PricewaterhouseCoopers PLT, Malaysia overview of our contributions to the United Nations Sustainable
comprehensive understanding of the Group’s Development Goals (UN SDGs). It is also guided by:
(PwC). PwC’s independent limited assurance report can be
integration of sustainability in its strategy found on pages 131 to 132. • Sustainability Accounting Standards Board (SASB) Sector
and business operations.
The UN Global Compact Network Malaysia & Brunei has Specific Disclosures
additionally provided an autonomous Second Party Opinion • Bursa Malaysia Main Market Listing Requirements
on the approach and process adopted by Maybank for • Malaysian Code on Corporate Governance (MCCG) by
the Securities Commission Malaysia
Commitments 2 and 4.
This report highlights key issues established through our • Bursa Malaysia Sustainability Reporting Guide
materiality assessment across our business units and For the GRI Content Index, please refer to page 115 of this report.
operations. Furthermore, we elaborate on our achievements
BOARD’S RESPONSIBILITY STATEMENT
in relation to our overarching sustainability strategy, and To ensure credible, fair and balanced reporting, the REPORTING PERIOD
aligned with our mission of Humanising Financial Services, in Sustainability Report has been reviewed by the EXCO This report covers disclosures from 1 January 2023 to
accordance with the Group’s M25+ strategy. This report also Sustainability Committee and the Board Sustainability 31 December 2023 (FY2023), unless specified otherwise.
includes information on significant risks and opportunities
Committee (BSC) before being recommended to the Board Significant restatements compared to prior years are
that impacted our business operations, including economic,
of Directors for approval. Additionally, the BSC, as the Board- explained in the relevant section where they appear.
environmental, social and governance challenges during the
level committee on sustainability, has oversight of the
year under review.
Group’s sustainability reporting, which includes the external
or further updates on sustainability progress, please visit
F
assurance process as part of its effort to continue upholding
www.maybank.com and www.maybank.com/en/sustainability.page A digital copy is available for download at
good corporate governance practices. www.maybank.com/en/sustainability.page or
www.maybank.com/ar or scan the QR code
on the left.
b
Overview Leadership Messages Our Approach to Sustainability Powering Progress Developing Sustainable Communities Building Thriving Human Capital Demonstrating Corporate Resilience Appendix
pg. 2-10 pg. 11-20 pg. 21-38 pg. 39-66 pg. 67-88 pg. 89-108 pg. 109-114 pg. 115-130
Inside This Report
Overview Encouraging Professional Growth 101

Powering Progress
Who We Are & What We Do 2 Building Strong Connections 103
Our Approach 39
Our Presence 4 Embracing Differences through Diversity, Equity
Advancing Sustainable Finance 39
Milestones & Industry Firsts in 2023 5 and Inclusion 106
Enriching Customers Through Digital Innovation 46
2023 Key Highlights 6 Inclusive Workforce 107
Championing Islamic Sustainable Finance 58
Key Awards & Recognition 8
Elevating Customer Experience 62
Key Ratings 9 Demonstrating Corporate Resilience
Memberships & Signatories 10 Our Approach 109
Developing Sustainable Communities
Embedding Sound Business Practices 109
Our Approach 67
Leadership Messages Board Diversity and Inclusiveness 109
Driving Positive Impact 67
Message from Chairman 11 Human Rights 110
Cultivating Inclusivity Through Entrepreneurship 71
Message from the President and Responsible Procurement 111
Bridging The Financial Divide 77
Group Chief Executive Officer 14 Data Governance and Data Privacy 111
Enhancing Financial Literacy 78
Message from Group Chief Sustainability Officer 17 Financial Crime 113
Making A Meaningful Difference 81
Cyber Security 114
Crafting A Volunteer Legacy 88
Our Approach To Sustainability
How We Engage and Create Value For Our Stakeholders 21 Appendix
Building Thriving Human Capital
Sustainability Material Matters 26 GRI Content Index 115
Our Approach 89
Our Contributions to the UN SDGs 34 SASB Index 124
Shaping Our People 89
Sustainability Framework 37 Independent Assurance Statement 130
Fostering Workforce Agility 90
Our Sustainability Ambitions 38 Independent Limited Assurance Report 131
Prioritising Employee Well-Being 98
ICONS USED IN THIS REPORT
Our identified Our identified Our Strategic

material matters: stakeholders: Programmes (SPs):
Governance Customers SP1 Reshape wholesale target operating model
Environment Investors SP9 Be the sustainability leader in Southeast Asia (SEA)
Employees Employees SP10 Elevate Maybankers
Society Communities To improve on our sustainability practices, we

welcome comments, suggestions and remarks
Products and Services Regulators and Governments from all parties. Please submit your feedback to:
Group Sustainability
RELATED UN SDGS Malayan Banking Berhad
14th Floor, Menara Maybank
100, Jalan Tun Perak
50050, Kuala Lumpur, Malaysia
Tel : +603 2070 8833
Email : [email protected]
CROSS REFERENCES
Tells you where you can find more Tells you where you can find more Links you to related
information within the reports information online at www.maybank.com online content
1
MAYBANK
Who We Are & What We Do

GRI 2-1, 2-2, 2-6
Established in 1960, Maybank is the largest financial services group in Malaysia with an established presence in the ASEAN region.
OUR PURPOSE… WITH OUR UNIQUE AND OUR STRUCTURE…

We are a values-driven DIFFERENTIATORS… In serving our mission, we provide an array of financial products and services through three key business pillars, supported
We serve our communities in by shared corporate functions across our global network of 18 countries.
platform, powered by a ways that are simple, fair,
bionic workforce that inclusive and human, Business Pillars Who We Serve and What We Offer
Humanises Financial embodying our Group Community • Consumer Banking • Non-retail Banking
Services. mission. Financial Services – Serves: Individuals – Serves: Micro, small and medium enterprises
– Offers: Loans such as housing, personal, (SMEs) as well as commercial customers
hire purchase and unit trusts, fixed deposits, – Offers: business financing, short-term
driven by
savings and current accounts, remittance credit (i.e.: overdrafts and trade financing),
services, bancassurance products, wealth cash management and custodian services
management services, credit cards as well as well as digital and mobile banking
OUR MISSION… as digital and mobile banking services services
Humanising Financial
Group Global 1 Corporate Banking and Global Markets 2 Group Investment Banking
Services Banking • Corporate and Transaction Banking – Serves: Individuals, corporates, governments
– Serves: Corporates, financial institutions (including agencies and government-
Being at the heart of the and government entities/agencies linked companies) and financial sponsors
community, we will: – Offers: Term loans, overdrafts, short-term – Offers: Investment banking solutions
Over revolving credit, trade finance and covering corporate finance and advisory,
1 Make financial services simple,
intuitive and accessible. 43,000 services, guarantees, supply chain and
cash management solutions
fund raising; securities, futures and prime
brokerage services, derivatives and research
2 Build trusted partnerships for Maybankers • Global Markets

– Serves: Individuals, corporates, financial
as well as sustainable finance advisory
3 Group Asset Management
a sustainable future together. who serve our mission, institutions and government entities/ – Serves: Individuals, SMEs, corporates,
empowered by our agencies institutional clients and government
3 Treat everyone with respect,
core values, TIGER. – Offers: Treasury activities and services entities/agencies
dignity, fairness and integrity. including foreign exchange and structured – Offers: Unit trusts and wholesale funds
products, money market deposits, including conventional, Islamic, ESG,
derivatives and capital products as well alternative investment solutions and
shaped by
as trading services mandates
Group Insurance
OUR VALUES… and Takaful
Teamwork – Serves: Individuals, corporates and government entities/agencies
– Offers: Conventional and Islamic insurance (takaful) solutions for general and life/family businesses
Integrity including long-term savings and investment products
Growth
Excellence & Efficiency
Relationship Building Our refined strategy, Group Islamic
Banking
Our core values, TIGER, are M25+, Maybank adopts an Islamic-first approach:
the guiding principles for all reinforces our focus across – Serves: Universal retail and non-retail segments
Maybankers to serve our five strategic thrusts – Offers: Shariah-compliant and values-based financial solutions across the Group’s three business
mission of Humanising pillars
to drive sustainable long-term
Financial Services. growth anchored on a deeper
purpose.
Finance | Strategy | Technology | Operations | Compliance | Risk |
Group Corporate Functions Human Capital | Internal Audit | Corporate Secretarial | Legal | Sustainability
2
Who We Are & What We Do

GRI 2-1, 2-2, 2-6
HELP DELIVER VALUE ACROSS

We provide a full suite of conventional and Shariah-compliant products and services in commercial banking, investment banking and ASEAN.
insurance, to over 16 million retail, non-retail and corporate customers. Being at the heart of ASEAN, we continue to
dedicate our efforts towards achieving a
Presence and Network Areas of Strength and Differentiation Contribution to Maybank Group FY2023
sustainable and inclusive future for our
• Largest retail physical distribution network in Malaysia and Net Operating Profit Before Tax communities.
regional presence in six other ASEAN markets Income (NOI) (PBT)
Over 954 touchpoints which include
branches, premier, service and
• Market leader in Malaysia for cards, consumer current and
savings accounts (CASA), merchants, bancassurance and digital
RM39.0 billion
commercial banking centres as Total non-retail loans disbursed across key
banking businesses with strong expertise and experience in 61.6% 45.2%
well as various digital and online consumer and SME segments
markets in FY2023, with Maybank serving over
NOI PBT
platforms. • Market leader in internet banking (54.0%) and mobile transaction 850,000 SME customers across ASEAN.
(52.9%) volume in Malaysia
1 • Market leader in Malaysia by revenue, profit before taxation, Over RM4.3 billion
loans and deposits with strong presence across key ASEAN of affordable home loans mobilised in
countries
Malaysia in FY2023, providing home ownership
Dubai has corporate banking services. • Cultivating leadership in mobilising Sustainable Finance via
accessibility to low-income households.
partnering our clients in their decarbonisation efforts while
accelerating ASEAN’s transition to a low carbon economy,
Over RM34.1 billion

leveraging Maybank’s robust ESG ecosystem and capabilities.
2
Also recognised as “Best Bank for Sustainable Finance (Malaysia)” 34.2% 47.0%
Total of nine offices, 33 branches and by Global Finance NOI PBT of sustainable financing mobilised in FY2023
96 touchpoints. • Strong transaction banking business with leading trade finance to support low-carbon transition initiatives
market share in Malaysia and differentiated trade and cash and sustainable development outcomes, of
management offerings
which RM17.5 billion was through sustainable
3 Islamic finance solutions.
Over RM1.1 trillion

• Market leader with strong presence as online insurer in Malaysia transacted via Maybank’s digital platforms
for general business across ASEAN in FY2023, supported by cross-
• Leading ASEAN insurer: Malaysia’s largest general insurer and border initiatives between key markets
More than 10,000 agents, 46 branches takaful company, Philippines’ second largest group medical/life 4.2% 7.7% including Malaysia, Singapore, Indonesia and
and 17 offices. Bancassurance network insurer and seventh largest life insurer in Cambodia NOI PBT Cambodia to promote borderless inclusivity.
has over 490 branches, cooperatives, • One of only two insurers in Malaysia to hold all four licences (life,
brokers and online platforms. family, general and general takaful), offering a complete suite of
insurance and takaful products
RM71.1 billion
in Islamic wealth asset under management
• Largest Islamic bank in Asia Pacific and fifth largest in the world
as at year-end, focusing on innovative
by total assets at USD67.4 billion. Also, globally recognised
thought leader in Islamic finance solutions covering customers’ life journeys
• Industry pioneer for global Islamic wealth management, offering premised on the five Islamic wealth pillars,
353 Maybank touchpoints in Malaysia 27.5% 27.8%
comprehensive solutions across the five pillars of creation, namely creation, accumulation, preservation,
and eight fully-fledged Maybank
NOI PBT
accumulation, preservation, purification and distribution purification and distribution.
Islamic branches. • Islamic banking industry leader in Malaysia and Singapore, and
a leading Shariah bank in Indonesia, with expansive Shariah-
compliant solutions, distribution networks, and sizeable clientele
For more details about our business pillars and Islamic franchise, refer to pages 86, 90, 94 and 97 of our Integrated Annual Report.
3
MAYBANK
Our Presence
GRI 2-1, 2-2, 2-6
Malayan Banking Berhad is the holding company and listed entity for Maybank Group. The Group, through its subsidiaries, offers an extensive range of products and services, which includes
consumer and corporate banking, investment banking including stockbroking, Islamic banking, insurance and takaful, trustee and nominee services and asset management.
Our operations span across 18* countries including all 10 ASEAN countries and international financial centres such as London, New York, Hong Kong and Dubai. This is powered by 2,597
branches and 33 investment banking branches globally. Maybank’s home markets are Malaysia, Singapore, Indonesia and Cambodia. We have sharpened our focus by defining our robust
global network into three archetypes based on our key strengths in the different markets where we operate to leverage the existing subsidiaries or network established in these markets.
Definition:
Definition: Definition:
Serves strategic imperatives; Lean setup to
Universal offering; Participation in all segments Focused propositions; Opportunistic on key
Universal Focused Strategic connect customers and act as liquidity hub
and core products segments with tailored products
Play Play Footprint targeting ASEAN corporates
Country Description Country Description Country Description
Brunei 1960
Malaysia 1960 Greater 1962 in Hong Kong; 2000 in Shanghai, 2012 in
Two (Bandar Seri Begawan and Seria)
353 and also six for IB China Beijing, 2015 in Kunming and 2016 in Shenzhen
Retail and commercial businesses
Retail, non-retail and corporate businesses Five
SEAN and domestic corporate clients and
A Laos 2012
financial institutions. Also, private wealth One (Vientiane)
Singapore 1960 [Maybank Singapore Limited (MSL) customers through Maybank Hong Kong Retail SMEs, mid-tier local and ASEAN corporate
incorporated in 2018] businesses
18 (includes nine for corporate and institutional
businesses) Vietnam 1995 Myanmar 1994 (as Representative Office but full bank
etail and commercial businesses under MSL
R Two (Ho Chi Minh and Hanoi) license in 2014)
while corporate and institutional businesses Regional corporate businesses One (Yangon)
under specific branches F oreign and local corporates as well as

domestic financial institutions
Philippines 1997 (Maybank Philippines Incorporated)
Indonesia 1959 (PT Bank Maybank Indonesia Tbk) 60 USA 1984
37 (includes 20 Shariah branches and one
3 One (New York)
Retail and corporate businesses
in Mumbai, India) C orporate businesses (i.e.: lending, loan

syndications, bilateral arrangements, treasury,
Retail, non-retail and corporate businesses
Thailand 1990 initially as Nithipat Capital Co. Ltd but capital markets and trade finance services)
name changed to Maybank Securities
Cambodia 1993 (Maybank Cambodia Plc; incorporated Thailand in 2022 UK 1962
in 2012) One (London)
19 for IB and one head office
Regional ASEAN corporate businesses (i.e.:

21 etail and institutional businesses (i.e.:
R capital markets, trade finance and global
Retail, non-retail and corporate businesses brokerage, securities trading, underwriting market services)
and investment advisory services)
India 1995
One (Mumbai held via Maybank Indonesia)
C orporate businesses (i.e.: trade and

remittance services across Asia)
UAE 2019
One (Maybank Islamic Dubai-DIFC Branch)
C orporate businesses (i.e.: lending, loan

syndications, bilateral arrangements, treasury,
capital markets and trade finance services)
Notes:
Icons: Established Branches Serves
* The countries not featured are Pakistan, Saudi Arabia and Uzbekistan.
For more information on our presence, please refer to www.maybank.com/en/maybank-worldwide.page
4
Milestones & Industry Firsts in 2023
Surpassed yearly target, mobilising Enabled financial access, with over

RM34.11 billion, with RM68.48 8.9 million customers The first of its kind Sustainability Over 177,000 individuals
Sukuk in the healthcare industry covered through cost-effective
billion in sustainable finance mobilised to served via Maybank2u in Malaysia,
date Singapore, Indonesia, Cambodia and and inclusive microinsurance
Philippines
RM3 billion offerings for underpriviledged
• RM9.38 billion mobilised via loans
Joint principal advisor, lead arranger, communities
to MSMEs
sustainability advisor and joint lead
• Over 61% of non-retail financing manager
mobilised towards Green or Social
Activities directed to supporting
socioeconomic advancement and
empowerment
Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s):
Related Material Matter(s): Related Material Matter(s): Related Material Matter(s): Related Material Matter(s):
SDGs: SDGs: SDGs: SDGs:
or more details, please refer to page 39 of

F or more details, please refer to page 50 of
F
this report. this report. this report. this report.
inaugural
Hosted the
Retained the recognition of
Group
Introduced the Positively impacted a total
Maybank Group Bloomberg’s Gender- Human Rights 75,658 lives across
Sustainability Week, to Equality Index in February Policy and the Group ASEAN through programmes by
inspire sustainable practices at work and 2023, for ongoing gender equality
Dignity Policy, showcasing Maybank Foundation
beyond and intensify impact of practices since 2017
our commitment to uphold and
Maybank’s sustainability efforts, through
respect human rights
more than 8,000 engagements
Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s): RelatedStakeholder(s):
Related Material Matter(s): Related Material Matter(s): Related Material Matter(s): Related Material Matter(s):
SDGs: SDGs: SDGs: SDGs:
or more details, please refer to page 94 of

F
this report. this report. this report. this report.
5
MAYBANK
2023 Key Highlights

Powering Progress
Our Retail SME Banking segment has

775,562 customers Executed 67 deals comprising
served over 95,557 applications green, social and sustainability-linked
received, with up to RM840 million
an increase of 4.8% from 2022, with a total of
loans and bonds, amounting to over
RM28.25 billion financed to Malaysian in financing disbursed to SMEs in Malaysia. RM17.65 billion.
retail SMEs.
For more details, please refer to page 49 of this report. For more details, please refer to page 47 of this report. For more details, please refer to page 44 of this report.
SGD86.1 million 90% of workforce trained to deliver

Improved Net Promoter positive customer experiences through the
(2022: SGD28.5 million) in total transaction
value recorded via MEPS, an increase Score from +24 to +37, reflecting Maybank Hospitality
leadership in customer advocacy.
of 201.2% compared to the previous year. Programme.
More than Positively impacting more than

Over 10,000 participants 38,000 students
142,000 hours dedicated to received training in the R.I.S.E. Programme,
through the
Cahaya Kasih (Ray of Love), our employees Cashville Kidz programme, covering more
volunteerism programme, positively bringing the total to 33,435 trained 100 schools across
than
to date.
impacting people and planet. six ASEAN countries.
74 scholars
Maybank
Hosted the receiving educational support through the
Marathon 2023 Over RM4 million invested by Etiqa Maybank Group
in Bali attracting a record-breaking in health and wellness initiatives, benefitting Scholarship Programme
13,000
participation of over over 60,000 individuals. and the ASEAN-Maybank
runners from 57 countries. Scholarship Programme.
6
2023 Key Highlights
Employee next-gen roles in our

Increased Launched #MYouth Council and
Engagement Survey workforce to 21% and enhanced GenM Global Summit, involving
achieved a participation rate of 92% with
over 17,000 participants and
performance management to embrace
the Sustainable Engagement Index (SEI) agile methodologies and objective and key
generating over 400 ideas from youth leaders
at 89%, above the Willis Towers Watson results to drive minimum viable products
in key markets.
Global High Performing Companies Norm. and M25+ initiatives.
Commenced the development and

deployment of several key learning initiatives
2,600 trainees
Welcomed over
Work Placement build the talent
that aim to
into structured training and
Introduced
Programme for Persons with Disabilities, pipeline of value based
internship programmes to
with nearly 100 trainees participating. equip job seekers with employable skill-sets. financial services and
sustainability expertise to
further embed sustainability principles in our operations.
Demonstrating Corporate Resilience
Over 80% of workforce

customer
Intensified efforts for
participated inAML/CFT and
protection against
AB&C training, resulting in Zero losses of customer data.
cyber scams, through the
approximately 150,000 total
enhancement of Secure2u.
training hours.
Data Privacy
The annual
e-learning achieving a 91%
completion rate among
employees, with a focus on groups
handling customer information.
For more details, please refer to page 111 of this report.
7
MAYBANK
Key Awards & Recognition

We received several awards and accolades throughout 2023 in recognition of our effort and commitment to sustainability:
Won Global Finance Awards 2023:
1 Best Bank for Sustainable Finance

in Malaysia
2 Outstanding Leadership in Sustainability
Transparency in Asia Pacific
Won The Edge ESG Awards 2023:

Sustainability ranking of
1 Best Overall Winner (Gold) 374 in the TIME’s World’s
Best Companies 2023
2 Best Fund Based on Asset Class
(Gold) under Equity only Malaysian
The
3 Best Low Carbon Award (Silver) company to be included in the list

of top 750 companies in the world
Won The Edge Billion Ringgit Club Awards 2023
Best CR Initiatives under the

HR Excellence Awards 2023
Winner of the
Super Big Cap category
in Malaysia and Indonesia Won the Forward Faster Sustainablity Awards 2023:
1
Finance & Investment
(Large Company)
Won the Asian Banking & Finance Awards 2023
2 Chief Sustainability Officer (Singapore):

Recognised in the
(Large Company)
Tripartite Alliance Awards 2023
1 Corporate & Investment
3 Pioneer Sustainable Bank of the Year
Winner Winner Winner
Fair & Progressive Work-Life Age Inclusive Development Action
Employment Excellence Practices Recognition 2 Green Deal of the Year
Practices
For more information on our key awards and recognitions, please refer to pages 45, 65, 90 and 106 of this report.
8
Key Ratings
The Group continued to be listed in the following ESG indices, which evaluate the ESG performance of publicly listed corporate organisations. Our consistent inclusion in these indices reflects
the recognition of our unwavering commitment to embedding sustainability in our business.
FTSE4Good Bloomberg Gender Equality Index
In 2023, Maybank was once again listed in Bloomberg’s Gender Equality Index
(GEI). This reflects the Group’s commitment to supporting gender equality and
work-life balance. The Group will continue to provide competitive benefits and
promote an inclusive work environment without bias, not only to meet employees’
evolving needs but also to retain talent in the current competitive landscape.
RAM Sustainability Rating

For the eleventh consecutive year, the Group has been included in the
following indices that assess the ESG performance of companies. Our
inclusion in these indices is a recognition of our robust corporate
governance and sound business practices. Obtained entity rating of 2 by RAM Sustainability on E, S and G pillars indicating
a Very Low Risk Rating, demonstrating resilience to ESG risks with very low
• FTSE4Good Bursa Malaysia Index
likelihood of adverse reputational, business or financial impact.
• FTSE4Good ASEAN 5 Index
• FTSE4Good Emerging Indexes
• FTSE All-World Green Revenues Index
• FTSE Asia Pacific Green Revenues Index
• FTSE Emerging ESG Index
MSCI ESG Ratings
• FTSE Emerging Green Revenues Index
In 2023, Maybank received a 4-star rating in FTSE4Good, reflecting

Maybank as the top 25% by ESG rating among PLCs in the FBM Emas
Index, which was assessed by FTSE Russell. The Group received an “AA” rating (on a scale of CCC-AAA) during
the 2023 MSCI ESG Ratings assessment.
Ranking Performance
RECOGNITION
Year 2019 2020 2021 2022 2023

CDP Rating
FTSE4Good Bursa Malaysia Index Included Included Included Included Included
The only Malaysian Bank to
MSCI ESG Ratings A AA AA AA AA
obtain a B rating. This is higher
Bloomberg Gender Equality Index Included Included Included Included Included than the Asia regional and
CDP (formerly Carbon Disclosure Project) D D D C B global average of C.
9
MAYBANK
Memberships & Signatories

GRI 2-28
Maybank has embarked on strategic affiliations with key stakeholders in the industry to advance sustainable practices and collaboratively drive a Responsible Transition. These include
membership of international bodies and regulatory working groups which enable us to not only accelerate our sustainability agenda, but more importantly champion specific causes that
spur the adoption of best practices regionally. Some of these collaborations and partnerships include:
Maybank is one of the first banks in Malaysia to be a

signatory of NZBA, an industry-led alliance convened In March 2023, Etiqa became the first insurer in Malaysia
by the United Nations. Through this alliance, we aim to adopt the United Nations’ PSI through the UN
to support the transition to net zero emissions, which Environment Programme Finance Initiative (UNEP FI), a
will be reflected through our efforts in mobilising global Sustainability Affiliation for insurance industries.
sustainable and transition finance, supporting our This initiative integrates ESG aspects into decision-making,
clients in their transition journey and disclosing our performance against our risk management, collaborations and public disclosures,
decarbonisation targets that will be established. aligning with the Group’s Sustainability Framework.
In 2022, the Group became a participant to further

strengthen sustainability efforts that are aligned to UN
Global Compact’s Ten Principles. Further to this, in 2023,
Maybank signed a Memorandum of Understanding (MoU)
with the UN Global Compact Network Malaysia and Brunei In addition to our representation in all five sub-
for its Maybank Sustainability Practitioner Certification committees, Maybank is the deputy chair and lead
Programme with the aim of providing individuals with specific sustainability secretariat of Sub-committee 4 (SC4): Engagement
knowledge and experience to be certified through this programme. and Capacity Building. We were active in developing
capacity-building programmes for the industry in
2022 and instrumental in driving the JC3 Journey to Zero Conference held in
October 2023, together with HSBC Amanah.
Appointed climate change advisory panel member

to provide advice and guidance to the national
COP28 delegation, leading to the launch of the
Transition Finance Framework.
Maybank has been a member of PCAF since

2022 and has been disclosing our financed
emissions based on the GHG Accounting and
As the chair of the Association of Banks
Reporting Standard for the Financial Industry
Malaysia’s ESG Committee, Maybank has
(the Standard) which was developed by PCAF.
contributed to the development of seven
We have been leveraging technical guidance and insights gained from this
broad ESG principles, for adoption by banks
partnership to measure our financed emissions.
in Malaysia and led roundtable discussions in driving the net zero agenda among
financial institutions.
10
GRI 2-22
Message from
Chairman
At Maybank, sustainability is not merely a
concept; it is a fundamental principle that
shapes our business strategies, decisions
and initiatives. We recognise the intricate
relationship between financial resilience,
environmental stewardship and social well-
being. The achievements detailed in this
report showcase how sustainability has
become a cornerstone of our corporate
strategy, deeply rooted in our mission of
Humanising Financial Services and guiding
our actions as we strive to create a positive,
lasting impact across our operations and
the communities we serve.
Tan Sri Dato’ Sri Zamzamzairani Mohd Isa

Chairman
11
MAYBANK
Message from Chairman

GRI 2-22
We are pleased to share the significant progress we have DRIVING CLIMATE ACTION AND EMPOWERING SUSTAINABLE
made in advancing our sustainability agenda, driving GROWTH
positive impact and shaping a more inclusive and resilient
Our desire to drive climate action is underpinned by our
future, as we collectively aim to strengthen our position
towards becoming a Sustainability Leader in Southeast Asia
commitment to achieve a carbon neutral position of our
own emissions by 2030 and Net Zero Carbon equivalent
introduced the
We
by 2025.
position by 2050. This commitment stems from our myimpact brand to
At Maybank, sustainability is not merely a concept; it is a dedication to listening to and addressing the diverse needs
fundamental principle that shapes our business strategies, of all stakeholders, all while remaining steadfast in our distinguish our ethical
decisions and initiatives. We recognise the intricate relationship
between financial resilience, environmental stewardship and
mission to humanise financial services and contribute to the
transition to a net zero future.
approach towards
social well-being. The achievements detailed in this report strengthening our Humanising
A foundational part of the Group’s M25+ strategy, our
showcase how sustainability has become a cornerstone of Financial Services mission.
commitment to climate action addresses three material
our corporate strategy, deeply rooted in our mission of
issues: Building Climate Resilience to Support the Low- Furthermore, our approach goes
Humanising Financial Services and guiding our actions as we
strive to create a positive, lasting impact across our operations
Carbon Transition, Managing Our Environmental Impact, and beyond financial sustainability to
and the communities we serve.
Developing Sustainability focused Products and Services. By include community impact
addressing this through a range of strategic and impactful
In this regard, 2023 has proven to be another landmark year initiatives, we are positioning ourselves as a frontrunner in
through Islamic social finance
for Maybank in several ways, seeing us achieve a number of spearheading a just and responsible transition toward a programmes, showcasing
milestones on our sustainability journey. I am glad to see low-carbon economy.
that in the one year since passing the baton as chair of the
We are pleased to report that this year, we once again
Maybank’s holistic
Board Sustainability Committee to En. Shariffuddin Khalid, we
have continued to reach greater heights in the areas of
exceeded our annual target for mobilising sustainable approach towards building
Environmental, Social and Governance, achieving key
finance. Having channeled more than RM34 billion as of the
end of 2023, we are over two-thirds and well on our way to
community resilience.
milestones and a number of firsts, yet again. Our very first
achieving our 2025 target of RM80 billion. This achievement
Environmental Report, which is published together with our
was enabled by the Group’s Sustainable Product Framework
Sustainability Report is a testament to spearheading
and it is my hope that it will propel even further through the
environmental and climate-related disclosure within the
recently launched Group Transition Finance Framework.
region, while our Group Human Rights Policy which is aligned
to the UN Guiding Principles on Business and Human Rights, Central to Maybank’s sustainable financing initiatives is the GENERATING POSITIVE IMPACT IN COMMUNITIES
solidifies our commitment to embedding human rights support for Small and Medium-sized Enterprises (SMEs). By
considerations into our business operations and fostering a participating in national programmes, Maybank has At Maybank, we believe that our success is intrinsically linked
culture of respect and accountability at all levels. facilitated the provision of funds to assist Malaysian SMEs in to the well-being and prosperity of the communities we
transitioning to low-carbon practices. This underscores serve. We recognise the important role our institution plays
Maybank’s commitment to helping businesses adopt more in not only supporting communities but more importantly,
developing and nurturing society through targeted, impactful
Our Group Human Rights Policy sustainable operations.
programmes. This year, Maybank’s continuous efforts and
which is aligned to the UN As a leader in Islamic finance, Maybank infuses sustainability investments in community programmes including
into the principles of value based financial services. Our
Guiding Principles on Business financial solutions, catering to various customer segments,
programmes under Maybank Foundation, micro insurance
product offerings, financial literacy initiatives, mortgages
and Human Rights, solidifies our highlight our commitment to value based practices as a and automobile financing for low-income customers as well
commitment to embedding differentiator to drive economic value. In pursuit of this, we as zakat initiatives have made remarkable strides across the
human rights considerations introduced the myimpact brand to distinguish our ethical ASEAN region, positively impacting 498,529 households.
approach towards strengthening our Humanising Financial
into our business operations Services mission. Furthermore, our approach goes beyond
These initiatives which are centered around key areas
including education, community development and
and fostering a culture of financial sustainability to include community impact through environmental conservation, showcase the Group’s
respect and accountability Islamic social finance programmes, showcasing Maybank’s determination to promote the growth of thriving communities,
holistic approach towards building community resilience.
at all levels. cultivating Maybank’s long and rich history of community
empowerment efforts.
12
Message from Chairman

GRI 2-22
CHAMPIONING INCLUSIVITY AND ACCESSIBILITY support. To all our Maybankers, thank you for continued
commitment and responsibility to uphold the highest level
Maybank is deeply committed to sustainability and inclusivity,
of environmental and social standards, your collective
This year, Maybank’s aiming to achieve one million hours per annum in
support has been instrumental in driving our sustainability
continuous efforts and sustainability initiatives and one thousand significant UN
SDG-related outcomes by 2025. In 2023, the Group made
ambition. Lastly, but certainly not least, to our customers,
investments in community
partners and stakeholders, thank you for your trust and
substantial progress towards this goal, achieving over
continued collaboration with us. Together, we are creating a
programmes including 1.9 million sustainability hours, driven by the collective
commitment of its employees. Maybank’s Cahaya Kasih
legacy that is filled with sustainable growth, positive impact
and shared prosperity.
programmes under Maybank Employee Volunteerism Programme plays a crucial role in
Foundation, micro insurance this journey, fostering a culture of sustainability and As we look towards the future, we remain steadfast in our
community impact among employees. The Global CR Day commitment to become a Sustainability Leader in Southeast
product offerings, financial literacy was a notable event in 2023, where Maybankers worldwide Asia – advancing sustainability, driving innovation and
initiatives, mortgages and participated in various environmental and community- creating value for all our stakeholders. With determination,
automobile financing for low- oriented activities, amplifying the impact of these efforts vision and collaboration, I am confident that Maybank will
through partnerships with external organisations. continue to lead, inspire and make a lasting difference in
income customers the world.
as well as zakat initiatives have In 2023, Maybank launched the Work Placement Programme
for Persons with Disabilities, enhancing workforce inclusivity
made remarkable strides and diversity. This initiative, along with the inaugural Maybank
across the ASEAN region, Group Sustainability Week, underscores the Group’s
commitment to an inclusive, innovative work environment.
positively impacting
498,529 households.
inaugural
The
Maybank Group
This year, we also leveraged on the Maybank Marathon in Sustainability Week,
Bali to further encourage sustainable efforts throughout this underscores the bank’s
event, from the runners and spectators, all the way to the commitment to an
marginalised and disabled communities of the island. For
the second year running, we held a Sustainability Day to
inclusive, innovative work
enhance visibility over our local community empowerment environment.
programmes and promote environmentally sustainable
practices.
BUILDING ESG CAPACITY, ACHIEVING OUR COMMITMENTS A COLLECTIVE ENDEAVOUR

To further embed sustainability into our DNA, the year 2023 Our sustainability journey is a collective endeavour. The
saw the Group further intensify its capacity-building efforts to integrate sustainability across the Group have
initiatives, from the Board right to employees across all always been built on making meaningful and strategic
business groups. The inaugural Maybank Group Sustainability decisions that are based upon our fundamental principles of
Week was a testament to this, aimed at inspiring sustainable sustainability. This is underpinned by our mission of
practices at work and beyond. These initiatives were meant Humanising Financial Services, where we intend to do no
to increase awareness and greater understanding on ESG harm, to be a force for good and to ensure that no one is
matters. Our unwavering focus on continuous learning and left behind. In this regard, I would like to extend my heartfelt
knowledge enhancement stands as a cornerstone of our gratitude to my esteemed colleagues on the Board and our
sustainable business practices. dedicated senior leadership team for their unwavering
13
MAYBANK
GRI 2-22
Message from the President

and Group Chief Executive
Officer
As we continue to advance our strategic vision to become
a Sustainability Leader in Southeast Asia, we are cognisant
that a pragmatic approach towards sustainability has to
be adopted and our leadership ambition is pursued
through three key themes namely, Business Leadership,
Thought Leadership and Capacity and Capability Building
Leadership. With this in mind, Maybank’s sustainability
journey in 2023 involved thoroughly reviewing and where
needed, adjusting certain aspects of existing frameworks
and positions, while at the same time, introducing new
policies and practices to advance strategic sustainability
objectives. This approach stemmed from our understanding
of the diverse needs of our stakeholders and our dedication
to addressing these needs, all whilst being resolute in
achieving our net zero ambition and overall mission of
Humanising Financial Services. Some of these efforts
involved reviewing industry positions on coal in support of
the region’s initiative to reduce its dependency through the
early retirement of coal power plants in alignment with the
ASEAN taxonomy; the enhancement of the Sustainable
Product Framework in account of the latest standards and
taxonomies being introduced; and the launch of the
Transition Finance Framework to ensure credibility in
classifying and recognising transition finance solutions in
support of our clients’ transition towards a Paris-aligned
economy.
Dato’ Khairussaleh Ramli

President and Group Chief Executive Officer
14
Message from the President and Group Chief Executive Officer

GRI 2-22
SUPPORTING A RESPONSIBLE AND JUST TRANSITION Workshop, aimed at empowering over 120 corporate clients seen more than half of financing mobilised through the
to develop and implement transition plans as well as the provision of affordable basic infrastructure and services, with
M25+ aims to future-proof Maybank, bringing it From Good
sharing of policy and regulatory views on achieving a low- a marginal increase to 30% towards the mobilisation of
to Great by reinforcing the foundation for long term
carbon economy. clean transportation, namely electric or hybrid vehicles. On
sustainable shareholder returns through five strategic
our operational emissions, we have reduced 49% of Group’s
thrusts. Premised on sustainable and value based financial Maybank has made significant progress in 2023 with respect
Scope 1 and 2 total emissions against the 2019 baseline.
service practices and outcomes, this is ultimately to our sustainable finance and carbon neutral commitment,
Primary initiatives contributing to the reduction include
encapsulated in our Purpose Statement – “We are a values- surpassing our annual targets yet again this year. Since
implementation of energy efficiency projects, Malaysia
driven platform, powered by a bionic workforce that announcing our ambitious target in 2021 to mobilise RM50
Renewable Energy Certificates (mREC) and carbon credits.
Humanises Financial Services”. As one of the strategic billion by 2025 which was subsequently increased to RM80
thrusts under M25+, Maybank’s sustainability strategy is billion in 2022, our efforts have yielded great results. Our efforts have gained numerous recognitions in the
deeply intertwined with our commitment to environmental Cumulatively for 2023, we successfully mobilised over RM68 industry. Most notably, being honoured in TIME Magazine’s
action. To drive our leadership in sustainability we intend to billion in sustainable finance, an impressive RM34.11 billion World’s Best Companies, with a Sustainability ranking of 374,
focus on, amongst others, the execution of a decarbonisation mobilised in the year alone, with a substantial portion the only Malaysian company to be included in the list of top
strategy. This includes enhancements in baseline, mobilised from Malaysia and Singapore. One of our notable 750 companies in the world. Another significant achievement
measurement and target-setting capabilities; building corporate deals this year included the first of its kind was our CDP rating upgrade from C to B, the highest rating
segment-specific business strategies; and developing a sustainability sukuk of RM3 billion in the healthcare industry. received by a bank in Malaysia, placing us higher than the
sustainability integrated target operating model covering Asia regional and Global average of C. Additionally, Maybank
governance and organisation, business, individual KPIs and clinched the Edge Billion Ringgit Club – Best CR Initiatives, in
credit approval processes. In support of this, in 2023, we recognition of our sustained efforts in sustainability and
launched the Emissions Calculator - the first ever in-house corporate responsibility, while also being recognised as the
built in the ASEAN region, aimed at increasing carbon Best Overall Winner (Gold), Best Fund Based on Asset Class
footprint awareness and enabling collaboration with clients As a member of the Net (Gold) under Equity and Best Low Carbon Award (Silver) at
on their transition journey. We also embarked on our net The Edge ESG Awards 2023. Furthermore, our efforts in
zero pathway development, focusing on Palm Oil and Power, Zero Banking Alliance Singapore also paid off as we won the Green Deal of the
while currently working on Oil and Gas. These sectors (NZBA), we intend to Year at the Asian Banking & Finance Awards 2023.
represent a significant portion of our portfolio and where we
see the greatest potential to affect change. As a member of announce our first target by
the Net Zero Banking Alliance (NZBA), we intend to announce the second quarter of 2024.
our first target by the second quarter of 2024. This will lead
us a step further towards meeting our net zero ambition by This will lead us a step Our efforts have gained
2050. In terms of value based financial services, we also further towards meeting our numerous recognitions in the
introduced ASEAN’s first sustainable credit card with a built-
in carbon tracker and offset feature that rewards sustainable net zero ambition by 2050. industry. Most notably, being
purchases with non-compounding interest and charges.
honoured in TIME
Further to this, 2023 was a year of strategic partnerships and
Magazine’s World’s Best
collaborations. As part of our regional agenda to drive
sustainability collaborations, Maybank partnered with KPMG Companies, with a
Singapore to mobilise funding for low-carbon and green Our dedication to sustainable investing has also been
Sustainability ranking of
projects through KPMG’s ASEAN Decarbonisation Hub. The evident this year with the launch of the MAMG Green Tigers
partnership aimed to facilitate low-carbon and energy Fund. This innovative fund, our fourth qualified Sustainable 374, the only Malaysian
efficiency project origination, structuring, financing and and Responsible Investment (SRI) fund, focuses on investing
company to be included in
implementation to help businesses manage the impact of in disruptive environmental solutions offered by fast-growing
climate change. This includes helping businesses achieve Asia-Pacific companies. Additionally, we continue to the list of top 750 companies
their net zero goals through carbon reduction roadmaps strengthen our ESG research capabilities, providing valuable
in the world.
and sustainable financing provided by Maybank to support insights to our customers and fostering informed decision-
decarbonisation projects. Leading up to COP28, Maybank making in the evolving ESG investing landscape. On the
also co-hosted the inaugural IIF-Maybank Transition Finance retail segment and similar to the previous year, we have
15
MAYBANK
Message from the President and Group Chief Executive Officer

GRI 2-22
ELEVATING THE CUSTOMER EXPERIENCE THROUGH Philippines, while micro-insurance products benefitted In our pursuit of building a more inclusive workforce, we
DIGITAL TRANSFORMATION 177,078 individuals from the low-income category across the introduced the Maybank Work Placement Programme (WPP)
region. Additionally, our zakat contributions to vulnerable for Persons with Disabilities (PwDs) in 2023. Through
At Maybank, our digital transformation journey has been a
and underprivileged communities which covered, amongst collaborations with universities, NGOs, and government
strategic differentiator, leveraging technology and
others, education, entrepreneurship, humanitarian aid and institutions, we have provided equitable opportunities for
accelerating digitalisation to significantly enhance customer
Islamic social finance impacted 50,605 beneficiaries. PwDs to gain valuable work experience and contribute their
experience. Our commitment to innovation, customer-
talents to our organisation. By fostering a supportive and
centricity, and technological advancements is evident in As the social impact arm of the Group, Maybank Foundation
inclusive work environment, we are not only empowering
every aspect of our digital offerings. has impacted close to 500,000 lives across ASEAN to date.
individuals with disabilities but also enriching our
In 2023 alone, the eMpowering Youths Across ASEAN
In 2023, we continued to make significant progress in our organisational culture and driving innovation through
programme has been instrumental in nurturing youth
digitalisation efforts, with digital initiatives such as the diversity.
leadership and community projects across the region,
Maybank Personal Digital Financing which was rolled out last
benefitting 21,629 individuals. Cashville Kidz is another Another important “S” element in ESG is human rights. As
year, seeing growth of over 50.91% amounting to RM100.2
successful programme that we have seen great progress in. part of our commitment and responsibility as an organisation
million disbursed, while SME Digital Financing saw
This financial literacy programme aimed at educating to respect human rights, we are pleased to inform that we
approximately 95,600 applications, with up to RM840 million
children on essential financial management skills, has have since developed a Group Human Rights Policy. Staying
disbursed to SMEs in Malaysia. In Indonesia, strategic
benefitted 38,334 individuals. true to our sustainability principles on placing people at the
partnerships have led to significant advancements in digital
centre of how we conduct business, this policy aims to
wallet top-ups, with more than 560,000 transactions worth
address human rights in our business operations and across
IDR182.4 billion, highlighting our commitment to digital
our value chain. In the spirit of transparency, we intend to
innovation and accessibility. Similar partnership through the
publish this in 2024.
Maybank Overseas Transfer in Singapore, led to nearly
214,900 transactions, valued at SGD266 million. In Cambodia,
In 2023, we provided access to
digital offerings such as KHQR Integration and Secure2u with mortgage and automobile CLOSING REMARKS
Bakong recorded over 900,000 transactions, totalling
USD302.9 million, a significant jump from the year before of
financing to 196,740 low- While significant progress has been made in our sustainability
efforts, we acknowledge that there is still a long way to
USD45.5 million. As we continue our efforts to digitalise income customers in Malaysia, reach our destination. As we look towards the future, we are
lifestyles across ASEAN by offering accessible digital banking
solutions, we have also stepped up our efforts in consumer
Indonesia and the Philippines, energised by the possibilities that lie ahead. Our commitment
to sustainability, innovation, and inclusive growth remains
protection and cyber security regionally, ensuring a safe while micro-insurance steadfast. We are poised to not only meet the challenges of
digital banking experience for your customers.
products benefitted 177,078 tomorrow but to lead the way in creating a sustainable
future for all our stakeholders. Our journey continues, and it
EMPOWERING COMMUNITIES TO GROW SUSTAINABLY
individuals from the low- is one that we are proud to share with our customers,
Over and above digital financing and environmental

income category across the employees, and communities.
preservation, Maybank prides itself on making a positive region. Additionally, our zakat
difference across the countries where we operate through
strategic community empowerment and development
contributions to vulnerable
programmes. and underprivileged
In Maybank, we have made great strides on our commitment communities which covered,
to improve the lives of two million households across ASEAN,
impacting more than 1.3 million households in the span of
amongst others, education,
three years through the provision of affordable and entrepreneurship, humanitarian
accessible insurance offerings to lower-income customers,
financial inclusion solutions to vulnerable groups, SMEs and
aid and Islamic social finance
microenterprises, zakat contributions, financial literacy and impacted 50,605 beneficiaries.
programmes via Maybank Foundation. In 2023, we provided
access to mortgage and automobile financing to 196,740
low-income customers in Malaysia, Indonesia and the
16
GRI 2-22
Message from Group

Chief Sustainability
Officer
2023 marked a significant milestone
in our sustainability narrative as it
was a year where we not only
consolidated our efforts but also
expanded our horizons by
producing our first standalone
Environmental Report. This pivotal
document, complementing our
Sustainability Report, offers an
in-depth look into our climate
actions and environmental
performance within the context of
our operational environment. It is
a reflection of our commitment to
transparency and accountability,
detailing the steps we have taken
in our decarbonisation journey
and responses to climate-related
opportunities and risks.
Shahril Azuar Jimin

Group Chief Sustainability Officer
17
MAYBANK
Message from Group Chief Sustainability Officer

GRI 2-22
In an era where corporate responsibility and sustainability Capitalising on our achievements in 2022 and galvanised by Maybank is strategically focused on becoming a Sustainability
are not just aspirations but imperatives, Maybank stands at our drive to create tangible positive impact, 2023 has been Leader in Southeast Asia and this involves taking an industry
the forefront of this transformative journey. Our commitment filled with landmark accomplishments. This year, Maybank, leadership position in building capabilities and solutions. In
transcends beyond mere compliance; it is a concerted representing the financial industry, was appointed as a response to this, we have been proactive in nurturing
effort to integrate sustainability into the very fabric of our member of the national advisory panel on climate change strategic partnerships and collaborations, developing our
operations and corporate ethos. As we journey towards to provide advice and guidance to the Malaysian Government internal capabilities and providing our clients with key
2025, we are focused on our commitment to mobilise RM80 on issues pertaining to climate. In view of this, Maybank was insights, where needed. With respect to partnerships and
billion in sustainable finance, drive positive social outcomes one of the national delegates from Malaysia to the Climate collaborations, Maybank, as a member of the Net Zero
for two million households across ASEAN, achieve ambitious Change’s 28th Conference of Parties at Dubai. At this Banking Alliance, led roundtable discussions among financial
carbon neutrality goals and foster a culture of sustainability, conference, Maybank launched a first of its kind Transition sector peers on net zero planning. This was part of hands on
inclusivity and collaboration among our employees. These Finance Framework in ASEAN – another first by a Malaysian practitioners’ training for Malaysian Financial Institutions,
commitments are not only a testament to our dedication bank. The framework which outlines the Group’s principled- with the intent of building on the industry’s commitment
to sustainability but also reflect our unwavering belief in pragmatic approach to classify and recognise financing towards an effective and just transition. This tailored
the power of collective action and collaboration to create solutions as credible transition finance, has allowed us to programme was conducted in collaboration with the
a more inclusive and equitable future for all. stretch the definition of transition financing beyond the eight Glasgow Financial Alliance for Net Zero (GFANZ) and
hard-to-abate sectors, taking into account the development supported by Maybank and various bodies including the
Besides the ongoing efforts to implement impactful
of innovative decarbonising solutions for clients. Association of Banks in Malaysia (ABM). Another key
sustainability initiatives, we are also ensuring that we
collaborative initiative was the regional JC3 Journey to Zero
consistently communicate these efforts to the wider market
Conference held in October 2023, where Maybank was part
to help create systemic change. This is especially important
of the organising committee together with HSBC Amanah,
given our position as one of the largest financial institutions
in ASEAN, with a significant role and ability to influence the
Capitalising on our Bank Negara Malaysia and the Securities Commission. The
collaboration involved working on curating a conference
sustainability journeys of our customers and consequently, achievements in 2022 and that provided practical and actionable solutions to industry
their value chain. Over the last few years, we have seen the
rapid consolidation of global sustainability standards which
galvanised by our drive to practitioners in driving sustainable transformation.
in turn demand for better quality disclosures from create tangible positive 2023 was a year where we intensified our efforts in building
organisations. At Maybank, we are committed to adopting our internal capacity and taking action. Acknowledging the
international frameworks and aligning with the best impact, 2023 has been filled importance of capacity and capability building of our
reporting practices. As these standards evolve, becoming
with landmark employees, in August 2023, we held our inaugural Maybank
increasingly rigorous to meet the discerning demands of a Group Sustainability Week (MGSW), aimed at intensifying the
sophisticated investor base, we are dedicated to staying accomplishments. This year, impact of Maybank’s sustainability efforts and inspiring
ahead of the curve, ensuring our practices are not only more Maybankers to live sustainably at work and beyond.
current but also future-ready.
Maybank, representing the This week-long event saw the launch of several key initiatives
It is in this context that the year 2023 marked a significant

financial industry, was and products – the MOU signing of Maybank’s Sustainability
Practitioner Certification Programme with United Nations
milestone in our sustainability narrative. It was a year appointed as a member of Global Compact Network Malaysia and Brunei which aims to
where we not only consolidated our efforts but also
expanded our horizons by producing our first standalone the national advisory panel build capacity and provide credibility to employees with
specific sustainability knowledge and experience to obtain
Environmental Report. This pivotal document, complementing
on climate change to provide credible certification; the launch of Maybank’s Digital
our Sustainability Report, offers an in-depth look into our
Business card, targeted at collectively reducing our carbon
climate actions and environmental performance within the advice and guidance to the emissions and ecological footprint; the introduction of the
context of our operational environment. It is a reflection of
our commitment to transparency and accountability,
Malaysian Government on Financed Emissions Calculator, with the objective of
increasing carbon footprint awareness by providing valuable
detailing the steps we have taken in our decarbonisation issues pertaining to climate. insights into carbon emissions per lending amount, fostering
journey and responses to climate-related opportunities
meaningful discussions with clients that are supported by
and risks.
data and empowering them to make informed decisions
18

GRI 2-22
aligned with sustainability goals; and finally the myImpact demonstrating our collective commitment to making a stood at a total of 190,330 beneficiaries from community
card, designed to encourage sustainable living and reward positive impact on the environment and communities. From empowerment and micro insurance products targeted at
responsible consumer choices. tree-planting activities to waste segregation initiatives and B40 equivalent communities from the perspective of
educational outreach programmes, our employees providing a ‘safety net’ at a very affordable premium.
demonstrated their commitment to making a difference
Our dedication to environmental sustainability is further
In August 2023, we held our and contributing to sustainable development. Through
exemplified by our initiatives such as tiger conservation in
collaborative efforts with partner organisations and
inaugural Maybank Group government institutions, we have been able to amplify the
Belum Temengor, located in the Malaysian state of Perak
and mangrove planting in Bali, Indonesia, underscoring our
Sustainability Week (MGSW), impact of our volunteerism programmes and drive
commitment to biodiversity preservation and climate action.
meaningful change in the communities where we operate.
aimed at intensifying the Furthermore, our commitment to fostering education and
Further to this, we conducted a series of sustainability
impact of Maybank’s engagement programmes in our home markets as well as
nurturing talent is evident through our Group Scholarship
Programme and the ASEAN-Maybank Scholarship
sustainability efforts and Maybank Philippines, themed Sustainability Series. The
Programme, supporting 74 scholars in their pursuit of
programme which covered areas involving Business, Social,
inspiring more Maybankers to Governance and Culture included amongst others, panel
academic excellence. As we continue to expand our reach
and impact, we remain dedicated to Humanising Financial
live sustainably at work and sessions, updates on our sustainability strategy, sustainability
Services through initiatives such as the R.I.S.E. Programme,
marketplace and hands-on workshops.
beyond. This week-long event Eco-Weavers initiative, and new support programmes
At Maybank, we believe that our employees are our greatest tailored for the underserved communities.
saw the launch of several key asset and play a pivotal role in driving sustainable and
Additionally, we acknowledge the pressing need to address
initiatives and products responsible business practices. Our Cahaya Kasih Employee
our carbon footprint and have set forth ambitious goals to
Volunteerism Programme also encourages Maybankers to
– the MOU signing of integrate sustainability considerations into their daily lives
achieve a carbon-neutral position for our own emissions by
2030, with a long-term vision of attaining a net zero carbon
Maybank’s Sustainability voluntarily. This initiative not only empowers our employees to
equivalent position by 2050. To realise this commitment, we
make a positive impact in their communities but also fosters
Practitioner Certification a culture of volunteerism and collaboration across the Group
improved on our data integrity and quality by obtaining
external assurance for our Scope 1 and Scope 2 baseline
Programme with United At Maybank, our commitment to sustainability is intrinsically emissions. In the spirit of transparency, this has resulted in a
Nations Global Compact linked to our mission of Humanising Financial Services. In restatement of our emissions data due to changes in
2023 alone, the impactful initiatives spearheaded by operational consumption data and Grid Emission Factors for
Network Malaysia and Brunei; Maybank Foundation have positively transformed over Malaysia and Singapore. Over and above our operational
the launch of Maybank’s 75,000 lives across ASEAN. Through an investment of roughly emissions, we are also actively identifying solutions for our
RM35 million in community programmes, we have clients, including climate mitigation, adaptation and
Digital Business card; the championed education, community development, and transition finance products, aiming to mobilise capital and
introduction of the Financed environmental conservation. Three of the flagship unlock potential green and transition revenue streams that
programmes which contributed significantly towards this drive sustainable growth and foster a resilient economy.
Emissions Calculator; and achievement was Cashville Kidz, eMpowering Youths Across
Maybank’s evolutionary progress over the last 3 years have
finally the myImpact card. ASEAN and the Reach Independence & Sustainable
been recognised. For the financial year 2021, Maybank was
Entrepreneurship (R.I.S.E.) Programme. Some of the key
scored D (Disclosure) by CDP and FY2022 we improved our
contributors to our achievement of more than 1 million
rating to C (Awareness). For 2023, we received an upgrade
MGSW brought about engagements with thousands of households were from initiatives undertaken by Group
to our CDP rating to B (Management), the only Malaysian
Maybankers in speaker sessions, immersive workshops, and Community Financial Services (GCFS) and Group Insurance.
Bank to obtain such a rating, indicating that we are taking
engaging booths aimed at promoting sustainable practices This year, GCFS’ achievement stood at a total of 219,358
coordinated action on climate issues. A contributory factor
and driving awareness on key sustainability issues. beneficiaries, of which the main contributors were from
to this, was our enhanced approach and disclosure covering
This initiative culminated in the Group’s Global CR Day, 2-wheeler, affordable car and mortgage financing for low
areas such as emissions and governance.
where 17,420 Maybankers volunteered in 96 initiatives, further income customers, while the contribution by Group Insurance
19
MAYBANK

GRI 2-22
that aligns our portfolio with identified climate targets, of our employees and the support our leadership team. With
ensuring a holistic approach to sustainability and responsible this, I would like to take this opportunity to thank our Board
Maybank’s evolutionary business practices. This involves developing sector-specific members, and all Maybankers for continuously working
progress over the last 3 years transition pathways by assessing financed emissions for key towards transforming our sustainability aspirations to
sectors such as power, palm oil and oil and gas, with plans meaningful outcomes. As we move into 2024, we will
have been recognised. For the
to expand this initiative to include two additional sectors continue to build on our capabilities and strengthen our
financial year 2021, Maybank next year. foundations so as to make a lasting impact for the people
was scored D (Disclosure) by On top of our climate related commitments, our commitment
and communities that we serve.
CDP and FY2022 we improved to achieving one million hours per annum on sustainability
initiatives reflects our dedication to creating a sustainable
our rating to C (Awareness). and inclusive future for all. Through collaborative efforts,
For 2023, we received an innovative initiatives, and the collective commitment of our
upgrade to our CDP rating to employees, we have delivered over 1.9 million hours in 2023
which has hopefully translated into positive impact.
B (Management), the only
As we navigate the evolving landscape of responsible
Malaysian Bank to obtain business conduct, Maybank remains steadfast in our
such a rating, indicating that commitment to uphold the highest standards of ethical
conduct, human rights, and sustainability. In 2023, we took
we are taking coordinated significant strides in this journey, developing the Group
action on climate issues. A Human Rights Policy, which is set to be published in 2024.
This policy serves as a testament to our commitment to
contributory factor to this, was
respect and uphold human rights as outlined in the United
our enhanced approach and Nations Guiding Principles on Business and Human Rights
disclosure covering areas 2011. By outlining our responsibility to avoid infringing on the
human rights of others and addressing adverse human
such as emissions and rights impacts across our value chain, we are setting a clear
governance. roadmap for embedding human rights considerations into
our business operations and fostering a culture of respect
and accountability.
For the same year, we also won Best Bank for Sustainable Building on our human rights initiatives, we have integrated
Finance in Malaysia and Outstanding Leadership in Environmental, Social, and Governance considerations into
Sustainability Transparency in Asia Pacific from the Global our procurement practices, empowering our suppliers to
Finance Awards 2023. Further to this, recognition was also embark on their sustainability journey and align with our
given to Maybank by the UNGC during the Forward Faster sustainability goals. Furthermore, we continue to train our
Sustainablity Awards 2023, this included the Finance & employees on data privacy, reinforcing our commitment to
Investment (Large Company), Chief Sustainability Officer safeguarding customer data and maintaining the highest
(Large Company) and Pioneer Sustainable Development standards of data privacy.
recognition. While we have made significant progress over the past few
Looking ahead, our future strategy is focused on developing years, we will continue our endeavors, working harder to
a comprehensive portfolio emission glidepath and strategies make a positive and tangible difference to all stakeholders.
designed to move us towards a net zero carbon footprint. I must reiterate that our achievements and accomplishments
This entails a rigorous decarbonisation and transition plan are only made possible by the collective effort and dedication
20
How We Engage and Create Value For Our Stakeholders

GRI 2-29
Engaging with our stakeholders on various platforms enables us to identify what is truly important to them and develop initiatives that cater to their evolving needs.
Frequency of engagement: Daily Weekly Monthly Quarterly Annually
CUSTOMERS Quality of Relationship: Customer Engagement Score: Net Promoter Score (NPS) +37
Who They Are: Value for Maybank:

Maybank serves a dynamic customer base across 18 countries, including all 10 ASEAN • Ability to sustain our growth and profitability across portfolios, regions and footprint.
markets, encompassing over 16 million retail, non-retail and corporate customers. • Strong brand reputation by building customer loyalty and trust as well as through
positive endorsements.
Why We Engage:
• Strong customer base that keeps us relevant and helps us innovate timely offerings.
• To understand their evolving needs and expectations as well as identify gaps so we can
better serve them, enhancing their trust and loyalty in Maybank as the preferred Value for Our Customers:
financial services provider. • Personalised solutions that meet their needs.
• To provide hyper-personalised services, ensure customer-centric innovation and build • Best-in-class customer journey and experience.
awareness of trends and issues impacting them for informed decision making. • Access to safe, fast and reliable physical and digital financial services.
• Pain points addressed quickly and effectively through engagement channels.
How We Engage:
Our Strategic Response to Enhance Value Creation:
Digital touchpoints and platforms (i.e.: Maybank2u, Maybank2u Biz and Maybank2E • Strengthen segment-focused strategies and deliver innovative sector-specific solutions,
websites and apps, MAE by Maybank2u, Maybank2Own and Etiqa+). while enhancing our secure digital propositions and ESG capabilities.
Physical branches, business centres, investment management centres, transaction • Improved customers’ home-buying experience by integrating the Maybank Home2u
banking centres, self-service terminals (ATMs). financing platform into online booking systems of established property developers.
Customer service centres and customer-facing personnel. • Empowered retail customers to make better sustainable life choices through market
Social media platforms. firsts including myimpact credit cards and end-to-end financing solution for EV and
Customer surveys, interviews, focus group discussions and empathy sessions via hybrid vehicles.
behaviour labs. • Improved Malaysian branches service delivery efficiency and simplified over-the-counter
Marketing campaigns and events. individual account openings, reducing the time by 70% from 51 minutes to 15 minutes.
• Introduced self-service Kill Switch feature that temporarily deactivates online banking
Stakeholder Expectations: access, and migrated all Secure2u banking transaction authorisations into our Maybank
• Enhanced, seamless customer experience with flexible, convenient and secure access to MAE app to protect customers against online fraud.
financial services in addition to quick issue resolution across different platforms in real time. • Identify and address end-to-end customer life/client business journeys and needs.
• Integrated, hyper-personalised solutions aligned with customer priorities, recognising
How We Track Value:
customers as individuals with diverse needs and aspirations.
• Customer satisfaction scores as measured by surveys such as our annual External
• Accessible resources to guide informed financial decisions while improving financial
Customer Engagement Survey.
literacy and empowerment.
• Obtaining feedback from our customers.
Risks: • Tracking customer complaints as a ratio against the total number of customers.
• Heightened competition from both traditional and non-traditional financial services • Number of customers utilising our products and services on monthly basis.
players in addressing evolving customer needs.
• Reduced loyalty from a lack of understanding of customers’ needs, limited personalised Achievements:
products and solutions, or poor relationship management. • Market leading customer satisfaction score as NPS improved to +37 in 2023 vs +24 in
• Loss of customers from heightened cyberattack threats resulting in personal data and 2022.
financial losses. • Strong digital penetration with over 9.52 million active customers Group-wide.
• Stranded assets if we do not provide alternative sustainable or transition solutions. • Maintained position as the No. 1 online insurer and general takaful player respectively in
Malaysia with 53.1% market share.
Opportunities:
• Reduced customer complaints ratio per 10,000 customers to 0.13 in 2023 compared to
• Be the “Top of Mind” bank and build strong customer retention through improved
0.29 in 2022.
engagement and understanding of customers’ needs.
• Largest market share (30%) and leadership in the Islamic banking market in terms of
• Collaborate with customers for insights to design solutions that meet evolving needs,
total assets, financing and deposits.
building relationships beyond financial services.
• Expand customer base by targeting new customers through first-to-market solutions, or more details on our FY2023 achievements, please refer to pages 62 to 66 and 86 to 100 of our
F
Integrated Annual Report and page 63 of this report.
innovative offerings and advisory.
Related Material Matters: Related UN SDGs:
21
MAYBANK

GRI 2-29
INVESTORS Quality of Relationship: Average survey scores from three investor days in 2023: 91% rated content delivery ≥ good

Maybank has a total of 162,441 shareholders, from institutional investors and fund • Access to a broad and diverse base of equity- and debt-holders to facilitate our
management companies to retail investors. growth plans.
• Attain fair ratings and valuation of Maybank’s shares.
Why We Engage:
• To ensure clear, timely and effective communication to maintain credibility and trust Value for Our Investors:
and facilitate investment decisions regarding Maybank. • Solid investment case given Maybank’s track record of strong dividend payout.
• To obtain their views and expectations of Maybank for better alignment in meeting • A proxy to growth in ASEAN economies given Maybank’s presence in all 10 regional
these expectations and sustaining access to capital. markets.
• Well-established business backed by robust financial resources provides assurance on
How We Engage: our ability to pay interest and repay debt capital.
Conferences and non-deal roadshows. • Maybank’s sustainability commitments demonstrate our seriousness to be an agent of
Quarterly analyst briefings. climate change and sustainability leader in SEA.
Thematic investor day briefings. Our Strategic Response to Enhance Value Creation:
One-on-one and group meetings with Group EXCO members and Head of Group • Refocus our global footprint and leverage our diversified portfolio across ASEAN and key
Investor Relations. financial centres to create sustainable value.
Dissemination of information and disclosure of materials on our website at • Emphasise strong liquidity and capital management to preserve financial viability and
www.maybank.com/ir. readiness to withstand macroeconomic uncertainty.
AGMs and EGMs. • Provide timely and comprehensive disclosures on asset quality and ESG risk management,
Annual integrated and sustainability reports. as well as remaining repayment assistance exposures related to the COVID-19
or more information on our investor engagements for 2023, please refer to page 82 to 85 of
F pandemic.
our Integrated Annual Report 2023. • Realign risk appetite and lending strategies with industry outlook for balance sheet
preservation.
Stakeholder Expectations: • Provide updates on strategic investments and partnerships to develop digital and
• Sustainable earnings and stable dividend stream through revenue growth, strategic technological capabilities to stay ahead of emerging competition.
long-term investments, capital optimisation, sweating of assets, diligent management
of asset quality and liquidity, and prudent risk management. How We Track Value:
• Proactive management of asset quality and monitoring of credit risks from exposure to • Key annual financial guidance.
individuals and sectors affected by macroeconomic volatility. • Long-term sustainability commitments under M25+.
• Lending and investment practices that are embedded with sustainability considerations. • Long-term financial outcomes under M25+.
• Prudent and effective technology investments and partnerships to remain ahead of Achievements:
emerging competition. • Group return on equity of 10.8%, within guidance of 10.5% to 11.0% for FY2023.
Risks: • Group net credit charge off rate of 31 bps, within guidance of 30 bps to 35 bps for
• Loss of investor confidence from poor financial performance, risk management or FY2023.
governance. For our full FY2023 achievements, please refer pages 62 and 63 of our Integrated Annual Report.
• Misreporting or inaccurate financial analysis by analysts/investors may unfavourably
impact stock rating and share price performance.
• Increased cost of capital.
Opportunities:
• Provide transparent and timely disclosures on strategy and performance.
• Demonstrate consistent performance to maintain investor confidence and spur interest
in Maybank.
• Broaden access to competitively priced capital to support growth.
22

GRI 2-29
EMPLOYEES Quality of Relationship: Sustainable Engagement Index*: 89%

Maybank employs over 43,000 Maybankers in 18 countries across the Group, practising a • Engaged FutureReady next-gen workforce demonstrating better productivity and
diverse hiring approach by valuing individuals of all races and abilities without prejudice. valuable contributions to carry out business strategies.
• Drive innovation and transformation to keep the organisation relevant and retain
Why We Engage: position as the market leader.
• To provide support and alignment in delivering Maybank’s M25+ strategy, guided by • Brand advocates with deep product knowledge and the ability to elevate the customer
three strategic thrusts to shape a thriving, diverse and inclusive workplace. experience.
• To foster a culture of adaptability, sustainability and customer-centricity that empowers
employees with relevant skills and competencies. Value for Our Employees:
• To ensure an engaging and positive workplace environment. • Holistic employee experience encompassing a conducive work environment that
empowers creative thinking, embraces diversity, prioritises well-being, and enables
How We Engage: work-life integration through flexible work arrangements.
• Attractive and meaningful benefit programmes that cater to employees’ physical,
Dialogue sessions with Group EXCO, Conversation series, townhalls, roadshows,
mental and emotional well-being as well as their financial, social and career needs.
coaching and counselling sessions, etc. • Strong learning culture with best-in-class learning and development programmes to
Talent development initiatives through career conversations and learning and nurture employees at all levels for career progression and long-term career relevance.
development programmes (M25+UP, X-celerate, NEXTLeaders, ConnectUP).
Regular electronic communication (email, newsletters, portals) as well as virtual
• Upskill and reskill employees through continuous learning and development, with
and social media channels.
emphasis on sustainability and FutureReady programmes.
Feedback platforms, including the GHC One-Stop Centre, Employee Engagement • Expanded our Mental Health First Aiders (MHFAs) programme, certifying 95 additional
Survey and Employee Outreach programmes. Maybankers and bringing our total number of full-time certified MHFAs to 195, with over
14,000 instances of participation in mental well-being initiatives.
Stakeholder Expectations: • The ”GO Ahead. Take Charge!” initiative remains pivotal in guiding employees through the
• A safe, supportive and engaging work environment to enable a balance between evolving work landscape and dynamic work settings, facilitating seamless career shifts.
professional and personal life. • Institutionalised Employee Sustainability and Volunteerism, Mental Health and Human
• Greater flexibility in performing daily functions via access to tools and arrangements Rights policies, and launched the Dignity Policy.
that facilitate remote work, integrating the evolving landscape of the new normal. • Implemented comprehensive DEI programmes, integrating our core values and ensuring
• Possessing the right skills, competencies and mindset for continued high performance, equitable opportunities and support across all levels of our diverse workforce.
including next-gen capabilities. How We Track Value:
• Employee training and development, including workforce in next-gen roles.
Risks:
• New employee hires and employee turnover rate.
• Inability to retain and attract the right talents given immense talent competition and
• Workforce diversity, equity and inclusion metrics.
evolving next-gen workforce trends.
• Employee engagement metrics.
• Potential gaps in workforce skillsets driven by digitalisation and automation.
• Employee involvement in community investment and engagement activities.
• Disengaged workforce due to intense high work demands and transformation leading
• Number of hours spent on sustainability activities.
to lower productivity and performance.
• Reduced employee well-being due to lack of adequate support to address mental Achievements:
health related requests. • Increased workforce in next-gen roles from 13% to 21% YoY.
• 40,622 unique learners with a total of 506,478 learning programmes undertaken,
Opportunities: averaging 12 programmes per employee.
• Improved employee performance and ability to outperform expectations to drive the • 82% succession realisation rate for mission-critical positions, and higher internal
Bank’s growth. realisation rate of women into senior management roles to 44% from 43% in 2022.
• Best-in-class and regional industry leadership through innovative and customer-centric • Recognised in the Willis Towers Watson (WTW) Global High Performing Companies
solutions. benchmark for the sixth time. The Sustainable Engagement Index score (89%) and
• Equip employees with FutureReady infrastructure through innovative digital platforms, Sustainability score (90%) are both above WTW Global High Performing Companies Norm.
processes and new age tools to increase productivity and efficiency. • 1,937,632 sustainability hours in FY2023.
• New next-gen roles and tasks created as a result of organisation development
or more details on our FY2023 achievements, please refer to pages 67 to 71 of our Integrated Annual
F
initiatives in line with our strategic transformation. Report and pages 89 to 108 of this report.
* WTW describes sustainable engagement as the intensity of employees’ connection to their organisation
23
MAYBANK

GRI 2-29
COMMUNITIES Quality of Relationship: Maybank Foundation Stakeholder Survey#: 81%

Maybank empowers diverse demographic segments including micro-enterprises, low- • Uphold public trust to grow our footprint and market position.
income individuals, persons with disabilities and marginalised communities across ASEAN • Promote inclusivity by identifying and addressing needs of the underserved.
through tailored support. • Safeguard the environment and economies in our operational areas.
• Fortify social license to operate and goodwill, while cultivating sustainable partnerships
Why We Engage: within communities we serve.
• To foster positive change and empower communities through financial services, in line • Demonstrate Maybank’s commitment to employees’ welfare and the community,
with our mission of Humanising Financial Services. fostering unity and teamwork.
• Stay attuned to local dynamics and drive community advancement through impactful
Value for Our Communities:
operations, financial education, assistance and empowerment, while raising awareness
• Accessible and inclusive financial services and facilities, especially for those in rural areas.
of those in need.
• Empowerment, enhanced earnings potential, and diversified business/job creation
• Promote an inclusive employment culture through tailored opportunities and employability arising from Maybank’s socio-economic and outreach programmes.
programmes for talents with diverse abilities including the differently-abled. • Access to basic essentials such as education and healthcare while enhancing financial
literacy.
How We Engage:
Capacity-building and economic empowerment initiatives, financing assistance, • Launched FUNancial Day in Malaysia in collaboration with education institutions to
local marketplace (i.e.: Sama-Sama Lokal), repayment assistance programmes foster financial literacy among students and young adults.
and inclusion workshops. • Extended assistance via the Ehsan Financing Facility to persons with disability graduating
Strategic partnerships, outreach and educational programmes focused on financial from Maybank Foundation’s R.I.S.E. programme to help them start their own businesses
literacy. and achieve financial independence.
Websites, social media channels and virtual communication platforms. • Uplifted MSMEs by encouraging broader sector participation and greater awareness of
Community engagement surveys. financial opportunities via sessions with industry experts.
Employee volunteerism platforms and Maybank Foundation initiatives that support • Continued to widen access to affordable financing for the underprivileged/underbanked
long-term stakeholder initiatives (i.e.: Cahaya Kasih, MaybankHeart). via agent banking and Maybank Mobile Bus Malaysia in remote and rural areas.
• Engaged in Cahaya Kasih initiatives Group-wide, focused on education and zero waste
programmes, among others, with Maybankers collectively dedicating 142,319 hours over
Stakeholder Expectations:
the entire year.
• Foster a sustainable future for all through socio-economic initiatives targeting unemployment,
low financial literacy and empowerment of disadvantaged communities, etc. How We Track Value:
• Provide personalised finance solutions tailored to the unbanked and underbanked • Individuals and households impacted by our community initiatives and flagship
communities. programmes.
• Offer financial assistance and programmes to enhance livelihoods as well as create • Financial and non-financial benefits to individuals or communities impacted by our
community and zakat programmes.
and support SME business opportunities.
• Monitoring of Maybank Foundation programmes.
Risks: • Monthly monitoring by Value-Based Intermediation Sustainability Steering Committee.
• Financing of activities that may harm the environment and surrounding communities.
Achievements:
• Brand risk and limited partnerships from potential lack of engagement and inclusion
• Maybank Foundation’s active flagship and core programmes across ASEAN countries
within the communities we serve. have benefitted 461,952 beneficiaries to date, reaching 75,658 new beneficiaries in 2023
Opportunities: versus 48,339 in 2022.
• Empower communities to enhance economic well-being through tailored financial • Zakat contributions impacted 45,918 beneficiaries, with 129 Zakat RISE programme
offerings and financial literacy (i.e.: improve education levels, reduce poverty, increase graduates earning income exceeding RM2,500.
• Assisted 177,078 individuals through micro insurance/takaful products from 122,664 in 2022.
earning power).
• Etiqa’s flagship CSR programmes benefitted 13,252 individuals in 2023.
• Foster mutually beneficial partnerships with local community organisations, strengthening
grassroots relationships and improving public perception. For more details on our FY2023 achievements, please refer to pages 67 to 88 of this report
# Indicates the purpose, quality and impact of Maybank Foundation programmes and relationship rating
• Identify new segments of potential customers and talent for employment.
with partners, beneficiaries and country representatives
24

GRI 2-29
REGULATORS AND GOVERNMENTS Quality of Relationship: Maintaining good relationships with regulators and authorities across markets through regular engagement

Maybank engages proactively with financial authorities, legislative bodies, capital market • Ability to operate across the region and receive guidance on rules, regulations and
regulators and financial institutions/associations in the countries where we operate, latest developments, ensuring operational and organisational resilience, stability and
ensuring compliance with statutory requirements across the region as well as internationally. agility to adapt.
• Remain operationally relevant while protecting the Bank’s reputation by promoting trust,
Why We Engage:
customer confidence and engagement.
• To remain informed of changes and developments impacting the sector and economy, • Monetary and financial stability and governance would support economic growth and
run operations smoothly, and comply with legal and regulatory requirements with the facilitate a favourable business environment.
aim to drive best practices in the industry.
• To contribute to policy formulation and national development initiatives that benefit the Value for Our Regulators and Governments:
larger economy. • As an industry leader, collaborate and provide views to facilitate policymaking decisions.
• To proactively identify and mitigate financial and non-financial risks that could impact • Standard setter with best practices in place.
the stability of the financial system. • Support efforts to create awareness of matters impacting customers (i.e.: online scams,
financial literacy and sustainable finance) in timely manner.
How We Engage: Our Strategic Response to Enhance Value Creation:
Regular reporting, meetings, roundtable discussions and periodic updates. • Implemented Bank Negara Malaysia (BNM)’s key measures to combat fraud.
Active participation and contribution to industry and regulatory consultation • Establish consistent and open lines of communication with regulators and financial
papers, forums, committees and working groups. institutions/associations for updates on developments and discuss potential
enhancements, challenges or risks through working committees such as the Joint
Committee on Climate Change and our COP28 representation.
Stakeholder Expectations:
• Contributed to the development of the Value-Based Intermediation Financing and
• Adherence to laws and regulations ensuring monetary and financial stability,
Investment Impact Assessment Framework Sectoral Guides, specifically in the Mining
professional business conduct, and fair treatment of financial consumers.
and Quarrying sector, which were released by Association of Islamic Banking and
• Lead collaborations and engagement between industry players and consumers to
Financial Institutions Malaysia for public consultation in May 2023.
capacity build, address industry gaps, as well as promote and integrate emerging
• Engage actively in iTEKAD established by BNM to assist low-income micro entrepreneurs
trends.
strengthen their financial management through business acumen.
• Ethically and effectively manage risks and build resilience against challenging
environment (i.e.: data security, cyber risk, greenwashing) while maintaining consistency How We Track Value:
in responsible management and meeting customer expectations. • Conformance and compliance with regulatory expectations.
• Taxes and zakat paid.
Risks:
• Reporting to Bank Negara Malaysia
• Lack of preparation for changing regulations could impact operational costs and
– Monthly/quarterly/half yearly/as and when required (on Climate Change and
performance deliverables.
Principle-based Taxonomy, BNM Climate Related Risk).
• Irregularities or non-compliance could have negative financial or non-financial
implications, including regulatory enforcement, loss of reputation and trust. Achievements:
• 100% compliance with regulatory expectations.
Opportunities:
• RM3.10 billion in taxes and zakat paid.
• Leverage deep insights and industry knowledge through regular engagement to adopt
best practices, facilitate strategic collaboration and shape effective decision-making.
• Preferred partner for business customers to generate economic activities with positive
social and environmental impacts, and contribute to national productivity.
25
MAYBANK
Sustainability Material Matters

GRI 3-1, 3-2
Our sustainability material matters are determined via in- Based on the assessment, we determined that our materiality issues sufficiently reflect current stakeholder interests and
depth materiality assessments that are conducted every require no further amendments.
two years. Inputs from our stakeholders are further used to
review our sustainability strategy from time to time in order Materiality Assessment Matrix
to reflect evolving issues and interests. This process allows
Legend:
us to focus on impact-based solutions for our customers
Governance Ethical, transparent and accountable business
while empowering our communities as we embed
sustainability across our core business. Environment
Privacy, data security and
Following the last materiality assessment conducted in Employees responsible use of technology
FY2022, in FY2023 we reviewed the material issues identified Society

to ensure their continued relevance to our business and its Sound risk management
Products and Services and compliance
impacts, as well as alignment with stakeholder interests and
concerns.
Supporting human rights Caring for our employees
Our Materiality Review Process
Stakeholders’ Inﬂuence
Building climate resilience to support
Socially responsible products to the low-carbon transition
drive financial inclusion
1 Identification of Material Topics
Key topics were identified through a comprehensive Developing sustainability-focused

Digital innovation to meet customer needs
ESG integration into products and services
review of ESG standards and industry trends:
financial investment analysis
• Bursa listing requirements on sustainability Sustainable supply chain Enhancing the customer experience
reporting (11 common material topics). Embodying sustainability within our workforce
• GRI Topic Standards.
• Sustainability Accounting Standards Board Managing the environmental
Public policy and advocacy Board and executive compensation, independence and diversity
(SASB). impact of our operations
• UN Sustainable Development Goals (UN SDGs).

Diversity, equity and inclusion
• Global analyst reports such as CDP, FTSE ESG
Investing in
Index and MSCI ESG Index.
our communities
Talent attraction, development and engagement
Importance to Maybank
2 Assessment
• Materiality validation based on desktop research, KEY OBSERVATIONS

aligning Maybank’s material matters against
During the materiality validation process, we conducted a desktop review to compare our material matters and risks against
industry peers as well as reporting requirements
those of local, regional and global industry peers. While the analysis revealed a general alignment with industry, there were
and frameworks.
two areas in which Maybank’s commitment to sustainability stood out. These were in our distinct prioritisation of “Public
• Targeted materiality assessment via online
policy and advocacy” and “Board and executive compensation, independence and diversity”. As a key financier in ASEAN,
survey for selected stakeholders, namely
we recognise and emphasise the importance of addressing these crucial matters to uphold our sustainability values. Our
customers from all business segments.
material matters were cross-referenced against Bursa Malaysia’s 11 common sustainability matters, GRI topic standards, and
SASB industry-specific indicators. We also ensured our material issues align with the 17 UN SDGs.
Further enhancing the thoroughness of our material matters review, we sent out a smaller and targeted survey to 48
respondents, requiring them to rate which of the material topics Maybank should address and how well Maybank is
3 Prioritisation and Validation of Results
managing or addressing these material topics as well as what should Maybank prioritise. The respondents consisted of
Materiality validation and online survey results were customers from our key business segments, covering Group CFS, Group GB and Group Insurance and Takaful. They ranked
analysed and tabled to the Board for approval. “Privacy, data security and responsible use of technology”, “Ethical, transparent and accountable business”, and “Enhancing
the customer experience” as Maybank’s top three material matters; and ”Board and executive compensation, independence
and diversity”, “Public policy and advocacy” and “Investing in our community” as the lowest.
26

GRI 3-2, 3-3
GOVERNANCE Related Stakeholders:
Risks and Our Mitigating Actions:

• Business and reputation risks arising from Maybank’s inability to adequately address governance issues related to incentive structures and diversity, transparent disclosure and ethical
conduct as well as compliance and alignment with standards on risk management, supply chain, human rights, data privacy and security.
• To address this, the Group continuously strengthens its governance practices through internal control systems, ensuring regulatory compliance, promoting transparency in decision-
making, risk management systems and fostering a culture of ethical conduct. This includes the appointment of a skilled and diverse leadership, as well as capacity and capabilities
building initiatives.
Opportunities Arising:
• Improved reputation, trust and confidence among stakeholders by establishing frameworks, policies and practices to proactively manage these risks.
Material Matters
Board gender diversity Importance: Robust leadership in these areas fosters accountability, transparency and diversity at
the highest levels, contributing to the Group’s long-term success and corporate ethics in building
Board and executive compensation, responsible and effective operations.
independence and diversity
64%
67% Our Response: By strengthening diversity at the leadership level and within our workforce, we
69%
Compensation, accountability, independence

actively cultivate an equitable and inclusive culture, striving for diverse representation across our
and diversity of the company’s Board and
operations. We uphold gender diversity in the boardroom, guided by the Board Gender Diversity
senior management, and sustainability Female
36% Policy.
33%
31%
governance/incentives at Board and senior Male

management level.
Gender diversity at the Board and Senior Management levels is discussed in: Corporate
FY2021 FY2022 FY2023 Governance Overview Statement (page 130) in the Integrated Annual Report 2023, Embedding
Sound Business Practices in this report (page 109), and Inculcating Strong Governance in the
Target FY2023: Maintain at least
30% female representation Environmental Report 2023 (pages 6 to 10).
Percentage of employees who Importance: Adherence to high standards of business conduct ensures integrity, transparency
received training on anti-corruption and trustworthiness in all aspects of our operations building and maintaining stakeholders’ trust.
Ethical, transparent and accountable business
Our Response: Guided by a set of robust policies, procedures and controls developed to prevent
80%
Frameworks, policies and practices that uphold

unlawful activities, we aim to carry out all our business activities ethically and at the highest level
high standards of ethics, integrity, transparency
67%
of integrity for interactions with all stakeholders. We also adhere to a strict zero-tolerance policy
and accountability throughout our business
62%
with regard to bribery and/or corruption.

and operations to maintain stakeholders’ trust
in the organisation (i.e.: zero tolerance for bad
Efforts to ensure ethical business conduct are discussed in: Statement on Risk Management and
conduct including corruption and bribery,
Internal Control (SORMIC) in the Integrated Annual Report 2023 (page 144) and Embedding Sound
sound grievance mechanisms, ensuring the fair
Business Practices in this report (page 109).
treatment of customers and clients, providing
accurate and adequate information about our
FY2021 FY2022 FY2023
products and services, etc.).
For a full version of Sustainability Statement Performance Data, please refer to pages 107 to 109 of the Integrated Annual Report 2023.
27
MAYBANK

GRI 3-2, 3-3
Material Matters
Learning hours on ESG Importance: Mitigates short and long-term risks, thus avoiding adverse impacts on our business while fostering
programmes conducted a resilient and stable financial environment.
Sound risk management and compliance
Our Response: Effective management of ESG risks is a crucial driver of our sustainability initiatives. Governed by the
86,023
Assessing and managing risks, and ensuring a strong Group Sustainability Framework, Group ESG Risk Management Framework (ESGRMF) and the Group Climate Risk Policy,
80,675
compliance culture throughout the organisation to our sustainability and ESG risk management governance structure promotes the active participation of all stakeholders
78,289
prevent major disruptions that may harm economies and accountability across the organisation, fostering a consistent risk perspective.
and societies at large.
Our risk management and compliance approach are discussed in: SORMIC in the Integrated Annual Report 2023
FY2021 FY2022 FY2023 (pages 138 to 142), Embedding Sound Business Practices in this report (page 109), Inculcating Strong Governance
(pages 6 to 10) and ESG Risk Governance (page 11), Environmental Report 2023.
Importance: Mitigates and minimises adverse ESG impacts of our operations, products and services while
Percentage of spending embedding inclusivity in our supply chain for economic opportunities in the communities where we operate,
on local suppliers*
Sustainable supply chain particularly the underserved and the marginalised.
Efforts to ensure high ESG standards in the supply
92.7%
Our Response: Adhering to ethical business principles, we maintain high standards aligned with the Group’s
89.9%
chain through relevant policies and supplier
87.9%
Supplier Code of Conduct to ensure a sustainable supply chain while promoting ESG practices among our
engagement practices as well as approaches to
suppliers.
diversify suppliers to include under-represented
groups (i.e.: disabled, women-owned and local Progress made towards ensuring a sustainable supply chain is discussed in: Sustainability Statement in the
community businesses). FY2021 FY2022 FY2023 Integrated Annual Report 2023 (pages 101 to 106) and Responsible Procurement in this report (page 111).
* Malaysia operations only.
Substantiated complaints Importance: Safeguards privacy and the sensitive financial information of all stakeholders. A robust data security
concerning breaches of system will prevent unauthorised access and potential fraud, enabling us to build trust. Compliance with data
Privacy, data security and responsible use of customer privacy and privacy regulations demonstrates a commitment to ethical and responsible business practices.
technology losses of customer data
Our Response: Committed to privacy protection of our customers, business partners and employees through the
Responsible collection, use, storage and protection Group Data Privacy Policy, which is aligned with stringent privacy standards and legal requirements. Also emphasise
of data to safeguard employees’ and customers’ robust cyber security controls to safeguard personal data and prioritise customer privacy, outlined under the Group
right to privacy (i.e.: from cyberattacks). *FY2023: Nine Technology Risk Management Framework and Group Cyber Risk Management Framework.
* New datapoint. Initiatives and policies related to data privacy and protection, as well as cyber security measures are discussed in:
SORMIC in the Integrated Annual Report 2023 (page 142), and Data Governance and Data Privacy in this report (page 111).
Collaborations and Importance: Helps shape a regulatory environment that supports our business strategy and sustainability goals
partnerships with by advocating relevant public policies and industry best practices.
Public policy and advocacy external stakeholders*
Our Response: Strengthening the Group’s capabilities for effective advocacy by building partnerships with
Ensuring that efforts to drive public policy external stakeholders, including clients, while focusing on climate resilience through memberships with Partnership
development and influence industry best practices for Carbon Accounting Financials, UN Global Compact Network Malaysia & Brunei and UNEP FI’s Net Zero Banking
are in alignment with our sustainability strategy. Alliance. Also, appointed to the national-level Advisory Panel on Climate Change and a supporter of the Task
*FY2023: 14# Force on Climate-related Financial Disclosures.
* New datapoint.
# Excludes clients.
Our efforts to drive sustainability within the industry are discussed in: Sustainability Statement in the Integrated
Annual Report 2023 (pages 101 to 106) and Intensifying External Engagements (page 52) and Collaborating with
External Stakeholders, Environmental Report 2023 (page 56).
Percentage of employees Importance: Responsibility to preserve the well-being of people and establish trust among stakeholders, which in
who received human turn mitigates reputational risk.
Supporting human rights rights training
Our Response: Actively monitor and address human rights developments in our markets through robust policies
Approaches, policies and due diligence processes
to ensure respect for, and protection of, human
FY2021: 100% and due diligence processes to safeguard stakeholders in our value chain. Maintain zero tolerance for child
labour, commit to a harassment-free work environment as detailed in the Maybank Group People Policies and
rights for stakeholders throughout our value chain FY2022: 100% embed human rights protection in our operations through the ESGRMF.
and business activities.
FY2023: 84% Our approach to addressing human rights is discussed in: Human Rights (page 110), Supplier Screening (page 111),
Prioritising Employee Well-being (page 98) in this report.
28

GRI 3-2, 3-3
ENVIRONMENT Related Stakeholders:

• Existing and increasing regulations and standards related to climate change and broader environmental aspects may pose compliance challenges, exposing the Group to legal
and financial risks in the event we are unable to adapt and meet evolving requirements.
• Proactively addressing relevant regulations and standards by implementing robust policies, frameworks and processes to ensure effective practices and compliance.

• Existing and increasing regulations and standards related to climate change and broader environmental aspects may pose compliance challenges, exposing the Group to legal
and financial risks in the event we are unable to adapt and meet evolving requirements.
• Proactively addressing relevant regulations and standards by implementing robust policies, frameworks and processes to ensure effective practices and compliance.
Material Matters
Sustainable Finance Mobilised Importance: Incorporate the management of climate-related risks and opportunities into our
(RM billion) business activities in meeting our target of net zero carbon emissions by 2050.
Building climate resilience to support the
low-carbon transition Our Response: In addition to ESGRMF, the Climate Risk Policy sets out our approach in identifying
34.11
Embedding the management of climate- and assessing climate-related risks. Climate opportunities and risk assessment is incorporated into
related risks and opportunities into our our operations, business activities, products and investible assets. Also, the first Malaysian bank to
business activities to facilitate a just transition establish a Group-wide Scope 3 financed emissions baseline in 2022 and net zero pathway
20.69
to a low-carbon economy (i.e.: through development.

13.68
supporting low-carbon solutions, engagement

with industry networks, managing our Progress made in ESG risk management is discussed in: SORMIC (pages 141 and 143), and
exposure to high emitting sectors, etc.). Sustainability Statement in the Integrated Annual Report 2023 (pages 101 to 106), ESG Risk
FY2021 FY2022 FY2023 Governance (page 11), Identification and Impact of Climate-Related Risks (page 20), Climate-
Related Opportunities, Managing Environmental Risk, Enhancing ESG Capability (pages 27 to 51),
FY2025 Target: RM80 billion
and Our Financed Emissions in the Environmental Report 2023 (pages 64 to 67), and Advancing
Sustainable Finance in this report (pages 39 to 46).
Total Scope 1 and 2 (absolute GHG Importance: Minimise the negative impacts of our operations and reduce our carbon footprint,
emissions) (tCO2e) with a broader goal of responsible environmental stewardship.
Managing the environmental impact of our
operations Our Response: Committed to reducing the environmental impact of our operations, encompassing
151,091
Efforts to optimise resource consumption with direct and indirect greenhouse gas emissions, as we work towards achieving a carbon neutral
the aim of managing our own environmental position of our own emissions by 2030.
74,209*
footprint (energy management, waste

62,761*
management, water consumption, GHG Progress made in managing our environmental impact is discussed in: Sustainability Statement
emissions, etc.). in the Integrated Annual Report 2023 (pages 102 to 104) and Our Operational GHG Emissions in
the Environmental Report 2023 (pages 67 to 69).
*S
cope 2 values include the mREC purchases
equivalent to 51,120 tCO2e in 2022, and 62,400 tCO2e
in 2023 FY2019 FY2022 FY2023
29
MAYBANK

GRI 3-2, 3-3
EMPLOYEES Related Stakeholders:

• The inability to retain and attract talents, skillset gaps due to digitalisation and automation, disengaged workforce due to decreased engagement and satisfaction, inadequate
training, well-being support and DEI initiatives could result in people turnover, performance risks and associated financial risks.
• These are mitigated by robust learning programmes, our DEI approach, retention strategies, and employee well-being initiatives.
• Managing these risks effectively may lead to improved internal processes, a positive workplace, and increased employee interaction and productivity, contributing to Maybank’s
overall resilience.
Material Matters
Importance: Strong DEI practices develop a culture where all employees

are treated fairly, with dignity and without discrimination. A fair and
Diversity, equity and inclusion (DEI) conducive work environment helps boost the morale of employees and
Ensuring that DEI is reflected throughout our culture by maintaining a workplace where all employees are shape a productive workforce.
treated fairly, with dignity and without discrimination.
Our Response: Build an Agile, diverse and highly skilled workforce
Caring for our employees Number of work-related fatalities equipped with digital competencies to enhance their contributions to the
Managing the health, safety and well-being of our organisation and communities. Also, instil a culture of sustainability by
employees through policies, processes, initiatives and FY2021: 0 reinforcing ethical business practices among Maybankers through
labour standards that promote a positive work FY2022: 0 training, incentives and volunteerism.
environment and improve work-life balance.
FY2023: 0
Embodying sustainability within our workforce Sustainability hours achieved

Efforts and initiatives on employee engagement, well-being, rewards
Developing a sustainability culture within the and remuneration, learning and development, nurturing talent and DEI
organisation through training programmes, incentive FY2021: 1,636,652 hours are discussed in: Group Human Capital in (pages 67 to 71) and
systems and volunteerism opportunities, so that our Sustainability Statement in the Integrated Annual Report 2023 (pages 103
FY2022: 1,563,720 hours
employees are empowered to drive sustainable to 104).
change. FY2023: 1,937,632 hours
This report elaborates on our human capital strategy on talent
Target FY2023: 1 million hours
upskilling and development, DEI initiatives, employee well-being, and
employee volunteerism with details found in: Building Thriving Human
Total training hours by employee category Capital (pages 89 to 108).
Talent attraction, development and engagement
Engagement, recruitment and retention of employees FY2021: SM 33.00 MM 33.00 E 33.00 NE 44.10
with relevant skills, and the investment in and
development of a talent pool of employees and
FY2022: SM 23.45 MM 23.45 E 23.45 NE 32.85
leadership.
FY2023: SM 50.65 MM 40.48 E 38.52 NE 20.77
SM Senior management MM Middle management
E Executive NE Non-executive
30

GRI 3-2, 3-3
SOCIETY Related Stakeholders:

• Credit, financial and reputation risks arising from financing of activities that may damage the environment and surrounding communities; the inability to address community needs
as well as lack of engagement and inclusion within the communities we serve.
• Key actions to mitigate these risks include engaging in meaningful community outreach programmes, adopting responsible business practices aligned with societal values and
offering access to affordable products and solutions.
• Potential market growth by fulfilling diverse customer needs and identify potential talent for employment.
• Enhanced brand reputation through responsible business practices.
• Empower communities to enhance economic well-being through tailored financial offerings and community programmes as well as foster mutually beneficial partnerships with
local community organisations.
Material Matters
Total amount invested in Importance: Make a lasting, sustainable impact on vulnerable and underserved communities
community programmes across ASEAN through our commitment to invest in community empowerment programmes.
(RM million)
Investing in our communities
Our Response: Focused on community engagement and investments that enhance financial
Leveraging our community empowerment
46.57
literacy and understanding across communities in our operational areas as well as provide
programmes to create long-term sustainable
42.54
37.79
access to financial services and knowledge so that no one is left behind.
impact for vulnerable and underserved
communities across our countries of operation, Our community investment efforts are discussed in: Sustainability Statement in the Integrated
including through improving their financial Annual Report 2023 (page 103) and Developing Sustainable Communities in this report (pages
FY2021 FY2022 FY2023
literacy and understanding. 67 to 88).
Retail SME Financing Importance: Foster financial inclusion and create positive socioeconomic impact by offering
(RM billion) socially responsible products and access to affordable products and solutions that meet the
Socially responsible products to drive needs of underserved consumers, particularly SMEs and Micro SMEs.
financial inclusion
28.25
Our Response: Engage regularly with our SME customers to raise their awareness of available
26.31
Promoting inclusive growth and creating

services and provide them with the means to enhance their long-term business growth. Also
24.10
positive socioeconomic impacts by providing

access to affordable products and services expand and refine our range of products and services continuously so that all segments of our
that meet the needs of underserved consumers customer base receive adequate service and protection for their financial well-being.
including SMEs and Micro SMEs. Efforts in relation to financial inclusion are discussed in: Sustainability Statement in the
Integrated Annual Report 2023 (page 103), Enriching Customers Through Digital Innovation (page
FY2021 FY2022 FY2023 46) and Bridging The Financial Divide in this report (page 77).
31
MAYBANK

GRI 3-2, 3-3
PRODUCTS AND SERVICES Related Stakeholders:

• Potential risks include intensified competition from traditional and non-traditional financial services players, reduced loyalty due to a lack of understanding of customer needs,
potential customer loss from increased cyberattack threats and the risk of stranded assets if sustainable or transition solutions are not provided.
• Mitigating these risks involves rigorous product testing, adopting sustainable business practices, communicating transparently, staying attuned to changing customer expectations
and adhering to regulatory requirements.
• The development of innovative and sustainability-focused products enables market differentiation, while transparent communication enhances customer trust, positioning Maybank
as an industry leader.
Material Matters
Retail mobilisation Importance: By offering innovative products, we not only support sustainability initiatives but also encourage
(RM billion) customers to adopt eco-friendly practices towards the transition to a low-carbon economy.
Developing sustainability-focused
products and services Our Response: Help shape a sustainable global financial system that contributes to positive socio-
4.71
4.04
Innovative products and services that help economic outcomes leading to a sustainable future while also facilitating the transition to a low-carbon
advance sustainability (green loans, green economy. Guided by the Group Sustainable Product Framework and the Group Transition Finance
3.49
bonds, microfinance, sustainable supply Framework in streamlining processes and offering sustainable financial solutions.
chain finance, etc.) and efforts to
encourage customers to shift towards Efforts to develop sustainability-focused products and services are discussed in: Sustainability Statement
more sustainable performance and in the Integrated Annual Report 2023 (page 102), Advancing Sustainable Finance in this report (page 39 to
FY2021 FY2022 FY2023 46), Climate-Related Opportunities (pages 27 to 29) and Stepping Up Environmental Action (pages 58 to 63),
consumption patterns.
Environmental Report 2023.
Importance: Facilitates the movement of capital towards sustainable financing and investments across
diverse asset classes.
ESG integration into financial investment analysis
Our Response: Expanded our sustainability-themed funds over the past two years and plan to further
Systematically integrating ESG factors into financial analysis across all
diversify our offerings. To also increase ESG-linked wealth management solutions to meet rising demand
asset classes and subsequently operationalising this analysis by making
for sustainable investment products and educate investors on the benefits of integrating ESG practices into
investment decisions based on ESG-related matters.
decision-making.
Efforts to integrate ESG considerations into business practices are discussed in: Sustainability Statement
in the Integrated Annual Report 2023 (page 102), Advancing Sustainable Finance (pages 39 to 46),
Advancing Islamic Finance (page 60) in this report and Climate-Related Opportunities (pages 27 to 29),
Stepping Up Environmental Action, Environmental Report 2023 (pages 58 to 63).
32

GRI 3-2, 3-3
Material Matters
Importance: Helps build stronger relationships and effectively meet evolving customers’ expectations, thus
NPS score
ensuring our competitiveness and long-term success in the financial industry.
Enhancing the customer experience FY2021: +23 Our Response: Focused on meeting customers’ needs across all business lines by enhancing end-to-end
Efforts to transform into a customer-
customer experience and boosting their satisfaction. We inculcate a customer-first mindset and embed a
centric organisation by embedding a
FY2022: +24 customer-centric culture across the organisation, guided by our Maybank Customer Service Charter.
customer-centred approach into all lines
of business and undertaking initiatives to
i m p ro ve t h e end-to-end customer FY2023: +37 Efforts to enhance the customer experience are discussed in: Customer in this report (pages 62 to 66).
experience and drive customer satisfaction.
No. of online transactions Importance: By focusing on digital innovations, we enhance customer engagement and satisfaction by
(billion) meeting their evolving needs, positioning Maybank as a dynamic, Agile and responsive financial partner.
Digital innovation to meet customer
needs Our Response: Offering retail customers user-friendly and convenient financial solutions while expanding
17.33
16.84
Becoming a lifestyle partner for our our digital presence by integrating services, products and platforms seamlessly into customers’ experiences,
15.93
customers by leveraging advanced data acting as a supportive companion in their daily activities. Also leverage advanced data analytics and
analytics, digital systems and platforms to digital platforms to meet the evolving lifestyles and business requirements of our customers.
consistently support our customers’
Our digital innovation efforts are discussed in: Pervasively Digital in the Integrated Annual Report 2023
evolving lifestyles and business needs.
FY2021 FY2022 FY2023 (pages 64 to 66) and Enriching Customers Through Digital Innovation in this report (pages 46 to 57).
* Monetary and non-monetary transactions
33
MAYBANK
Our Contributions to the UN SDGs

As a financial institution, we play a unique role that can positively impact capital markets and the communities in which we serve. Aligned with our purpose of Humanising Financial
Services, we remain committed to contributing to specific targets of the UN SDGs, which aim to leave no one behind.
SDGs SDG Targets We are Contributing Towards Our Initiatives Related Sections
• 1.4 Equal rights to economic resources • Implementing initiatives aimed at enhancing financial • Financing Small Businesses
• 1.a Mobilisation of resources to implement literacy and promoting inclusion • Cultivating Inclusivity through Entrepreneurship
programmes to end poverty • Offering financial support to small and medium • Bridging the Financial Divide
enterprises (SMEs) as well as micro businesses • Enhancing Financial Literacy
• 2.4 Ensure sustainable food production systems • Articulating the Group’s Agriculture and Palm Oil • Climate-related Opportunities*
Position Statements • Process of Managing ESG Risks*
• Presenting the Group’s Risk Acceptance Criteria • Improving Existing ESG Practices*
• 3.3 Combat water-borne diseases • Enhancing community access to clean water through • Advancing Islamic Finance
• 3.4 Promote mental health and well-being various programmes • Bridging the Financial Divide
• 3.8 Achieve universal health coverage, including • Providing mental health support and maintaining a • Promoting Health and Wellness
financial risk protection safe working environment for Maybank employees • Prioritising Employee Well-being
• Offering affordable, accessible and user-friendly
insurance products
• 4.4 Skills for employment, decent jobs and • Committing to improving the well-being of • Cultivating Inclusivity through Entrepreneurship
entrepreneurship disadvantaged groups and reducing unemployment • Enhancing Financial Literacy
• 4.5 Equal access to education for the vulnerable throughout ASEAN • Providing Access to Learning
• 4.6 Ensure all youth achieve literacy and numeracy • Committing to the development of Maybank employees • Empowering Minds Beyond Scholarships
• 4.7 Ensure all learners acquire the knowledge through investments in training and upskilling • Fostering Workforce Agility
needed to promote sustainable development opportunities • Board Training*
• 4.b Scholarships for higher education • Offering scholarships and financial support for • Enhancing ESG Capability*
education with a focus on online learning
• Offering programmes that provide access to education
• Implementing sustainability-related training for both
the Board, Group EXCO and Maybank employees
• 5.1 End all forms of discrimination against women • Strengthening our current practices through the • Maybank Women Eco-Weavers
and girls Maybank Group Human Rights Policy • Women Equity
• 5.5 Women’s full and effective participation in • Enhancing the presence of women in top governance • Board Diversity and Inclusiveness
political, economic and public life and leadership roles within Maybank • Human Rights
• 5.a Undertake reforms to give women equal rights • Implementing a community programme dedicated to
to economic resources and financial services empowering women
• 6.1 Provide access to safe and affordable drinking • Supporting community health by ensuring access to • Advancing Islamic Finance
water sustainable clean water and promoting effective • Promoting Health and Wellness
• 6.6 Protect and restore water-related ecosystems hygiene practices • Reforestation and Marine Conservation
• 6.b Support and strengthen the participation of • Proactive involvement in marine conservation
local communities in improving water and
sanitation management
* For more information, please refer to the Environmental Report 2023.
34
• 7.1 Universal access to modern energy services • Providing financing options for the installation of • Advancing Sustainable Finance
• 7.2 Increase the share of renewable energy residential solar panels and the purchase of hybrid • Executing Environmental-related Strategy*
• 7.a Investment in energy infrastructure and clean and electric vehicles • Climate-related Opportunities*
energy technology • Mobilising sustainable finance for initiatives promoting • Improving Existing ESG Practices*
• 7.b Expand infrastructure and upgrade technology renewable energy • Stepping Up Environmental Action*
for supplying modern and sustainable energy • Green Home Financing and Insurance*
services • Sustainable Financing for Retail Customers*
• 8.3 Growth of micro-, small- and medium-sized • Extending microfinancing support to micro businesses • Financing Small Businesses
enterprises and eligible recipients • Bridging the Financial Divide
• 8.5 Full and productive employment for all • Increasing the availability of cost-effective financial • Prioritising Employee Well-Being
• 8.6 Reduce the proportion of youth not in products and services for the communities we serve • Encouraging Professional Growth
employment, education or training • Fostering youth and graduate employment initiatives • Nurturing Future Leaders
• 8.7 Take immediate and effective measures to within Maybank • Human Rights
eradicate forced labour and end modern slavery • Advocating for employee well-being and human rights
• 8.8 Promote safe and secure working environments
• 8.10 Access to banking, insurance and financial
services for all
• 9.3 Access of small-scale enterprises to financial • Providing financial support to SME customers • Advancing Sustainable Finance
services • Funding green energy-related projects • Enhancing Customers through Digital Innovation
• 9.4 Upgrade infrastructure with greater adoption • Adopting emissions reduction initiatives • Operational Emissions Reduction Approach*
of clean and environmentally sound technologies • Tailoring sustainable and digital financial solutions to
• 9.a Facilitate sustainable and resilient infrastructure the ASEAN reigion in which we operate
development in developing countries through
enhanced financial support
• 10.2 Social, economic and political inclusion of all • Supporting our communities through our retail offerings • Financing Small Businesses
• 10.3 Ensure equal opportunity and reduce as well as zakat and social initiatives • Advancing Islamic Finance
inequalities of outcome • Strengthening our current practices through the • Cultivating Inclusivity through Entrepreneurship
Maybank Group Human Rights Policy • Bridging the Financial Divide
• Enhancing Financial Literacy
• Making A Meaningful Difference
• Inclusive Workforce
• Human Rights
35
MAYBANK
• 11.1 Increase access to affordable housing • Providing cost-effective housing solutions to enhance • Solutions For Our Clients
• 11.4 Strengthen efforts to protect and safeguard accessibility to home ownership • Advancing Islamic Finance
the world’s cultural and natural heritage • Preserving the cultural heritage of weaving through • Maybank Women Eco-Weavers
• 11.5 Substantially decrease the direct economic the Maybank Women Eco-Weavers programme • Providing Aid To Communities
losses caused by disaster • Celebrating the diverse ASEAN heritage through the • Protecting Our Cultural Heritage
Balai Seni Art Series
• Contributing towards disaster relief efforts
• 12.6 Companies to adopt sustainable practises and • Yearly sustainability reporting and disclosures • About This Report in Sustainability Report 2023 and
integrate sustainability information into reporting • Procuring from local suppliers and supporting our Environmental Report 2023
• 12.7 Promote procurement practices that are suppliers in their ESG journey • Living Sustainability
sustainable • Involving Maybankers in sustainability initiatives • Responsible Procurement
• 12.8 Ensure that people have the relevant information • Active engagements and collaboration with external • Intensifying External Engagements*
and awareness for sustainable development stakeholders and regulators • Collaborating with External Stakeholders*
• 13.1 Strengthen resilience and adaptive capacity • Incorporating climate considerations into our • Advancing Sustainable Finance
to climate related hazards operational activities • Living Sustainability
• 13.2 Integrate climate change measures into • Member of the Malaysian Government Climate Change • Board Training*
national policies, strategies and planning Advisory Panel and the Joint Committee on Climate • Enhancing ESG Capability*
• 13.3 Improve human and institutional capacity on Change • Collaborating with External Stakeholders*
climate change • Enhancing employees’ sustainability knowledge, • Stepping Up Environmental Action*
encompassing climate change awareness
• Sustainable financing for renewable energy, eco-
friendly buildings, and green homes
• 15.5 Protect and prevent the extinction of • Proactive involvement in tiger and marine conservation • Biodiversity Conservation
threatened species and reforestation • Reforestation and Marine Conservation
• 15.7 End poaching and trafficking of protected
species
• 16.4 Significantly reduce illicit financial flows • Upholding good governance • Inclusive Workforce
• 16.5 Substantially reduce corruption and bribery in • Adhering to regulatory standards within our operational • Embedding Sound Business Practices
all their forms markets • Board Diversity and Inclusiveness
• 16.6 Develop effective, accountable and • Maintaining high integrity standards and ethical • Financial Crime
transparent institutions at all levels business practices • Upholding Corporate Governance*
• 16.7 Inclusive decision-making at all levels • Ensuring diverse and inclusive representation at all • ESG Risk Governance*
levels of our operations
• 17.16 Multi-stakeholder partnerships to support the • Proactive collaboration with regulatory authorities, • How We Engage and Create Value For Our
achievement of the SDGs industry partners and partners in community initiatives Stakeholders
• 17.17 Encourage and promote effective public, • Memberships & Signatories
public-private and civil society partnerships • Financing Small Businesses
• Championing Islamic Sustainable Finance
• Driving Positive Impact
• Intensifying External Engagements*
• Collaborating with External Stakeholders*
36
Sustainability Framework
Our sustainability approach remains guided by the Maybank Group Sustainability Framework which is anchored on three core pillars. Serving as an overarching framework that sets out
the Group’s sustainability mission, goals, targets, governance and approach in all our activities, the robust framework enables us to embed sustainability into all our activities, products
and services, as we strive to serve the communities without harming the environment and people.
RESPONSIBLE TRANSITION ENABLING OUR COMMUNITIES OUR HOUSE IS IN ORDER & WE WALK THE TALK
Enabling transition to a low-carbon economy by balancing Building community resilience across ASEAN and Leading by example with good management practices
environmental and social imperatives with stakeholders’ undertaking responsive action to promote economic and ensuring that Maybank’s ESG strategy is based upon
expectations. development and social well-being. a strong foundation.
• Supporting the Transition to a Low-Carbon Economy • Empowering Communities • Governance and Compliance
• Developing Sustainability-Focused Products and • Financial Inclusion • Privacy
Services • Climate Resilience • Our Supply Chain
• Systemic Risk Management • Transparency and Trust • Our Environmental Impact
• ESG Integration in Financial Analysis • Diversity, Equity and Inclusion (DEI)
• Engaging our People in Sustainability
• Business Ethics
For an excerpt of the Maybank Group Sustainability Framework, please visit www.maybank.com/en/sustainability.page
For more information on our corporate governance practices, please refer to page 5 of the Environmental Report 2023 and our Corporate Governance Report available on www.maybank.com/ar
or more information on our sustainability governance process, roles and responsibilities, please refer to pages 6 to 7 of the Environmental Report 2023 and www.maybank.com/en/sustainability.page
F
In line with our ambition to be a sustainability leader in Southeast Asia, we are committed Our sustainability initiatives support our four sustainability commitments, which demonstrate
to embracing exemplary business practices, touching the lives of the communities we serve the progress of our sustainability journey. We are pleased to report that we have been
by generating long-lasting social impacts and decarbonising our value chain. We want to progressing well against the targets set for each commitment since their development in
drive the mobilisation of capital in an effective manner by promoting sustainable finance, 2021. As such, in 2022, the Board revised the target of RM50 billion to RM80 billion for
becoming an agent of the transition to a low-carbon economy and enhancing community Commitment 1 and the target of one million households to two million households for
well-being through financial inclusion and community empowerment initiatives. Guided by Commitment 2. The progress of each commitment is overseen by the Project Steering
our purpose, we are committed to serving the community as a force for good. Our focus Committee (PSC), which ensures the execution of the DIPs and the specific Key Performance
remains on strategic, result-oriented initiatives that will create a meaningful impact on the Indicators (KPIs).
economy, environment and people. To translate our goals to tangible values for the
communities we serve, we remain guided by our M25+ strategy, which has five key initiatives
under the strategic programme covering sustainability and over 180 Detailed Implementation
Plans (DIPs) within our three core pillars.
F
or more information on our M25+ strategy on sustainability, please refer to pages 18 to 19 of the Environmental Report 2023.
37
MAYBANK
Our Sustainability Ambitions

COMMITMENT 1
Cumulative 2023 Achievements
RM68.48 • Launched the first of its kind in ASEAN, the Maybank Group Transition Finance
Mobilising RM80 billion in Sustainable billion Framework, becoming the first Malaysian bank to do so, outlining the approach in
classifying and recognising financing solutions offered as credible transition
Finance by 2025 finance.
FY2023
Facilitating the movement of capital towards sustainable financing and
investments, through direct lending, investments, syndication, fundraising,
RM34.11 • Developed a sector-agnostic Client Engagement Guidebook to support relationship
managers to have meaningful ESG-related engagements with clients.
underwriting and advisory, while integrating ESG criteria to bring about billion • Launched Maybank ESG Research, which incorporates ESG-integrated risk analysis
sustainable development outcomes and support the transition to a low- to enable better investment decisions.
Annual Target:
carbon economy.
RM16.8 billion
COMMITMENT 2 Cumulative 2023 Achievements
1,369,729* • Our ongoing financial literacy initiatives benefitted 3,343 SMEs across Malaysia,
Singapore and the Philippines
households • Extended financing assistance and repayment assistance to 18,301 SMEs (MSME,
Improving the lives of two million households
RSME and SME) and individuals who require financial support and relief due to
across ASEAN by 2025 economic distress and loss of sales, across Malaysia, Indonesia, Singapore and
FY2023
Cambodia.
Leveraging our regional presence and our flagship programmes, we aim 498,529 • Provided affordable and accessible micro-insurance and takaful products as well
to contribute towards the betterment of communities across ASEAN. We households as community empowerment programmes to 190,330 beneficiaries from the B40
aim to create a more equitable society by equipping communities with category and equivalent groups across the region.
lifelong financial skills and knowledge, addressing communities’ current • Positively impacted 50,605 beneficiaries through our zakat initiatives covering
and situational needs, as well as building their financial resilience. Annual Target:
aspects of education, entrepreneurship and community targeting asnafs, women
303,344 households and underprivileged students.
• Supported and trained 569 farmers and 205 weavers under our Maybank Eco-
Weavers programme, which empowers women weavers across ASEAN.
COMMITMENT 3 FY2023 2023 Achievements

Achieving a carbon neutral position of our own
Reduced 49% • Recorded total absolute GHG emissions of Scopes 1 and 2 in 2023 was 62,761
of our Scope 1 and 2 tCO2e, compared to the assured 2019 baseline of 151,091 tCO2e.
emissions by 2030 and Net Zero Carbon emissions
equivalent position by 2050 • Total financed emissions excluding the impact of the new seventh asset class,
(against 2019 declined by 4.53% against 2022 while the overall emission intensity is 44.3 tCO2e/
The Carbon Neutral by 2030 commitment refers to the Group’s own
baseline*) RM million.
emissions, while the Net Zero by 2050 commitment refers to maintaining Annual Target:
a balance between all direct and indirect CO2e emissions and removals, 43.5% reduction in
encompassing our operations and the business activities we finance Scope 1 & Scope 2
across the Group. We will work both internally and with our external emissions
suppliers to minimise the environmental impact of our operations across
the entire value chain. Additionally, we are committed towards lowering * 2019 baseline has been
the financed emissions of our business portfolio. assured and restated
COMMITMENT 4
FY2023 2023 Achievements

Achieving one million hours per annum on
sustainability and delivering one thousand 1,937,632* • Upskilled 33,286 unique learners with approximately 86,023 hours and 65,931
learning engagements through our various Sustainability Capability Building
significant UN SDG-related outcomes by 2025 hours programmes.
Our employees play a pivotal role in ensuring that we embed sustainable • Launched the Maybank Group Dignity Policy as an extension of the Group’s
actions and thinking across the Group. We are committed to fostering a Diversity, Equity and Inclusion Policy as well as the Bank’s Code of Ethics and
FY2022:
sustainability culture among Maybankers by strengthening our business Conduct.
1,563,720 hours
ethics, policies and practices, embracing diversity and inclusivity, and
scaling up our employee volunteerism programmes.
* UN Global Compact Network Malaysia & Brunei has provided an independent Second Party Opinion on the approach and process that Maybank has undertaken in reporting Commitment 2 and Commitment 4.
38
Stakeholders Material Matters Related UN SDGs
Powering Progress
GRI 3-3, 203-2
OUR APPROACH
As a leading player in the financial services sector, Maybank powers progress through our commitment to innovation, inclusivity and sustainability, prioritising the well-being of our
stakeholders. In line with our mission of Humanising Financial Services, we adopt a people-centric approach across all operations, from enhancing processes to innovating new products
and services. Our comprehensive suite of solutions, spanning retail and corporate banking to insurance and asset management, aims to serve all segments of our diverse customer base.
Apart from fortifying our customer relationships through better service, we also embrace a culture of sustainability to create impactful contributions to our communities and the environment.
As we prioritise these values, Maybank not only meets the evolving needs of our customers but also contributes positively to societal and environmental well-being, driving progress on
multiple fronts.
ADVANCING SUSTAINABLE FINANCE

As a leading financial institution with a strong presence in ASEAN, we believe that we are in an ideal position to support and catalyse the growth of sustainable finance with the goal of
accelerating a low-carbon, sustainable and resilient economy. With capital being the key to unlocking a net zero future, we have built a suite of sustainability-centred products and services
to complement our traditional product base catering to our broad customer base.
We believe that achieving a just transition is the collective responsibility of all parties. While financial institutions play an enabling role in mobilising capital, our efforts to assist clients in
decarbonising is contingent on the readiness of clients and the policy environment. For that reason, we consistently engage with clients of all sizes and from various industries, as well as
collaborate with industry networks and non-governmental organisations (NGOs) to gain a more insightful understanding and readiness of the ever-evolving sustainability landscape. We
firmly believe that promoting a heightened awareness among companies and business ventures to account for their socio-economic and environmental impacts is imperative in ensuring
that the transition effort can be sustained over the long term.
Our efforts to support a just transition are reflected by our commitment to mobilise RM80 billion in sustainable finance by 2025. Since starting this journey in 2021, we have mobilised a
total of RM68.48 billion across both retail and non-retail segments.
Sustainable Finance Year-on-Year Target and Achievement (RM billion)
68.48
Target
34.37 34.11 Achieved
Cumulative
20.69 Achievements
16.8
13.68
13.68 9
2021 2022 2023
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Total Mobilised
Of the RM68.48 billion, RM34.11 billion was mobilised in 2023 alone. Our sustainable finance numbers are divided into two segments, namely retail and non-retail. While retail sustainable
finance mobilisation is driven purely by retail financing under Group Community Financial Services (Group CFS), non-retail sustainable finance mobilisation is driven by Group Global
Banking (Group GB) and Commercial Banking, which is parked under Group CFS, but provides loans to MSMEs and mid-sized corporate clients.
Sustainable Finance Mobilised
Etiqa Group GB Group CFS
Corporate Banking, Commercial Banking Retail Financing

RM25.0
Transaction RM9.95 billion RM4.71 billion
million
Banking and MIBG
RM17.65 billion
Business MSME
Global Markets
Banking Financing
RM1.83 billion
RM0.57 billion RM9.38 billion
Maybank Asset
Management
-RM45.34 million
*Non-retail *Retail
RM29.40 billion RM4.71 billion
* RM19.88 billion from January to July 2023 in line with criteria listed under SPF2022 (Retail: RM2.43 billion, Non-retail: RM17.45 billion), and RM14.22 billion from August to December 2023, in line with
criteria listed under SPF2023 (Retail: RM2.27 billion, Non-retail: RM11.95 billion)
Data has been subjected to an external limited assurance by an independent third party. Please refer to the Independent Limited Assurance Report on pages 131 to 132 of this report
For more information on Maybank Group Sustainable Product Framework (SPF), please refer to pages 42 to 43 of the Environmental Report 2023 and please visit, https://www.maybank.com/iwov-
resources/documents/pdf/annual-report/2023/Maybank-Group-Sustainable-Product-Framework-2023.pdf and https://www.maybank.com/iwov-resources/documents/pdf/annual-report/2022/
Maybank-Sustainable-Product-Framework.pdf
Group GB mobilised a total of RM19.43 billion in sustainable finance, accounting for 57% of the Group’s total achievement for the year. The mobilisation is a combination of loans, bonds,
advisory and underwriting by the Group’s corporate banking, transaction banking and investment banking division, as well as investments by its global markets and asset management
division.
Group CFS mobilised a total of RM14.65 billion in sustainable finance, mainly contributed by MSMEs, Green Home Financing, supported by Green Vehicle Financing and Business Banking. It
also mobilised financing towards solar financing via retail solar photovoltaic (PV) financing and Credit Card Financing. Wealth Management reported a net decrease in Assets Under
Management (AUM) amounting to RM129.77 million.
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Total Sustainable Finance Achievement FY2023

Alignment to SPF 2022 2023 Alignment to SPF 2022 2023
Indicators Classification Logic1 (RM million) (RM million) Indicators Classification Logic1 (RM million) (RM million)
Lending/Underwriting Lending
Green Loan 3,654.80 1,591.32 Clean Transportation 1,214.77 1,393.61
Green Bond 1,013.51 452.53 Green Buildings 649.57 616.27

Principles
Social Loan – 91.78 Affordable Basic Services or
Infrastructure 2,309.38 2,809.19
Sustainability Bond/Sukuk 2,023.00 2,238.76 Use of Proceeds
Renewable Energy 0.51 18.13
Eligible Green 2,052.00 5,343.25
Use of Proceeds Socioeconomic Advancement
Eligible Social 1,346.32 9,918.73 and Empowerment &
Employment Generation4 48.30 –
Sustainability Linked Loan 4,813.08 4,971.40
Product
Investment
Sustainability Linked Bond/Sukuk 300.00 450.00
Pure-play Green 60.00 9.12 Wealth Management3,5 (178.49) (129.77)

Company Profile
Pure-play Social - 649.04 Total Retail 4,707.43
Advisory2 TOTAL SUSTAINABLE FINANCE MOBILISED FY2023 34,108.79
Green Bond - 285.00 1. SPF 2023 provides the classification logic for the recognition of our sustainable finance achievement
Principles (excluding Asset Management and Wealth Management) which is broken down into four parameters
covering dedicated financing and general purpose financing
Sustainability Bond/Sukuk - 200.00
2. Mobilisation via advisory refers to deals where Maybank performs the role of a sustainability structuring
Sustainability Linked Loan Product - 1,392.45 advisor which serves as a critical component to the overall transaction. This role typically involves
advising/reviewing/finalising the client’s sustainability framework, coordinating/liaising with the Second
Investment Party Opinion provider (SPO), advising on the appropriate disclosures in line with market standards
and investor expectations, amongst others. In such cases where Maybank plays the role of both the
advisor and underwriter/lender to a given transaction, we will recognise the higher proportion amount
Principles, Use of attributable to either role, contingent on the scope of work clearly being defined and critical to the
Global Market Proceeds and 1,479.38 1,828.32 overall transaction and appropriately supported
Company Profile 3. Classification Logic for Asset Management and Wealth Management differs from all other sustainable
finance classification logic. The classification logic has been updated to include a new qualifier on Low
Etiqa Principles 5.00 25.00 Risk Scoring methodology in August 2023, which brought about mobilisation of -RM34.35 million for the
period August 2023 – December 2023. For more information on the classification logic, please refer to
SPF2023
Maybank Asset Management3 - (100.00) (45.34)
4. Socioeconomic Advancement and Empowerment & Employment Generation refers to financing
Total Non-Retail 29,401.36 mobilised to MSME in FY2022 which has been reclassified under Non-retail for FY2023. The breakdown
of its numbers is captured under “Lending/Underwriting – Eligible Social”
5. Wealth Management has been renamed from Private Wealth
Data has been subjected to an external limited assurance by an independent third party. Please refer
to the Independent Limited Assurance Report on pages 131 to 132 of this report.
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Non-retail Mobilisation
Non-Retail Sustainable Finance Mobilisation by Country Non-retail Sustainable Finance Classification
Dedicated Financing - Principles

2022 2023
3%
4%
4% 1%1% 2022 2023
4%
1%
35%
24%
Total Total 62%
28% RM29.40 38%
RM16.65
billion* billion Total Total
** RM7.93 46% RM6.69
55%
58% billion billion
20%
Malaysia Singapore Indonesia Cambodia Greater China Thailand

16%
* Sustainable finance mobilisation by Myanmar of <0.5% is not reflected here
** Sustainable finance mobilisation by the Philippines of <0.5% is not reflected here Green loan Green bond Sustainability bond/sukuk Social loan
Malaysia
In 2023, we mobilised RM29.40 billion across our non-retail segment, mainly in Malaysia and Dedicated Financing - Use of Proceeds
Singapore. Group GB has mobilised RM19.43 billion which constitutes 66% of the non-retail
segment, through a range of loans, bonds, advisory and underwriting services, marking a 23% 2022 2023
increase from its 2022 contribution. Group CFS mobilised RM9.94 billion of non-retail financing, 4% 5% 3% 2%
10%
RM568 million of which was contributed by its Business Banking units, predominantly in
Malaysia, supported by Singapore and Cambodia. The remaining amount was mobilised via
financing provided to MSMEs in line with our eligible social activity under Appendix 1 of the SPF.
Total Total
Our insurance arm, Etiqa contributed RM25 million to the non-retail segment in FY2023. 39%
RM3.64 39% RM15.24
24%
billion* billion
The breakdown by use of proceeds shows the financing mobilised towards the eligible green 61%
and social activities as per the SPF. In FY2023, 61% of the financing classified under use of
proceeds was mobilised towards Socioeconomic Advancement & Empowerment and
Employment Generation, where almost all of which involved financing mobilised towards 13%
MSMEs, predominantly originating in Malaysia. This number is significantly larger than the
Socioeconomic advancement Green Renewable Affordable Others#
previous year, given the expanded definition of MSME to now include SMEs (which excludes & empowerment and buildings energy basic services/
amongst others, those operating in the hard-to-abate sectors per our newly updated SPF employment generation infrastructure
2023). 24% or RM3.67 billion was mobilised towards financing/refinancing of existing and
upcoming Green Buildings. Approximately 77% of this amount was mobilised by Maybank * Climate change adaptation or mitgation that contributes to <0.5% in 2022 is not reflected here
Singapore, in support of the Singapore Green Building Masterplan. This mobilisation by the # thers for 2023 refers to eligible activities such as clean transportation, environmentally
O
Group towards green buildings in FY2023 is more than double of what was mobilised last year. sustainable management of living natural resources & land use, food security & sustainable
From a use-of-proceeds standpoint, there was an increase in mobilisation of finance towards food systems and sustainable water & wastewater management. For 2022, others refers to
environmentally sustainable management of living natural resources & land use and
renewable energy projects. RM1.49 billion, accounting for 10% of total non-retail financing was
eco-efficient and/or circular economy adapted products, production technologies & processes
mobilised towards these projects, mainly originating from Malaysia.
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Retail Mobilisation
In 2023, Group CFS mobilised RM4.71 billion in sustainable finance as part of its retail segment across Malaysia, Singapore, Indonesia, Cambodia and the Philippines, a 17% increase from the amount
mobilised last year. Leveraging on the SPF, our retail business was able to expand their sustainable finance offerings to other countries such as Cambodia and the Philippines.
Thematically, more than half of financing in the retail sector was mobilised through the provision of affordable basic infrastructure and services in the form of loans provided for the
purchase of affordable homes, all of which originated from Malaysia.
RM1.39 billion, representing 30% total retail financing was mobilised towards financing clean transportation, namely electric or hybrid vehicles. This represents a marginal increase over the
previous year. For hybrid vehicles, Maybank recognises that not all hybrid vehicles have features that are aligned to the Paris Agreement. For this reason, we have established an emission
threshold of 100gCO2/km for hybrid passenger vehicles and 25 gCO2/t-km for freight trucks, as detailed in Appendix 1 of the SPF. Only financing of hybrid vehicles that have tailpipe
emissions below the threshold is recognised as sustainable finance.
Financing of green buildings via mortgages accounted for 13% of this year’s sustainable finance mobilisation, most of which originated from Malaysia and Singapore, supported by the
Philippines. The year also saw Group CFS providing solar financing via their credit card programme and Solar PV financing, amounting to RM18 million in total.
Retail Sustainable Finance Mobilisation by Country Achievement by Criteria
2022 2023 2022 2023

2% 5% 1% -4% -3%
13%
19%
19%
30%
Total Total Total Total

RM4.04 RM4.71 RM4.04 57% RM4.71
billion* billion* billion 30% billion
60%
76% 16%
79%
Renewable energy contribution of <0.5% in 2022 and 2023 is not reflected here
Malaysia Singapore Indonesia
Affordable Clean Green Socioeconomic Wealth
basic transportation buildings advancement and management
* Sustainable finance mobilisation by the Philippines of <0.5% is not reflected here services/ empowerment and
infrastructure employment
generation
or more information on the breakdown of our retail sustainable finance, please refer to pages 61 to 62 of the Environmental Report 2023.
F
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Solutions for Our Clients

Non-retail Solutions for Clients
As a financial institution, we recognise our responsibility towards financing business growth that is not only sustainable but can also address broader environmental, social and governance
challenges. In many cases, some clients may need more time to take up sustainable finance solutions with a dedicated use of proceeds. In such cases, we strongly encourage clients to
consider the take up of sustainability-linked loans or bonds (collectively known as Sustainability-linked Products (SLPs)). SLPs facilitate the integration of sustainability factors into a broader
set of products and offer an additional means for clients to engage with sustainability considerations. Such products incentivise the borrower’s achievement of ambitious, predetermined
Sustainability Performance Targets (SPTs) and offer more flexibility to borrowers in the hard-to-abate sectors and others who have established their baseline data but have yet to build
up their strategy. The structure of an SLP allows clients that are able to meet their SPTs to enjoy a discount on their cost of finance. This incentivises borrowers to meet their SPTs, which
in turn will contribute to advancing their overall ESG objectives.
In 2023 We mobilised green, social and sustainability-linked loans and bonds

for various industries such as utilities, renewable energy providers, We executed 67 sustainable finance deals,
financial institutions, property developers and healthcare providers through Group GB, amounting to over RM17.65 billion
across Malaysia, Singapore, Indonesia and Greater China
List of Sustainability-related Deals

To support growth in this area of financing, in
Malaysia Singapore
line with our commitment to mobilise RM80
• Joint Lead Manager and Joint Bookrunner for TNB Power billion in sustainable finance, Maybank has
• Lender to Capitaland Integrated Commercial Trust’s SGD250
Generation Sdn Bhd’s (TPGSB’s) second Sustainability Sukuk implemented several initiatives to provide
million sustainability-linked loan for corporate funding purposes.
issuance of RM2.0 billion under its existing Sukuk Wakalah relevant solutions and to assist our clients in
Programme. Proceeds will be utilised to fund Issuer's Eligible • Lender to Boulevard Development Pte Ltd and Boulevard their respective sustainability journeys.
Project as detailed out in TPGSB’s Sustainability Sukuk Midtown Pte Ltd’s SGD250 million Syndicated Term Loan for the
Our efforts to aid Malaysian SMEs in adopting
Framework. development of a hotel and residential green building.*
low-carbon practices as part of their business
• Financial Advisor, Sustainability Structuring Advisor and • Lender to Royal Hiranandani Pte Ltd’s SGD195 million green loan operations are underscored by our continued
Lender to Pengerang Independent Terminals Sdn Bhd’s to partly finance the acquisition and redevelopment of a participation in Bank Negara Malaysia’s Low
SGD330 million Senior Secured Sustainability Linked Project building. Carbon Transition Facility (LCTF). The facility
Finance Facility. The proceeds were used to refinance an can be used to finance capital expenditure or
• Lender to GLP Pte Ltd’s USD100 million sustainability-linked loan.*
independent deep water storage terminal facility located in working capital to initiate or facilitate the
Pengerang, Johor. transition to low-carbon and sustainable
Other countries (Indonesia and Greater China) operations. In 2023, we received 21 applications
• Joint lender to YTL DC South Sdn Bhd’s RM1.1 billion Islamic and successfully disbursed RM12.71 million.
term financing facility to finance the development costs of • Lender to PT Permodalan Nasional Madani’s IDR 1.0 trillion
a LEED-certified 48MW Hyperscale Data Centre in Johor. bilateral financing for social financing to support women
empowerment through group-based financing for
• Lender to Sarawak Digital Economy Corporation Berhad’s
underprivileged women in ultra-micro businesses.
RM250 million facility for the purchase and installation of
telecommunications equipment for rural Sarawak. • Mandated Lead Arranger to Talent Point Limited’s HKD155 million
syndicated loan to finance the acquisition of a green building.*
• Joint Lead Manager for Small Medium Enterprise Development
Bank Malaysia Berhad’s third Sustainability i-MTN issuance • Lead Arranger to Far East Horizon Limited’s HKD150 million
of RM250 million.* syndicated loan to finance the Group’s investment in the
eligible Green assets and general funding requirements.*
Note: The amounts for the deals shown above are representative of total deal size, unless indicated otherwise per the (*) below, and may not be the
same as the amount recognised as sustainable finance per the SPF.
* Amount is representative of Maybank’s participation in the deal only
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Sustainable Investing
At Maybank, we are particularly committed in delivering innovative Islamic and conventional ESG-linked wealth management solutions and investment products as a means of providing
our customers with sustainable investing options. We believe exposure to ESG investing is important in diversifying a customer’s portfolio. As of 2023, Group GB’s ESG-related funds have
achieved AUM of RM622.97 million through five funds.
In 2023 This year, we launched a fifth fund, the MAMG Green Tigers Fund, which is our fourth qualified Sustainable and Responsible MAMG Green Tigers Fund
Investment (SRI) fund under the SC’s Guidelines on Sustainable and Responsible Investment Funds. The MAMG Green AUM as of 31 Dec 2023
Tigers Fund is a feeder fund that aims to achieve capital growth by investing in the BNP Paribas Funds Green Tigers, which
will thereafter invest in fast growing and innovative Asia-Pacific companies providing disruptive environmental solutions. RM1.82 million
In addition, we continue to elevate our ESG research capabilities to help our customers better understand the ESG investing landscape, especially for stocks under our coverage in six ASEAN
countries. Our ESG-integrated risk analysis, supported by a proprietary ESG scoring methodology, is intended to enable better investment decision-making. Besides thematic reports
regarding the energy transition, we have also published other reports, such as the ESG Compendium Report and the ESG Quarterly Reports.
List of Sustainable Funds

Our existing funds are still performing well, albeit a slight reduction compared to the previous year due to heavy sell-off in financial markets, consistent with the challenging market
conditions in 2023.
Asset Management Insurance
MAMG Global Maybank Global Maybank Malaysia Ethical Premier Global Sustainable
Environment Fund Sustainable Technology Dividend Fund Equity Fund
A sustainability-themed feeder
Fund A fund that seeks to provide investors with Etiqa’s first ESG fund that is tied to its
fund that invests in BNP Paribas A qualified SRI fund which seeks income and capital growth over the investment-linked insurance products.
Global Environment Fund, which to achieve capital appreciation by medium to long term through investments
supports new energy, sustainable investing primarily in a portfolio of that comply with ethical principles. AUM as of 31 Dec 2023
food, water, circular economy, global technology-related equities. RM157 million
smart environment, as well as AUM as of 31 Dec 2023
clean and efficient transport
solutions. The Edge Malaysia
RM104.64 million Etiqa Singapore
ESG Awards 2023
Six ESG funds that are tied to its five
The Edge Malaysia Fund Awards insurance-linked products:
ESG Awards 2023 Maybank Global Sustainable
1. Abrdn All China Sustainable Equity Fund
Best Equity Fund
AUM as of 31 Dec 2023 Equity-I Fund
2. Blackrock Global Funds ESG Global Bond
Best Overall Winner The Group’s first actively managed
RM150.86 million Shariah-compliant global equity fund that
income Fund
3. Blackrock Global Funds European Equity
FSMOne Recommended incorporates ESG considerations. The fund Income Fund
Unit Trust Awards 2023/2024 aims to achieve income and capital 4. Blackrock Global Funds ESG Multi-Asset Fund
growth by investing primarily in a portfolio 5. Blackrock Global Funds World Technology
Best Equity Global ESG Fund
of Shariah-compliant ESG equities. Fund
6. Eastspring Japan Dynamic Fund
AUM as of 31 Dec 2023 AUM as of 31 Dec 2023
AUM as of 31 Dec 2023
RM14.27 million RM351.38 million SGD1.3 million
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Retail Solutions for Clients
Affordable Housing
Malaysia Philippines
Affordable housing fosters financial security for underprivileged citizens. Maybank Maybank Philippines has enhanced livelihoods for individuals by extending mortgage
provides financing through Retail Solutions for Clients and My First Home programmes for loans to qualifying low-income households earning less than PHP70,000 and overseas
properties less than RM500,000. In 2023, we provided financing to 13,992 people, Filipino workers. In 2023, this inclusive solution has enabled 512 households to secure
amounting to RM4.31 billion disbursed. mortgage financing.
Affordable Mobility
Malaysia Indonesia Philippines
In 2023, Maybank facilitated automotive financing for Recognising the ubiquity of motorbikes as the primary mode Maybank Philippines provides car financing options to
45,474 individuals who earn an income of less than of transportation in Indonesia, the auto two-wheeler financing overseas Filipino migrant workers and individuals within the
RM5,000, demonstrating a commitment to provide is important in addressing the mobility needs of the local lower-middle class income bracket to acquire affordable
accessible car ownership for the B40 citizens. population. In 2023, we served 134,322 customers, disbursing vehicles with a price below PHP700,000. In 2023, 2,440
a total amount of IDR4.69 trillion (RM1.39 billion). individuals signed up for Auto Finance with Maybank,
amounting to PHP1.39 billion (RM129.66 million).
or more information on our green retail solutions, please refer to pages 61 to 62 of the Environmental Report 2023.
F
ENRICHING CUSTOMERS THROUGH DIGITAL INNOVATION

At Maybank, we have a role to play in contributing to a robust business environment that leads to a thriving socio-economy in the regions we operate. Our financial products and services
are designed to meet the various needs of businesses. At the same time, we carefully consider the distinct needs of SMEs and microenterprises, recognising them as the backbone of
many Southeast Asian economies. With this in mind, we endeavour to provide these businesses with the right solutions and empower them with the relevant skills, knowledge, and digital
tools to instil resilience and navigate the uncertainties of an ever-evolving business landscape.
Impact Story – How We Create and Contribute
Maybank I(deas) of the Tiger Ideathon 40 Teams Nominated

(153 Participants)
Launched in August 2023, I(deas) of the Tiger is an ongoing series of hackathons aimed at
empowering employees in creating new value drivers, enhancing the digital customer experience 6 days of idea refinement and design
and integrating ethical and sustainable work practices. The hackathon series is aimed at thinking workshops
producing customer-centric innovations that can effectively address our customers’ pain points,
1,200 registrations for Ideathon and
with a faster time-to-market cycle while instilling a deep learning culture among our employees.
showcase
As part of the hackathon, participants are guided through a series of business exercises
including detailed user research and validation, business modelling, prototyping, and final Winning Ideas
pitching, guided by a panel of experts and mentors.
• Platform for part time job seekers
The winning ideas will then undergo a rigorous incubation process prior to a planned product
• EV ecosystem offering SME financing
launch upon satisfying all the necessary criteria. Resources such as mentors, designers, coaches,
• Level financial literacy via an interactive
workspaces, partnerships and vendor connections are provided to support the operationalisation
and gamified tool in MAE
of the idea.
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Digitally Enabling Businesses

We invest in the development of innovative digital solutions that allow us to serve our customers effectively in growing their businesses. By leveraging advanced data analytics and a
customer-centric design, we strive to consistently align with our customers’ changing preferences and expectations.
In 2023, we made significant enhancements to several digital offerings:
Maybank SME Digital Financing Cross Border DuitNow QR

• Accessible via Maybank2u and Maybank2u Biz
• With the cross-border payment functionalities,
platforms around the clock, enabling customers to
customers can Scan & Pay at designated local QR
submit applications digitally without having to visit
codes via the MAE app to make instant QR
physical branches.
payments when travelling to Singapore, Indonesia,
Maybank Home2u • The entire process takes as little as ten minutes for Thailand and China.
customers to receive their application status and
• A digital home financing solution platform in the • This offers travellers new levels of convenience
one minute for disbursement, depending on the
MAE app that assists customers in their home where they can now skip the trips to money
terms and conditions.
ownership journey, enabling them to search a changers and carrying cash altogether.
• Enhanced with an increased loan limit of RM500,000
curated list of landed and high-rise residential • 223,854 transactions were recorded,
from RM250,000, allowing businesses the option of
properties. RM17.2 million.
amounting to
expanded financial flexibility.
• The approval process of the digital loan that
Home2u offers takes only ten seconds, making it • In 2023, 95,557 applications were received
particularly convenient for home seekers. and up to RM840 million was disbursed in
financing to SMEs in Malaysia. More than 70% was
• Enhanced with new features such as joint
paid out to micro enterprises including businesses
application, pre-login access to view the platform,
which operated for a year. Since inception, around
allowing case cancellation and application for
365,000 applications were received, and up
Singapore-based Malaysian customers. The user
to RM3.3 billion disbursed.
Sama-Sama Lokal
interface is continuously enhanced for a seamless
• The platform, which is integrated into the MAE app,
experience.
democratises online selling for local businesses by
• In October, we announced our partnership with reaching a diverse audience, including Maybank’s
Sime Darby Property and introduced embedded extensive customer base, and allows merchants to
financing within their platform. This enables instant interact directly with other SME business owners.
approval and competitive financing rates for Maybank2u Biz App
• Enhanced with the additional feature of Sama-
customers. • Assists SMEs with their digital needs through Sama Lokal Multi Outlet, which allows merchants
• More than 2,900 properties are available on providing financial management tools for a simpler with more than one outlet to join the platform.
the Home2u MAE marketplace, with more than and safer business banking experience. Users are able to select where they want to make
93,000 applications (or leads) received via • Provides SMEs with real-time financial overview, their purchases, which provide a better ordering
MAE marketplace, Sales Force app and partner integration with bookkeeping and accounting experience to customers.
platforms. systems, built-in invoicing tools and much more. • The Sama-Sama Lokal programme has
• As part of our ongoing security enhancements, we successfully onboarded over 41,000 merchants
implemented the Secure2u feature in the M2U biz across the nation since inception, adding more
app in November. than 7,000 new merchants in 2023. Total value
cumulative from April 2020 is recorded at RM41.87
• In 2023, 256,618 users representing 137,784 million.
businesses signed up for the app, compared to
more than 89,000 users, representing 55,841
businesses in 2022.
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In 2023, our other existing digital offerings also showed progress:
Maybank Personal Digital Financing

• Expedites prompt, convenient and full digital Business Account Straight-Through Processing
experience, ranging from application to fund (STP)
disbursement for customers who need a fast
• Enables businesses to promptly open a business
financial boost.
banking account and receive customised
• 9,976 applications received since launch and recommendations based on the SME company’s
RM164.36 million of loans were instantly size, nature of business, and location.
disbursed. In 2023, 6,043 approvals with
• Applicants are required to visit the preselected
RM100.17 million were disbursed.
branch to activate the online account. Retail Sector Digitalisation Initiative
• In 2023, 102,381 accounts were opened, Programme (ReDI) for Maybank QRPayBiz
achieving an activation rate of 65.4% compared
• We collaborated with the Ministry of Domestic Trade
to more than 87,000 accounts opened in 2022.
and Consumer Affairs (KPDN) to generate awareness
on the digitalisation agenda in rural areas under the
MAE banner.
MAS Electronic Payment System (MEPS)
• Participated in the Bazar Ramadhan Rahman
• Facilitates instantaneous large-value fund Programme organised by the ministry in small towns
transfers and payment functionalities for our across 23 venues in 11 states during Ramadhan
business internet banking customers in between March and April 2023.
Singapore.
Scan & Pay • Took the opportunity to engage with buyers and
• In 2023, SGD86.1 million (2022: SGD28.5 sellers, encouraging them to transact digitally.
million) in total transaction value were recorded • Scan & Pay (formerly known as Maybank QRPay)
via MEPS. This is an increase of 202.1% as is a cashless feature that allows paying and • To encourage sign-ups, new merchants were
compared to the previous year. receiving of money via any accepted QR code, rewarded Scan & Pay vouchers of RM30 while new
including DuitNow QR. MAE users received RM20, all of which were fully
reimbursed by KPDN.
• Merchants can grow their business by receiving
cashless payments using a single, unified Maybank • In total about 274 new-to-bank customers
QR code from millions of Maybank customers and and 822 existing-to-bank customers signed
customers of other banks and e-wallets up for MAE wallet, while 131 QRpay merchants
participating in DuitNow QR, thereby getting paid were successfully onboarded.
Apple Pay
quicker by receiving payments anytime, anywhere
• In the cards and payment space, we were one and without the need to make physical cash
of the first banks in Malaysia to welcome Apple deposits.
Pay, enabling our cardholders to make
• In 2023, 232.91 million transactions were
contactless payments through their iPhones or
recorded, valued at RM8 billion, with 169,977
Apple Devices in Malaysia and Singapore.
new merchants successfully onboarded.
• Since launch, the total token provisioned is
2,161,223, accounting for 3.9% of our overall
billings.
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Financing Small Businesses Demonstrating a proactive stance in supporting SMEs, we continued our business
collaboration with Regional Corridors as our key Strategic Partners, offering SMEs financing
We acknowledge that SMEs are drivers of the nation’s economy and we are dedicated to
assistance through several schemes including:
assisting our SME customers by offering them financial services to further expand their
businesses. Our Retail SME Banking segment has served over 775,562 customers, an increase • Northern Corridor Implementation Authority (NCIA) Maybank Entrepreneurship Scheme
of 4.8% from 2022, with a total of RM28.25 billion in our Malaysian retail SME financing. (NMES) – An interest subsidised arrangement for financing facility granted to eligible SMEs
under the Northern Corridor states of Perak, Penang, Kedah and Perlis. This scheme has
Indicators 2021 2022 2023 been ongoing since 2019.
Retail SME Customers >680,000 >740,000 775,562

Indicators 2022 2023
Borrowing Customers ~49,000 ~55,800 60,094
Total Financing/Loan Disbursed (RM million) 23.99 13.45
Total Number of SMEs >292 173

Retail SME Financing
• East Coast Economic Region (ECER) Maybank Entrepreneurship Scheme (EMES) - An

0.56 0.07
1.99 Wholesale and Retail interest subsidised arrangement for financing facility granted to eligible SMEs under the
East Coast Corridor states of Pahang, Kelantan, Terengganu and Mersing since 2016.
3.32 Services
Indicators 2022 2023
Total Manufacturing
RM28.25 Total Financing/Loan Disbursed (RM million) 14.3 11.77
billion 12.93 Construction
Total Number of SMEs >200 160
Agriculture
9.38
Mining and Quarrying
New Programmes Introduced in 2023
or more information on our year-on year Retail SME Financing performance, please refer to page 8
F MSMEs and SMEs
of the Sustainability Performance Data 2023.
• We conducted financial literacy and financial assistance programmes for SME
Microfinance owners in Malaysia to improve their livelihoods, enhance financial decision-making,
manage debt effectively and foster sustainable business growth. In 2023, we
In our commitment to supporting underserved customer segments, we extend dedicated engaged a total of 11,700 participants in our programmes.
microcredit facilities designed to help microbusinesses expand their operations. We are
cognisant that small-scale loans can contribute to nation-building efforts as these activities • We offered support to Retail SMEs in the Philippines, providing weekly free
induce economic growth. The facilities we offer cover microbusinesses that employ fewer consultation on loans to help companies meet their initiatives and targets. In 2023,
than five full-time employees or with a turnover of up to RM300,000. We do not require a fee 160 business owners participated in the programme.
or collateral for processing as we recognise the business capital constraints these businesses • We collaborated with the Credit Guarantee Corporation of Cambodia (CGCC) for
face. the SME Building Capacity and Capability (BCC) programme designed to empower
SMEs with skills to elevate their entrepreneurship. In 2023, we held two workshops
Under the new Commercial Banking Division (CBD) structure, Microcredit Hubs have been
with over 287 participants.
merged into/with, our Commercial Banking Centres (CBC). Our relationship managers in 45
CBCs are trained to effectively serve both micro and SME businesses.
More than 2,221 applicants benefitted from our microfinancing in 2023,

amounting to RM69.72 million. The total outstanding microfinance loan value
is now at RM211.33 million with 8,814 beneficiaries to date.
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Accelerating The Digitalisation Of Lifestyles

We endeavour to serve our retail customers by delivering practical, convenient and user-friendly financial solutions. Our expansion in the digital ecosystem also enables us to design
products and services that meet the needs of the ever-evolving lifestyle of our customers. To this end, we want our services, products and platforms to integrate seamlessly into their
experiences and complement their daily activities. By working towards becoming a preferred lifestyle partner, we provide accessible digital banking solutions in line with our M25+’s strategic
thrusts of focusing on intensifying customer centricity, accelerating digitalisation and technological modernisation.
Our Digital Platforms

We provide our customers with peace of mind by protecting their personal information and data while fulfilling their banking needs. Our customers have enjoyed the versatility of our digital
solutions suite, experiencing an uplift in lifestyle and practicality. During the year under review, we continued championing customer convenience with the following offerings:
Maybank2u
In 2023, the Maybank2u app continued to serve our customers through offering accessible and convenient features, seamlessly completing
mobile banking transactions. The app is now used by 8,950,916* customers (2022: more than 8 million).
* Maybank2u app data for Group CFS level covers three-month active users in Malaysia, Singapore, Indonesia, Cambodia and Philippines
The app’s performance for the year includes:
Employees Provident Fund (EPF) Recurring Payments Foreign Telegraphic Transfer (FTT) Preferential Rate
• An automated platform available on Maybank2u for customers to contribute to • This feature allows customers to enjoy a special rate for foreign currency
their EPF accounts on a monthly basis. transfers that are transacted online.
• In 2023, recorded a total volume of 50,566 in recurring payments set up, • In 2023, 273,800 transactions were recorded with value amounting to
valued at RM26.8 million. RM3.1 billion.
Integration of Accounts with Selected e-Wallets or e-Commerce Grab and Shopee Co-branded Card STP
Platforms
• Our customers can subscribe to Grab and Shopee’s co-branded lifestyle
• Customers can now effortlessly link their Maybank2u account with various
cards with Maybank via Maybank2u, unlocking a host of advantages.
platforms including Grab, Lazada, Shopee and Fave, which enables them to top
up their e-Wallets or make direct payments to the e-commerce sites. • Perks include welcome points for the respective platforms (GrabRewards
Points, Shopee Coins), tiered point rewards, fee waiver and a minimal
• In making the overall experience even more efficient, users are not required to log
income entry requirement of only RM24,000 annually.
into their Maybank account or get Transaction Authorisation Code (TAC)
validations. However, we ensure that all data are encrypted online securely and • In 2023, we approved 3,324 Grab cards and 2,985 Shopee cards.
no banking details are shared on the platforms.
• In 2023, we recorded more than 36 million (2022: 35 million) transactions

amounting to RM1.77 billion (2022: RM1.87 billion), with combined average ticket
size of RM48.37 across all partners.
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Our existing initiatives showed growth in 2023, in the areas of:
Zakat Payment Expansion of Scan & Pay at MAE e-Wallet

Education Centres
• Fulfilling religious responsibilities are made possible • MAE is consistently gaining momentum, with an
for our Muslim customers through Zakat payments • Empowering the education sector by enabling expanding user base recognising the convenience it
done via the MAE app. students, teachers, and parents to seamlessly offers.
embrace cashless payments within educational
• In 2023, 234,900 transactions with a total value of • The surge in monetary transactions through the
institutions, fostering an immersive and hands-on
RM40.3 million were recorded during the Ramadhan MAE by Maybank2u app has led to 1.85 million new
financial literacy experience for young individuals,
month between March and April. customers in 2023 (2022: 1.44 million). This brings
from as early as 12 years old.
the total to 5.10 million existing customers and a
• Benefitting parents and teachers by offering real- cumulative transaction value of RM2.98 billion since
time tracking and management of their children’s its inception.
monthly expenditures and promoting responsible
savings through Tabung.
• Promoting widespread adoption through

MAE Enhancements in FY2023
collaborations between Maybank branches, led by
regional digital champions, and various education
Maybank ATM Cash-Out centres, including schools, colleges, universities, and Visa Direct (VD) and Western Union (WU) Transfer
tuition centres. • We have launched a full suite of remittance service
• In 2022, we introduced the first-ever contactless
in the MAE application by enabling FTT, Maybank
automated teller machine (ATM) cash withdrawal • In 2023, we onboarded 928 Education Partners as
Overseas Transfer, WU, and Maybank2u VD,
service which allowed customers to withdraw cash QRPayBiz merchants, bringing the total number to
Overseas Funds Transfer.
via the MAE app. 1,696 Education Partners and recorded 7,640
transactions worth RM291,925. • 14,571 transactions recorded with a value of
• Customers can effortlessly tap on a single app for
RM34.01 million for VD and 151,247 transactions
a wide range of digital solutions.
recorded with a value of RM233.20 million for WU.
• In 2023, over 1.0 million transactions (2022: over
eKYC Savings Accounts and eKYC Provider Upgrade
100,000) were recorded, amounting to RM332.8 million
(2022: over RM32 million) in cash withdrawals. • The eKYC facility has been upgraded for Kawanku,
Premier1, Premier Mudharabah Account-i and
Saving Account-i, giving customers a quicker
onboarding process with an average account
opening time of nine minutes.
• This is in contrast with the conventional procedures

of visiting a branch to open an account.
• In 2023, more than 334,930 customers were

onboarded during the year under this upgrade.
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Digitalising Lifestyles Across Asean

The ASEAN region is a thriving economy that presents a wealth of economic and technological growth opportunities. As digitalisation unfolds, ASEAN countries continue to embrace and
steadily progress towards becoming digitised societies. The level of digitalisation in each ASEAN country is shaped by governmental policies, political infrastructure and economic position,
presenting diverse challenges to each nation’s journey towards achieving a digital future. Maybank continues to serve our customers in various markets by adhering to local regulations
and creating innovative products that cater to their requirements.
Our Achievements
SINGAPORE
SINGAPORE
• Launched PayNow-DuitNow funds We enhanced our existing offerings while bringing in new features in our bid to continue
transfer providing convenience and practicality to our customers.
• Enhanced MOT feature, recorded
214,857 transactions valued at
SGD266 million PayNow-DuitNow Transfer Maybank Overseas Transfer (MOT)
• Maybank Singapore launched the PayNow- • We have enhanced our MOT, a real-time 24/7
INDONESIA DuitNow funds transfer in December 2023 to Cross-Border Transfer feature, enabling customer
further facilitate cashless payments between to transfer to other DuitNow participating banks in
• Recorded 2.2 million transactions residents of Singapore and Malaysia. Malaysia or Singapore at a competitive foreign
amounting to IDR15.6 trillion in value, exchange rate.
• This collaboration with Malaysia allows
through Bi-FAST Interbank Transfer
customers of participating institutions to send • This significantly minimises the necessity for our
Features
and receive small amounts that are below customers, particularly Malaysians employed in
• More than 3,263 bond purchases SGD1,000 through their mobile phone numbers. Singapore, to withdraw and transport substantial
made through the Maybank2u app, amounts of cash across the causeway for living
with a transaction amount of IDR0.99 • We captured 316 transactions, valued at SGD
expenses or allowances for their families back
trillion 58,849.
home.
• In 2023, 214,857 transactions were recorded,

CAMBODIA valued at SGD266 million.
• 902,264 QR transactions recorded,

totalling USD302.94 million
• Rolled out Secure2u enhancement, with
Enhanced Features for MView
15,101 registered users
• MView, which is available on the Maybank2u SG Maybank2u Online Banking Revamp
Online Banking and Maybank2u SG (Lite) app, • Enhanced security features including Secure2u and
PHILIPPINES has been enhanced, now allowing users to view real time fraud monitoring.
their insurers data and policy categorisation
• Implemented Cross-Selling • In addition, more capabilities were developed, such
and assessment on Maybank2u SG Lite app.
Channel, achieving 8,878 as wealth management for mass retail customers,
applications • In 2023, more than 2,800 customers have allowing them to better manage their investments
• More than 164,000 Ezysave+ signed up for MView as compared to 4,103 portfolio online.
GCash Partnership accounts were customers in FY2022.
• In 2023, one-month active user was recorded at
opened 59,489, with 117,604 total logins in December 2023.
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Regional Online Account Opening Retail SME (RSME) Business Account STP Maybank2u SG (Lite) app
• Maybank Malaysia’s customers can effortlessly • Enables Maybank Singapore SME customers to • Offers not just banking services but also new
open an SGD savings account using their open current accounts online with their MyInfo money management tools like Expense Tracker
Maybank2u Malaysia login credentials for and SingPass information. and Savings Goal.
authentication, eliminating the need for • Allows Singapore SME customers to be auto • In 2023, 432,008 fund transfers and payments
customers to physically visit a branch or travel enrolled for Business Internet Banking (BIB) to were recorded, a notable increase from the
to Singapore. better oversee their digital accounts. 96,626 fund transfers and payments made in
• The platform now allows real-time transfer 2022.
• With the business account STP, customers will be
between two countries. able to open a current account online, using
• In 2023, 2,150 applications were approved MyInfo and SingPass (Singapore’s Digital ID).
(2022: 540 applications), with a total deposit of • eKYC on customers is done by leveraging on
SGD3.5 million (2022: SGD3.3 million). data from government sources.
• In 2023, 2,374 accounts were opened with a

deposit balance amounting at SGD28.18 million.
Maybank2u SG: Wealth and Unit Trust (UT) Secure2U Digital Token
Marketplace • The Digital Token is a secure authentication and
• Allows customers to invest in UT online 24/7 and authorisation tool available on the Maybank2u For more information
access a comprehensive view of their portfolio. mobile banking app. Replacing the need for physical on our offerings in
tokens, Secure2u enhances digital banking by Singapore, please
• In 2023, 719 UT subscription transactions were scan here:
offering a safer, more seamless, and convenient
recorded. user experience.
• Since launch a total of 165,961 users are registered

under Secure2u.
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INDONESIA
We are concentrating on augmenting and expanding our product suite to offer STP features and innovations that prioritise cashless, contactless, and
convenient solutions. This approach is designed to cater to the diverse banking needs of our Indonesian customers. Through the utilisation of digital
banking products and services, our goal is to capture increased market share by targeting segments with growth potential and fostering greater
financial inclusion within communities.
We made some enhancements to our products and services this year:
Digital Strategy and Solutions

Digital Wealth Mutual Fund Switching Transaction
• We revamped our Maybank2u web to enhance the
customer experience for Internet Banking. The • Digital Wealth on the Maybank2u app • Allows customers to optimise their mutual fund
upgrade allows our customers to conveniently view features essential elements such as portfolio via this capability available in the Mutual
and access all account information and banking Customer 360 view, Expense Tracker, and Fund STP. This eases transactions as customers
products on one user-friendly platform. Goal-Based Investment. These functionalities do not need to buy and sell transactions
empower customers to efficiently handle separately.
• Furthermore, Maybank Indonesia actively collaborates and augment their wealth and finances.
with strategic partners to construct a digital • In 2023, for Switching, 3,984 transactions (2022:
ecosystem and delivers distinctive value propositions • This suite of features enables customers to 4,730) were recorded during the year, worth
to our customers. In 2023, Maybank Indonesia joined comprehensively manage their financial IDR1.2 trillion (2022: IDR1.3 trillion) and for Mutual
forces with strategic partners to introduce the portfolios and expenses online, allowing Fund STP, we recorded 69,223 transactions
capability of conveniently topping up DANA and them to create personalised investment amounting to IDR7.41 billion.
Shopee Pay wallets through the Maybank2u app. plans tailored to their needs, eliminating the
necessity for a traditional financial advisor.
• In 2023, 396,192 transactions worth IDR117.2 billion for To enhance awareness and utilisation of
DANA and 168,795 transactions worth IDR65.2 billion these capabilities, Maybank has conducted
for Shopee Pay wallet. both online and offline financial seminars in
major cities such as Jakarta, Bandung, and
Maybank2u Credit Card Features
Surabaya, offering financial and investment
literacy talks to customers. • Additional feature on Maybank2u that allows
We also recorded growth in our existing products and services: customers to convert credit card purchases into
• In 2023, 131 goals amounting to IDR12.6
instalments, request cash advances, and seek
billion (2022: IDR11.3 billion) were created.
credit card limit increases.
Total investment value amounted to
Bonds STP RM379.5 million (2022: IDR246.5 million). • In 2023, 25,545 instalment conversion requests
• Empowers users to purchase primary government (2022: more than 3000) were made via the
bonds through the Maybank Indonesia Maybank2u Maybank2u ID app, with a total transaction
mobile banking app. exceeding IDR169.6 billion (2022: IDR24 billion),
along with over 7,256 credit card limit increase
• In 2023, more than 3,263 bond purchases were made transactions.
through the Maybank2u app, with a transaction
amount of IDR0.99 trillion.
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Bi-FAST Interbank Transfer Features Tokopedia Payment Feature Secure2U Digital Token
• Introduced the Real-time Interbank Transfer • Allows payments for Tokopedia transactions • Functioning as an alternative authorisation
with Bank Indonesia platform in the same under the Maybank2u app. method as opposed to the TAC feature,
period last year to align with Bank Indonesia’s customers can make transactions quicker and
• In 2023, 81,252 transactions (2022: 78,000) were
policies and to enhance customer transaction more securely without needing to wait for TAC
made, amounting to IDR59.8 billion (2022: IDR
experiences. The Bank Indonesia-Fast Payment delivery by SMS.
96.1 billion).
(BI-FAST) infrastructure facilitates secure retail
• In 2023, the Secure2U digital token is enjoyed by
payments accessible at any time.
544,127 customers (2022: 338,535) that are
• In 2023, 2.2 million transactions (2022: 320,000) registered on the platform.
were recorded, totalling IDR15.6 trillion (2022:
IDR2.3 trillion) in transaction value.
eKYC Biometric technology Share Trading Account (RDN) STP

• New customers onboarded via the Maybank2u • In partnership with Maybank Sekuritas Indonesia,
app benefit from the eKYC technology, utilising this platform enables customers to open a share
For more information
the national citizen database for customer trading settlement account fully online.
on our offerings in
information and biometric (face recognition) Indonesia, please
• In 2023, more than 3,252 accounts (2022: 285
verification. This replaces the previously scan here:
accounts) were opened worth IDR34.3 billion (2022:
employed Video Call KYC method.
IDR709 million).
• This process only requires nine minutes end-to-
end as compared to 15 minutes previously with
the Video Call KYC method.
• In 2023, 91,134 customers (2022: over 185,000)

were onboarded.
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CAMBODIA
Our digital services aim to provide our customers with enhanced convenience and security in both local and international transactions. This is made
possible by our continuous integration with national payment solutions and customers’ needs.
In 2023, our operations in Cambodia introduced new features and reported growth for our current services, which also underwent enhancement:
KHQR Integration and Secure2u with Bakong Secure2u Association of Cambodian Local Economic
Development Agencies (ACLEDA) Bill Payment
• The KHQR integration and peer-to-peer QR • Rolled out Secure2u as an enhancement to
Transfer allow customers to swiftly scan and customers’ online banking security and a • Our collaboration with ACLEDA continued to
pay at over 4,250 merchants nationwide and digital solution to overcome challenges posed allow customers to make bill payments to
generate QR codes to receive funds through by authorising transactions using the TAC. more than 200 billers via the Maybank2u
the Maybank2u KH app, providing secure app and web.
• This feature also enables the phone number
transaction authorisation.
record alert when users first log into the app. • We provided more biller options to
• In 2023, 902,264 QR transactions (2022: customers under the ACLEDA bill payment.
• In 2023, there were 15,101 registered users
27,284) were recorded, totalling USD302.94
(2022: 4,700). • In 2023, 7,166 bill payments were
million (2022: USD45 million).
transacted, amounting to USD5.77 million,
a s c om p a r e d to 3 , 3 0 0 tr a ns a c ti ons
amounting to over USD2.0 million in 2022.
We now have 43,790 registered users.
Maybank – Bakong Cross-border Funds Transfer

For more information
• Maybank jointly launched the Maybank-Bakong cross-border Funds
on our offerings in
Transfer, a real time funds transfer service between Malaysia and Cambodia, please
Cambodia via Maybank’s MAE app and the National Bank of Cambodia’s scan here:
(NBC) Bakong e-wallet in 2021.
• In 2023, 77 customers have benefitted from the services, with transaction

value amounting to USD12.47 million (2022: USD8.53 million) for 6,815
transaction counts (2022: over 4,400).
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PHILIPPINES
Our operation in the Philippines is focused on its STP product’s efficiency, bills payment and top-up capabilities. This is to facilitate and empower
customers to effortlessly activate accounts and conduct daily transactions at their convenience, from any location. This year, we implemented:
Cross-Selling Channel Maybank Chatbot

• A two-way SMS cross selling process launched • Maybank Chatbot, with a more streamlined
in March 2023 for lending products. conversational flow and updated responses
• The platform gives us an added advantage to was successfully deployed in October 2023.
generate leads, enabling iSave and EzySave+ Prepaid Top-up Merchants
• Nearly 15,000 interactions were made from
customers to select and apply for their preferred October to December 2023. • Our partnership with ECPay has widened
Maybank lending product through a simple SMS more platforms such as Meralco Prepaid,
reply. PLDT Smart Prepaid Wifi, and Cignal Prepaid.
• In 2023, with an average take-up rate of 15%, we • In 2023, we recorded higher transaction
received 8,878 applications via the two-way volume compared to 2022 despite the
SMS initiative. transaction count and revenue which was
around 50,400 transactions (2022: 83,500),
amounting to PHP5.9 million (2022: PHP4.1
million) with a revenue of around
PHP293,000 (2022: PHP377,000).
At the same time, Maybank Philippines recorded greater volume transactions for:
Ezysave+ GCash Partnership EzySave CASA STP Phase 2

• In this collaborative venture, Maybank extended • Customers can open an account in real-time
the EzySave account through the GCash wallet and activate their Maybank2u. For more information
app, tapping into GCash’s extensive user base on our offerings in
• In 2023, more than 15,600 EzySave accounts the Philippines,
of 70 million and 29 million daily logins. please scan here:
have been opened digitally.
• Since its launch, 164,000 accounts (2022: over
79,000) have been opened, with a month-end
balance recorded at PHP159 million.
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CHAMPIONING ISLAMIC SUSTAINABLE FINANCE Islamic Centre of Excellence

As a leader in the Islamic finance industry and the largest Islamic banking group in the We recognises our responsibility in fostering sustainability through the dissemination of knowledge
ASEAN region, Maybank Group Islamic Banking (MGIB) has played a pivotal role in driving and expertise. In line with this commitment, our Islamic Centre of Excellence (COE) has been
sustainable practices by offering sustainable finance solutions across all customer segments, actively fostering knowledge and talent development on both local and global fronts, with the
Consumer, Non-Retail (RSME, SME+ and Business Banking) and Corporates while impacting overall aim of enhancing Islamic finance literacy. The key activities of our Islamic COE are
communities through our Islamic social finance programmes. Grounded by the principles of strategically aligned with sustainability objectives, anchored on the following categories:
Shariah and aligned with Maybank Group’s sustainability commitments, MGIB has been at
the forefront of incorporating environmental, social, and governance considerations into our We provide insights and knowledge transfer to organisations seeking
operations and offerings. to learn about Islamic banking operations, particularly from the
perspective of Maybank Islamic.
Value-Based Intermediation In 2023, we facilitated a two-week industrial placement for senior
Strategic
In alignment with our dedication to industry best practices, MGIB actively collaborates with 01 Advisory management personnel from Bank Syariah Indonesia. Additionally,
the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), BNM and we organised sharing sessions with executives from the National
industry peers in the advancement of the Value-Based Intermediation (VBI) initiative that Bank of Ethiopia and the Lembaga Pengelola Dana Pendidikan
aims to deliver the intended outcomes of Shariah through practices, conduct and offerings (LPDP), Indonesia.
that generate positive and sustainable impact to the economy, community and environment.
As an active member in the VBI Community of Practitioners (VBI CoP), MGIB continues to
demonstrate our advancement through the VBI journey not only through our offerings but
In March 2023, we co-hosted a Book Review Forum entitled “Islamic
also in our banking practices and industry collaboration. The VBI Financing and Investment
Finance and Sustainable Development”, which was organised in
Impact Assessment Framework (VBIAF) Sectoral Guides stand out as a prominent initiative
Research collaboration with the Centre of Islamic Economics, International
that the VBI CoPs have undertaken. One of the latest developments in this endeavour was
02 and Islamic University of Malaysia, which attracted 254 attendees. This
the release of the third cohort of VBIAF Sectoral Guides by the VBIAF Sectoral Guide Working
Publication edited book presents a collection of 15 chapters discussing the SDGs
Group on 26 May 2023 for a two-month public consultation period. This cohort focuses on
in the broader context of Islamic finance along with the mapping of
key sectors, including agriculture, mining and quarrying, road transportation, and waste
the SDGs with Maqasid Al-Shariah.
management, chosen for their pivotal role in advancing the nation’s green economy.
Maybank Islamic is one of the key contributors of the VBIAF Sectoral Guide for the mining
and quarrying sector.
According to the VBI Report 2022, the Islamic banking industry is moving from the ‘Emerging’
phase to the ‘Engaging’ phase of the VBI journey. This transition marks a significant step
We organised 13 knowledge sharing sessions with local and
towards a more profound and sustained commitment to VBI principles among the Islamic Advocacy
03 international academic institutions between January and December
banks. It indicates the growing awareness of the significance of sustainability, ethical
2023, benefitting more than 1,400 students.
practices, and the alignment of the Islamic financial services with broader societal goals.
We received 74 applications for Maybank Islamic Banking’s

Talent Postgraduate Sponsorship Programme and seven candidates were
04 Development chosen. Additionally, we extended a one-off aid to an additional nine
deserving applicants.
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Powering Progress
Innovative Islamic Financing Products and Services

MGIB continues to pioneer the introduction of a wide range of innovative Shariah-compliant products and solutions, demonstrating our commitment to promote the availability, innovation
and development of personalised financial solutions for our clients. This is facilitated by our 159 relationship managers, who are certified Islamic Financial Planners. In 2023, we launched
the following products and solutions:
Global Islamic Wealth Management EzQurban Simplifying Zakat Payments
• Onshore and offshore Islamic Wealth Management A collaboration with the EzQurban Platform to Maybank Islamic and Lembaga Zakat Selangor (LZS)
(IWM) solutions for sophisticated Premier and Private allow customers to conveniently and efficiently inked a collaborative agreement to simplify Zakat
banking customers in Malaysia, Singapore, and perform their religious obligation of Qurban. payments while promoting impactful social contributions.
Indonesia. Customers may select and purchase their Qurban The agreement, which formalised the appointment of
livestock via the EzQurban Platform. Maybank Islamic as the main operational bank for LZS,
• Lauched EzyWasiat in June in Malaysia – an
innovative way of writing wasiat in 30 minutes. A is envisaged to boost contributions to poverty alleviation
digital wasiat created via an online platform, programmes, with the Bank amplifying these efforts
equipped with an automated software that through its online channels.
calculates the customers’ assets according to Faraid Zakat Autodebit
law in order to ease the wealth distribution process
for their intended beneficiaries. Assists customers in performing their Zakat
obligations on savings and investments in the
• The first Islamic Window in Indonesia to launch Bank, under Islamic deposit accounts (savings,
Shariah Wealth Management in September, providing current, term deposit) and Mudarabah Investment
Islamic Wealth Management Solutions that fulfil Account products (Daily Fund-i and Term Fund-i
customers’ financial and spiritual needs. accounts) through auto payment to the relevant Zakat
• The first bank in Singapore to offer “end-to-end Agency.
Islamic Wealth solutions” launched in November to The total zakat deductions recorded in 2023 amounted
help it capture the growing demand for Shariah- to RM538,790.
compliant wealth product and services globally.
Halal Facilitation and Halal Assurance System
Introduced Halal Facilitation and Halal Assurance System in

September, the first Islamic banking solution tailored for
SMEs and Bank’s Micro Small aimed at simplifying their
Halal certification journey.
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Advancing Islamic Finance

03
02
In the year under review, we pushed ahead in our efforts to create
positive impact through our corporate lending activities. As part of First Sustainability Sukuk in the Malaysian Utility Islamic Term Financing Facility
the Group’s total achievement of RM34.11 billion in Sustainable Sector • Maybank acted as the joint mandated lead
Finance in FY2023, Maybank Islamic successfully mobilised RM17.5 • Joint Lead Arranger and Manager for TNB Power arranger for a RM1.1 billion Islamic term financing
billion, demonstrating our robust commitment towards sustainability. Generation Sdn Bhd’s (TPGSB), subsidiary of facility granted to YTL DC South Sdn Bhd (YTL DC), a
Our activities in the Islamic sustainable finance space included Tenaga Nasional Berhad, RM2.0 billion wholly owned subsidiary of YTL Power International
sustainability-linked financing, financing for green projects and sustainability sukuk offering. Berhad.
Shariah advisory services for Sustainability Sukuk. The following • The proceeds from the issuance are utilised for • The facility was emplaced to fund the development
landmark deals were executed in 2023: the Nenggiri Hydroelectric Power Plant Project of the 48MW IT Load Hyperscale Data Center
as set out in the TPGSB Sustainability Sukuk (HDC) located at Kulai, Johor, with a commitment
01 Framework.
to secure Gold LEED certification, which shall be in
compliance with Green Loan Principles published
Sustainability Sukuk Wakalah
by the Loan Market Association, the Asia Pacific
• A RM3.0 billion Sukuk Wakalah Programme was established Loan Market Association and the Loan Syndications
through KPJ Healthcare's wholly owned subsidiary, Point Zone 04 and Trading Association.
(M) Sdn Bhd. This is the first of its kind by a healthcare
Green Sukuk
industry player. Maybank acted as the Joint Principal Adviser,
Joint Lead Arranger, Joint Sustainability Adviser, and Joint • Independent power producer Solarpack Suria
Lead Manager for this deal. Sungai Petani has issued a RM285 million
• Proceeds from the issuance are utilised by KPJ Healthcare to 38-tranche green sukuk facility to refinance
fund, among others, Shariah-compliant financing activities its RM275 million loan from Maybank for the
comprising the expansion, working capital requirements and construction of a solar power plant in Kedah,
general corporate purposes of the KPJ Group’s healthcare and Malaysia.
healthcare-related businesses.
Maybank Islamic’s Zakat Contributions
With the aim of increasing our impact on communities and Building upon the impact in 2022, the Group’s Zakat disbursements for the year, including Maybank Islamic’s disbursements,
ensuring efficient utilisation of funds, MGIB’s Zakat are as follow:
disbursements continues to contribute towards key focus
Indicators 2021 2022 2023
areas which comprise Education, Humanitarian Aid, and
Islamic Social Finance, aligned with the principles of Maqasid Total Zakat funds* (RM million) 13.2 25.5 26.3
Shariah and Maybank Group’s sustainability agenda.
Zakat contribution via MIB’s Community Programmes** (RM million) 7.9 16.6 18.4
In 2023, through MGIB’s strategic Zakat disbursements, we
actively contribute to achieving Maybank Group’s Community Programmes
sustainability commitments, in particular Sustainability No. of impactful programmes funded: 19 32 36
commitment 2, which aims to improve the lives of two No. of partners: 13 25 33
million households across ASEAN by 2025, further reinforcing Beneficiaries impacted: 40,248 51,062 48,681
Maybank Group’s commitment to creating lasting positive
change in the communities we serve. Distribution according to Zakat pillars (RM million)
Education 2.4 4.1 4.8
Humanitarian aid 1.6 3.3 2.6
Islamic social finance 3.6 8.3 10.1
Ihsan 0.4 0.8 0.9
Note: MIB refers to Maybank Islamic Berhad

* The Zakat contributions here inludes amongst others, the contributions as part of commitment 2
** For the financial year
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As part of the Group Zakat’s contribution, Maybank Islamic funded 36 programmes throughout the year with some of which are highlighted below.
EDUCATION
Zakat Assistance for Higher Learning Institutions Semarak Ilmu

Maybank Islamic provides financial assistance programmes for underprivileged A holistic programme aimed at providing access to quality education covering
students in higher learning institutions. In 2023, a total of 1,500 students benefited from primary through tertiary education. To date, 1,515 Asnaf students have been impacted
the financial assistance programme. by the programme.
COMMUNITY
MIBG Community Programme Save A Child’s Heart Programme

Maybank Islamic provided basic food aid packages and home learning packs for In partnership with Institut Jantung Negara, Maybank Islamic allocated RM150,000 from
asnaf communities in Klang Valley. In 2023, 4,000 beneficiaries were impacted by the its Zakat fund to support surgery and treatment costs of seven paediatric patients in
programme. need of medical treatment and heart surgery.
Water Sanitisation & Hygiene Programme (WASH) Energy for Life

Maybank Islamic’s WASH programme acknowledges the vital role of clean water for Maybank Islamic collaborated with Yayasan Amal Malaysia Cawangan Sabah
health, livelihoods, communities and the environment. Establishing infrastructure for (YAMCS), distributing solar panels to selected beneficiaries in Sabah as part of the
clean water access reduces waterborne diseases through sustainable and hygienic “Energy for Life” initiative. The programme aims to provide sustainable energy and
practices, improving the health and socio-economic well-being of communities. To basic electricity for 453 recipients. The solar panels provide up to eight hours of power
date, the programme has benefitted 2,724 homes. at night with a single daylight charge, resulting in an average monthly saving of
approximately RM300 compared to typical generator usage.
ENTREPRENEURSHIP
Zakat R.I.S.E. Programme iTEKAD Aspirasi Wanita
A capacity-building programme for asnaf entrepreneurs, In collaboration with Madcash Sdn Bhd and State Islamic Religious Councils, Aspirasi Wanita is a digital financial
which aims to increase their economic status, positively inclusion programme that empowers Asnaf women entrepreneurs and gig workers. It provides strategic business
impacting the well-being, health and education of their training, mentorship, access to seed capital (qardhasan) and financing through Maybank Islamic. The programme
family and community. In 2023, 362 participants have is recognised by BNM under its financial inclusion initiative known as iTEKAD. Since its approval by BNM in August
been enrolled in the programme. 2023, it targets to benefit 665 female microentrepreneurs and gig-workers, empowering them to enhance their
financial management skills and business acumen for the purpose of generating sustainable income.
Student Entrepreneurship Programme Urban Farming Women Entrepreneurship Programme
This two-year training and entrepreneurship programme Maybank Islamic supports an urban farming initiative Maybank Islamic partnered with Kelab Wanita Ikon
focuses on the production of bakery products in to address income inequality and poverty. This Malaysia to launch the Transformasi Ekonomi Wanita
collaboration with Universiti Sains Islam Malaysia programme empowers low-wage earners, offering programme, specifically designed for Asnaf entrepreneurs
(USIM). The programme led to the opening of Genba them the chance to acquire or enhance skills while in Selangor and the Federal Territory. This comprehensive
Bakery café in Nilai Impian, Negeri Sembilan. This generating extra income by selling extra produce. programme comprised 12 learning modules, delivered
programme also complements our HALAL initiatives Following the success of its initial project in Semenyih, through six face-to-face sessions strategically held at
and the halal food industry as a whole. In 2023, 80 the programme has expanded to four new sites in various locations. Over the course of 12 months, from
students from the asnaf community were enrolled in Selangor and Kelantan. Maybank Islamic allocated a November 2022 to December 2023, a total of 50 female
the programme. zakat fund of RM260,000 for the second phase, Asnaf entrepreneurs successfully gained valuable
benefitting over 100 participants. insights and skills in branding and digital marketing.
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ELEVATING CUSTOMER EXPERIENCE

At the core of our M25+ strategy lies an unwavering dedication to continually enhance our customer-centric approach, delivering a top rated Customer Experience (CX). We aspire to
transcend conventional standards by setting ambitious goals, aiming to elevate customer experience by 10% year-on-year. This commitment underscores our pursuit of excellence, providing
unparalleled value and satisfaction to our valued customers.
The essential components revolve around making the voice of our customers heard, understood and valued. By utilising the Voice of Customer (VOC), we aim not only to listen attentively
but also to harness customer feedback to drive satisfaction and continuous improvement.
Our CX Approach
Top Rated Customer Experience
Our five key guiding principles serve as the pillars of our customer-centric evolution. By leveraging innovative technologies, refining internal processes, and investing in employee training,
we are poised to create an ecosystem where customer satisfaction is not just a goal but a fundamental part of our organisational DNA. Our objective is to exceed customer expectations,
thereby solidifying our position as a leading customer-centric financial institution.
Five Key Guiding Principles
We integrate the five key guiding principles into all our strategic business directions and operations. This integration will enhance the Group’s CX journey, providing stakeholders with
a seamless, memorable and personalised experience across all touchpoints.
In strategic alignment with these principles, every business unit within the Group is empowered to delineate distinctive CX
Establishing simple, intuitive
milestones and formulate a tailored strategy that aligns with the specific needs of their discerning customer base. The
and accessible banking
seamless integration of our M25+ mission statement mirrors our overarching M25+ aspirations. This deliberate fusion reinforces
our unwavering commitment to adopting and implementing a customer-centric approach right from the initial stages.
Embrace continuous
process improvement and
a dynamic customer
engagement approach
“ Everything we do
INTERNAL EXTERNAL
starts and ends with
Leverage on data analytics End-to-end in customers at heart ” Anchoring on our
to drive decision making everything we do, mission of Humanising
our actions and Financial Services, we
decisions are made place our customer at
through the lens of the centre of everything
Empower employees to
the customers we do
serve efficiently
Embed a customer-centric
employee culture
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Our holistic CX Plan encompasses key components, notably the VOC Programme, Customer Experience Journey (CEJ), and the Maybank Hospitality Programme (MHP). This integrated
framework strategically guides our approach to customer interactions. Amplifying the voices of our customers, the VOC Programme informs and directs our initiatives while the CEJ acts
as a roadmap, ensuring a seamless journey for our customers. Additionally, the MHP enhances the hospitality aspect of our services, contributing a distinctive layer to our overall customer
experience approach. Together, these components synergise to fortify our commitment to delivering excellence at every touchpoint within our strategic vision for customer satisfaction.
Top Rated Customer Experience

M25+
Intensify Customer Centricity
Everything We Do Starts and Ends with Customers at Heart

CX Vision
Relationship NPS* | Transactional NPS | Customer Satisfaction | Customer Effort Score | Complaint Resolution
Customer Experience Journey

VOC Programme Maybank Hospitality Programme
Key Metrics Seamless Experience End-to-end from
VOCs-led Data for Customer Insights Instilling CX Mindset for Maybankers
Customer's Lens
External Customer Engagement Score Customer Facing SLAs

Key Execution (ECES) VOC-Led Initiatives I Am Maybank
Pillars CX VOC Platform M25+ Strategic Programme
46 CX assessments conducted; 13
Leadership in customer advocacy Completion by 90% of the workforce;
initiatives implemented focusing on
Key Outcomes remains strong with an improved NPS
digital enhancements, and mapping
training provided to 5,345 individuals,
from +24 to +37 totalling 11,930 training hours
of three CX journeys
*Net Promoter Score (NPS) is a customer loyalty and satisfaction measurement taken from asking customers how likely they are to recommend product or services to others on a scale of 0 to 10
Voice of Customer Our strong commitment to delivering excellent customer experiences helps us maintain our
leading position in the industry, evident in our impressive NPS of +37 (2022: +24). Focusing
Listening to our customers is crucial for improving our service and meeting their needs. Their
on customer satisfaction during transactions is crucial for building customer advocacy,
feedback guides us in making better decisions, creating experiences that truly connect with
measured through the transaction Net Promoter Score (tNPS). In this context, the connection
them, and ensuring every interaction is a positive one, ultimately leading to customer
with the ECES framework is essential.
satisfaction. The platform plays a vital role in collecting feedback during key moments of
truth. Beyond storing valuable insights, it provides a real time perspective on the performance We evaluate and benchmark ECES within our operational framework to gauge the success of
of different channels, products, and touchpoints from the customers’ viewpoint. It our customer centric approach, ensuring that each transaction not only meets but exceeds
systematically collects customer feedback at a transactional level, meticulously measuring customer expectations. The interplay between customer satisfaction, tNPS, and ECES creates a
three crucial outcomes: comprehensive framework guiding our continuous efforts to provide outstanding experiences
and foster lasting customer advocacy. To maintain a constant pulse on customer feedback
Customer Effort Customer Satisfaction Net Promoter Score and overall relationship satisfaction, we have committed to investing RM11.6 million over the
Score (CES) Score (CSAT) (NPS) next three years.
Amount of effort
customers put into a Customer satisfaction at Customer loyalty and
Since the launch of the platform, an impressive 242,000 VOCs were gathered and 54
certain interaction with transaction advocacy
unique customer journeys were orchestrated
he company
Building on the success of the VOC programme, we will intensify its impact by adding more
or more information on our year-on-year customer experiences performance, please refer to page
F customer journeys and extending its reach to Singapore in FY2024. Simultaneously, we
8 of the Sustainability Performance Data 2023. maintain a steadfast commitment to ongoing improvement initiatives, aiming to refine and
augment the platform’s capabilities while expanding it to other home markets.
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Customer Experience Journey

Embarking on a journey to redefine and elevate our customer experience, we have meticulously crafted the CEJ framework. At its core, this initiative seeks to create a seamless and
memorable trajectory for our customers throughout their interactions with our products and services.
As a dynamic and evolving roadmap, the CEJ is not a static framework. Regular assessments, feedback loops, data driven refinements, and conducting end-to-end customer journey
workshops with different lines of business ensure that our customer experience strategy remains agile and responsive to changing needs.
In line with our commitment to customer-centricity, the CEJ serves as a foundation for cross-functional collaboration. Departments unite to synchronize efforts, ensuring a consistent and
seamless experience at every customer touchpoint. We aim not only to meet but to exceed customer expectations, fostering loyalty and advocacy as we position ourselves as leaders in
the ever-evolving landscape of customer experience.
Managing Customer Complaints

We are committed to addressing customer feedback within two to four working days. Upon resolving an issue, we delve into the root causes, striving for continuous improvement in our
service. Our goal is to ensure a swift, fair, and consistent response. To fulfil this commitment, we have our Customer Feedback Resolution and Management (CFRM) department which
operates independently. Their dedicated role is to efficiently resolve complaints and provide valuable insights into recurring trends.
This year, we have made notable progress in efficiently handling feedback. We successfully resolved 94% of non-complex feedback within two working days and half were sorted at the
first point of contact. This reflects our ongoing dedication to enhancing customer service and ensuring that your experience with us is as smooth as possible.
Prioritising Customer Satisfaction

Maybank Hospitality Programme : Elevating Customer Satisfaction with I Am Maybank
The I Am Maybank e-learning programme acts as a powerful catalyst, fostering a deep sense of ownership and responsibility among our employees for the consistent delivery of positive
customer experiences. Demonstrating their unwavering commitment to continuous improvement, a robust 90% of our workforce actively embraced and completed the recently launched
modules. This innovative e-learning initiative goes beyond reinforcing CX principles; it delves deeper, highlighting the crucial importance of customer feedback. It serves as a dynamic tool,
not only instilling a proactive culture within our teams but also emphasising ownership and accountability all guided by the invaluable insights from our valued customers.
In addition to this initiative, comprehensive training was This collective effort has accumulated a total of 11,930
provided to 5,345 Maybankers across diverse roles, training hours, conclusively reinforcing our dedication to
including branch frontliners, participants in the Maybank
excellence in customer experiences and solidifying our
Group Induction Programme, Young Leaders Development
Programme, Personal Financial Advisors, Relationship Managers, position as industry leaders
and Marketing Executives
CX Heroes
CX Heroes is a recognition programme honouring our Customer Experience Assistants (CEAs) who consistently go the extra mile to delight our customers. Serving as the initial point of
contact for customers entering the branch, our CEAs play a pivotal role in creating a positive first impression as we strive to build lifelong relationships. This initial interaction is crucial to
our goal of addressing the evolving needs of our customers and working towards a better future together.
In 2023, we proudly awarded 16 CX Heroes for their exceptional dedication
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Amplifying Customer Experiences Across Regions

We elevate our customers’ financial journey with us through innovative services, personalised interactions, and seamless digital solutions. The adoption of a customer-centric approach
can be felt across all our branches in various regions.
MALAYSIA INDONESIA
• Launched first-of-a-kind Signature Branch, a fusion of physical and digital concept • Etiqa Indonesia organised an Instagram Talkshow, a live talk show on social media
spanning five storeys located at Pavilion Bukit Jalil. The new concept branch serves where we invited our customers to share their testimonies. The event gained a high
as a comprehensive and inclusive one-stop centre catering to both individual and viewership of 537.
commercial clients, elevating and modernising Maybank’s extensive array of services • Motor Vehicle claim survey forms were distributed to our customers whose motor
through the integration of advanced technologies and digital advancements into a vehicle repairs were done at workshops, to gauge customer satisfaction.
physical branch in line with our focus on enhancing customer experience. Notable
features include a Digital Lounge for Maybank2u transactions and information,
universal counters for flexible services, Teller Assisted Units (TAU) for faster service,
CAMBODIA
improving customer serving time and staff productivity, virtual rooms connecting
customers to experts via Zoom, and cash deposit machines for efficient bulk cash
transactions handling. The branch also provides a dedicated hub for young aspiring • As part of our Cambodian operation’s CEJ mapping, four CX Journey Workshops
entrepreneurs, SMEs and corporate clients reaffirming Maybank’s commitment to have been completed with the frontline staff on ‘Reimagining Customer On-boarding
supporting and nurturing businesses of all sizes. Journey among the Customers’. The results were used to create and test the
Minimum Viable Product (MVPs) at Maybank Pop-Up and branches.
• Championing inclusivity, our Maybank branches prioritise customers with challenges • Adopted the Group’s NPS as our primary CX metric, which is gathered through the
by offering differently-abled features, such as: ECES along with other CX metrics with our available resources. Results from the
- Designated parking and ramp from parking to the walkway initiative were used as a benchmark for each branch.
- Sliding door at the self-service terminal entrances • Organised the CX Thematic Day to honour and celebrate front liners and valued
- Signage at the main entrance customers who contribute to our mission of Humanising Financial Services. A series
- Designated ATM with Person with Disabilities (PWD) logo of activities were convened, including Khmer New Year, CX Day, and Christmas
- Greeter celebrations.
- Designated sales table • Implemented the Maybank Chat Platform that provides an avenue for customers to
- Mobile bus equipped with ramp receive instantaneous responses to enquiries and concerns, driving towards prompt
resolution. The platform also gives customers the accessibility through their preferred
• Our commitment extends to providing wheelchairs at our branches, exemplifying our channel. This is a precursor to our Chatbot which will be rolled out in 2024.
ongoing dedication to enhancing accessibility for the differently-abled and elderly
customers. We have made readily available wheelchairs for customers’ usage at
each of our 345 existing branches.
AWARDS AND RECOGNITIONS
SINGAPORE Motordata Research Consortium Malaysia Awards 2023

• Winner of the Fastest Estimate Claims Approvals for Own Damage Claims 2023 -
Etiqa General Takaful Berhad
• Etiqa Insurance Pte. Ltd. (EIPL) distributed transactional surveys to customers to
• The Highest Number of Approved Claims, General Takaful - Etiqa General Takaful
measure their experiences through various interaction touchpoints such as New
Berhad
Purchase, Renewal, TiqApp/Web, LiveChat, Emails, Hotline, Claims, Walk-in and
Telesales. Insurance Asia Awards 2023
• From the 14,179 surveys answered, we achieved an average of 92% positive score • Digital Insurance Initiative of the Year, Malaysia - Etiqa Insurance and Takaful
across the various touchpoints. • Insurtech Initiative of the Year - Etiqa Life and General Asssurance Philippines
Singapore Business Review Technology Excellence Awards 2023

• AI-Financial Services - Etiqa Insurance Pte. Ltd.
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Upholding Customers’ Trust

We are steadfast in preserving our customers’ trust. Our unwavering commitment is to safeguard our customers from potential cyber risks by ensuring their data safety and protection. We
remain dedicated to fortifying the resilience and integrity of our cyber security infrastructure to prevent any unauthorised use or breach of our customers’ confidential and sensitive data.
For more information on our cyber security measures, please refer to page 114 of this report.
Product And Service Responsibility

We empower our customers with a clear understanding of financial products and services, enabling them to make informed choices. This is reflected in the transparent provision of
accurate and reliable information with regards to our services and fees. We also steadfastly adhere to established authorised banking rules and regulations, ensuring compliance in all
aspects of our operations. In assisting our customers to make informed decisions we have established the following guidelines.
Responsible Banking Practices Retail Investment Retail Banking
• Our Product Disclosure Sheets (PDS) are accessible • Our sales employees are bounded by the following Our product offerings and lending procedures
on Maybank2u and provided in hard copies for our regulations for the distribution of Unlisted Capital consistently adhere to the Maybank Group Client
customers when they apply for loans and during the Market Products: Charter and the relevant policies and guidelines
issuance of the Letter of Offer. This is to ensure that governed by the HP Act 1967, Personal Data Protection
a) Fair Treatment of Financial Consumers
all parties are clear on agreements and to avoid Act (PDPA) 2010, and BNM guidelines concerning
misinterpretations. b) SC Guidelines on Sales Practices for Unlisted customer protection. This includes the Guideline on
Capital Market Products
• We also conduct a suitability assessment on Responsible Financing (GRF) and Fair Treatment of
customers to guide them on how to match their risk c) Guidelines on Product Transparency and Financial Consumers (FTFC).
profile against their financial requirements and our Disclosure
recommended products. Our employees are d) Policy Document on Prohibited Business Seamlessly Inducting Customers
obligated to thoroughly inform the customers of the
e) Code of Ethics (FIMM)
product’s risks and features.
A complete onboarding experience for our customers
• All sales employees are licensed by the respective
• Customers are also given the Offering documents include:
regulatory bodies prior to engaging customers for
including Product Highlight Sheet, PDS and Prospectus • Mandatory clearance from internal compliance
the distribution of products.
to help them in making the best suited investment
decisions. • To renew their license, employees must undergo the • Completed assessment by loan originators and
ongoing learning programme and meet the fit and credit underwriters on customers’ ability to service
• Our sales employees are subjected to disciplinary their loans based financing or loan guidelines which
proper criteria in accordance with the Guidelines on
actions as part of our governance practices should is aligned with our credit policies
Investor Protection, FIMM’s Consolidated Rules and
there be an event of mis-selling, misrepresentation, • Explained PDS to customers during the onboarding
Guidelines on Marketing and Distribution of Unit Trust
misconduct or non-compliance. These actions can process by sales employees
Fund. Sales activities are regulated by the Sales
range from a reminder letter, warning letter and or
Process and Governance for Investment Product eSPI.
other forms of penalties.
For more information on how we protect our customers responsibly, please refer to pages 111 to 113 of this report.
Enhancing Consumer Protection Practices

We are committed to promoting ethical business practices and preventing financial crimes. To achieve this, we provide our employees with regular training sessions to keep them updated
on the latest regulatory requirements. Our goal is to maintain a high-quality workforce and ensure that our employees are well-versed in the regulations governing customer data
protection, fair dealings, product transparency, and responsible sales practices. To this end, our employees are frequently trained on product knowledge including Mortgage and Retail
Financing products, unit trust fund, Investment Sales Process, Anti-Money Laundering or Counter Financing of Terrorism and Sanctions and Financial Crime Red Flag Fundamentals, among
others. Our employees are also trained when a new product which involves risks and feature is launched.
Our employees who engage with customers face-to-face have access to the Library of Integrated Sales Advisory portal (LISA), a web-based sales tool that offers quick access to
information about products and services, as well as solutions for any uncertainties. LISA also provides ongoing updates on fraud awareness, including the latest fraud tactics, training
materials, and success stories to keep employees informed and encouraged to prevent frauds.
For more information on our Maybank Group AML/CFT Policy, please refer to page 113 of this report.
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OUR APPROACH Strategic Community Investments
Maybank is committed to improving the lives of two million Country Themes

households across ASEAN by 2025. Our overarching mission
0.02%
of Humanising Financial Services continues to steer our 0.04%
efforts by generating meaningful, measurable and long- 0.45% 0.05% 0.10%
1.95% 0.05% 2.57%
term sustainable impacts to the communities we serve 0.06%
3.98% 5.75%
across the region. Aligned with this, we strive to make a Malaysia
4.10% 24.65%%
positive difference with a strategic focus on the following Singapore
through targeted investments Group-wide, in the countries Indonesia Education
Cambodia Community Empowerment
where we operate: Total Total
As at Philippines As at Arts and Culture
• Community Empowerment RM42.54
31 June 2023 Vietnam 31RM42.54
June 2023 Environmental Diversity
million Laos million
• Education Healthy Living
China Disaster Relief
• Environmental Diversity
United Kingdom 62.84%
• Arts and Culture
93.41%
• Healthy Living
• Disaster Relief
or more information on our year-on-year community investment performance, please refer to page 4 of the Sustainability Performance
F
DRIVING POSITIVE IMPACT Data 2023.
Maybank Foundation, as the social impact arm of the Group, plays a pivotal role in creating positive change for our beneficiaries and stakeholders. Through our regional flagship initiatives,
Maybank Foundation aims to uplift ASEAN communities to create a more equitable society by empowering communities with lifelong financial skills and knowledge, addressing their
immediate needs and building financial resilience towards sustainable livelihoods.
MAYBANK FOUNDATION HAS TOUCHED 461,952 LIVES ACROSS ASEAN
1 1
Laos 10,232
3,710
20,376
17,812
Total Total
Myanmar
Vietnam
Beneficiaries Beneficiaries
923 30,816
9,221
Philippines
75,658 48,339
78,523 As at As at
31 December 1,852 31 December
Cambodia
58,848 2023 9,106 2022
9,355
Brunei
Malaysia 1 5,006
278,156 3,699 1,318
8,171 1,388 4,864
Singapore
3,531
Malaysia Indonesia Laos Philippines Myanmar
Singapore Vietnam Cambodia Brunei
Indonesia
29,039
Note: N
umber of lives disclosed is reflective of active programmes and their respective commencement periods under the purview of Maybank Foundation.
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Maybank Foundation drives the Group’s community programmes, focusing on allocating resources for meaningful, quantifiable and enduring impacts in line with our mission of Humanising
Financial Services. This sets us apart from our peers, further enhancing our reputation as a company that genuinely cares for the communities it serves.
In 2023, Maybank Foundation streamlined its focus to three main pillars: Empowering Education, Community Empowerment and Environmental Diversity, with four flagship programmes
operating alongside other core programmes that come under its community investment activities. This year, the Foundation increased its investment to over RM35.16 million, reflecting a
19.4% growth compared to 2022, with RM29.44 million investment. This substantial investment underscores our commitment to making a positive difference through the Group’s community
programmes.
By 2025, we aim to refine strategies from the initial two phases, expanding the reach and impact of existing programmes and prioritising capacity building for the Foundation.
OUR THREE MAIN PILLARS
Empowering Education Community Empowerment Environmental Diversity
RM10.27 million RM23.37 million RM1.55 million
>38,000 >36,000* 16,342 km

Students and Scholars Communities Dense Forest Covered
10,276 21,629
beneficiaries beneficiaries
Support disadvantaged Mobilised 118 youths,

communities through ten Civil Society
69 5
scholars scholars
training and membership
and mentorship
Organisations
(CSOs)
Deploying over 100 rangers,
programmes strengthening tiger
774 Heart conservation in the
weavers 3,810 Belum-Temengor Forest
38,334 211 and farmers
beneficiaries
beneficiaries
artists
through 10 Complex, in partnership with
500 5
97,371 mulberry trees
students and 1,000 cotton crowdfunded WWF-Malaysia
Elevate financial exhibitions trees planted campaigns
literacy of children Maths tuition to
aged 9 to 12 years old primary students in
rural communities
50 beneficiaries from the Maybank Training & Learning Centre
programme, providing vocational training to disadvantaged
young adults in Malaysia
TOTAL INVESTMENT OF RM35.16 MILLION
* Excludes beneficiaries from Maybank's Cahaya Kasih (Ray of Love) programme. For more information on Maybank's Cahaya Kasih programme, please refer to page 88 of this report.
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Maybank Foundation’s programmes, initiatives and investments are aligned with its Strategic Plan which was extended until 2023, resulting in the following outcomes:
Key Areas of our Strategic Plan
Expanding well-established Enhancing and maintaining Cross-leveraging existing Pioneering the development Fostering and amplifying
flagship programmes in the success of ongoing offerings for collaborative and realisation of new awareness of our programme
current and new areas community and social social initiatives programmes accomplishments
investments
Currently, we have four active flagship programmes alongside other core programmes, to execute the Group’s community projects:
FLAGSHIP PROGRAMMES CORE PROGRAMMES
Empowering Community Empowering Community Environmental

Education Empowerment Education Empowerment Diversity
Cashville Kidz Reach Independence Maybank Group Scholarship Balai Seni Strengthening
& Sustainable Programme Art Series Tiger Conservation in the
Entrepreneurship Belum-Temengor Forest
(R.I.S.E.) Complex
ASEAN-Maybank Scholarship MaybankHeart
eMpowering Youths
Across ASEAN Maths for Rural Kids (MARK) Maybank Training & Learning
Centre (TLC)*
Maybank Women
Eco-Weavers
* Two training sessions were held in December 2023, involving 50 participants consisting of marginalised youths, aged between 18 to 35 years old
** Following a thorough reassessment of Maybank Foundation’s strategic plans, KataKatha has been discontinued
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Maybank Foundation’s ongoing efforts to driving positive societal impact across ASEAN thrives on the collaborative efforts with the following key partners, stakeholders and regulatory bodies:
Important Stakeholders and Regulators
Endorsed and supported by multiple strategic stakeholders including: Collaboration with valued partners including:
MINISTRY OF FINANCE MALAYSIA
Key Partnerships
Empowering Education Community Empowerment Environmental Diversity
ASEAN
MoneyTree ASEAN People Systems Color Silk Foundation
ASEAN-Maybank
Asia Pacific eMpowering Youths Across Consultancy Partnership for Maybank WWF-Malaysia
Scholarships (a
Partnership for ASEAN (a partnership Partnership for R.I.S.E. Women Eco-Weavers in Strengthening tiger
partnership
Cashville Kidz programme with the Cambodia conservation in the Belum-
programme with the
ASEAN Foundation) Temengor
ASEAN Secretariat)
Forest Complex
Sekar Kawung Tanoti House Lao Sericulture

Yayasan Universiti Partnership for Maybank Partnership for Maybank (Mulberries)
Pelajaran MARA Teknologi MARA Women Eco-Weavers in Women Eco-Weavers in Partnership for Maybank
Partnership for MARK Partnership for MARK Indonesia Malaysia Women Eco-Weavers in
Laos
Institut Jantung Negara Right Track Education Sdn Bhd

Collaboration with the MaybankHeart Partnership for Maybank TLC
for the “Heart2Heart” Campaign
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Our Partnership with ASEAN

ASEAN Recognition
Maybank Foundation attained ASEAN accreditation in 2021, becoming a recognised CSO for its dedication to advancing the ASEAN identity. Notably, Maybank is the first financial institution
to achieve this since the establishment of the Association. Key regional programmes including R.I.S.E., Maybank Women Eco-Weavers, Cashville Kidz and eMpowering Youths Across ASEAN,
a collaborative initiative with the ASEAN Foundation, played a pivotal role in securing this accreditation.
Going forward, the Foundation aims to leverage its ASEAN affiliation for more impactful initiatives, building on existing programmes to contribute to the creation of a vibrant, inclusive,
people-centred ASEAN community. With an established presence across the region, our primary focus remains on the ASEAN community. We aim to implement results-oriented, impact-
driven and accessible programmes aligned with global frameworks within ASEAN and the United Nations.
MAYBANK AND ASEAN SECRETARIAT AWARDS FIVE ASEAN-MAYBANK SCHOLARSHIPS AT THE 56TH ASEAN DAY CELEBRATION
The ASEAN Secretariat and Maybank Foundation awarded five ASEAN nationals from Brunei, Indonesia, Malaysia and Vietnam with the ASEAN-Maybank Scholarships (AMS) at an
award ceremony that was held on 8 August 2023, in conjunction with the 56th ASEAN Day celebration in Jakarta, Indonesia. The AMS is the first scholarship programme between the
ASEAN Secretariat with an ASEAN accredited entity, and marks Maybank’s sixth year involvement with the secretariat.
The AMS, which was launched in 2021, were presented to five students from Brunei Darussalam, Indonesia, Malaysia and Vietnam by H.E. Dr. Kao Kim Hourn, Secretary-General of
ASEAN, alongside Tan Sri Dato’ Sri Zamzamzairani Mohd Isa, Chairman of Maybank Group and Maybank Foundation, Dato’ Khairussaleh Ramli, President & Group CEO of Maybank,
Izlyn Ramli, Chief Executive Officer of Maybank Foundation and witnessed by the Committee of Permanent Representatives to ASEAN (CPR).
Dato’ Khairussaleh extended his congratulations to the five recipients and said that Maybank was honoured to partner with the ASEAN Secretariat to finalise the intake for the
scholarship programme this year.
CULTIVATING INCLUSIVITY THROUGH ENTREPRENEURSHIP

We are committed to improving the well-being of disadvantaged groups and reducing unemployment throughout ASEAN. To this end, we invest in providing learning opportunities, training
programmes and institutional support to help individuals.
Reach Independence & Sustainable Entrepreneurship

R.I.S.E., a programme aimed at empowering PWDs and marginalised small business owners across ASEAN, offers training, coaching and mentoring to enhance entrepreneurial skills and
livelihoods. In addition, the Group provides microfinancing facilities to eligible entrepreneurs. To date, over 33,000 participants from Malaysia, Indonesia, Laos, Philippines and Cambodia
have received training through the R.I.S.E. programme. With a focus on entrepreneurial skills development and fostering economic independence, the R.I.S.E. programme is set to create a
ripple effect of positive change.
Programme Highlights
7,290
2023 Target and Progress
10,276
Marginalised 10,075
Target
impacted
Progress
Total Investment
33,435 participants
trained to date 26,145 Over RM14.79 million in 2023
PWDs impacted Over RM53.70 million to date
Participants Trained
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To Date Across ASEAN

MALAYSIA
9,079 participants trained Marginalised People People with Disabilities Total
2,662 marginalised impacted
6,417 PWDs impacted 746 2,650
771 1,879
3,325
INDONESIA 2,579
12,687 participants trained Total Total Total
2,077 marginalised impacted 2,452 7,824 10,276
As at As at As at
10,610 PWDs impacted 31 December 31 December 31 December
2023 2023 2023
CAMBODIA 128
1,005
194 participants trained 49 758 877 2,344
3,102
49 marginalised impacted 145 194
145 PWDs impacted
182 2,045
PHILIPPINES 1,011 1,445 1,193
600
8,627 participants trained
2,063 marginalised impacted
Total Total Total
6,564 PWDs impacted
2,119 7,151 9,270
As at As at As at
31 December 31 December 31 December
LAOS 3,912
2022 2022 1,581 2022
2,848 participants trained
439 marginalised impacted 539 3,114
798 2,120
2,409 PWDs impacted
Malaysia Indonesia Cambodia Philippines Laos
R.I.S.E. EXPANDS ITS REACH TO CAMBODIA
In its commitment to provide entrepreneurship opportunities for more individuals in ASEAN, Maybank Foundation expanded the R.I.S.E. programme in Cambodia. A Memorandum of
Collaboration (MoC) was signed with the Ministry of Social Affairs, Veterans and Youth Rehabilitation (MoSVY) during Maybank’s 30th Anniversary celebration in Cambodia on 24
November 2023.
Additionally, another MoC was signed with the Cambodian Mine Action and Victim Assistance Authority (CMAA) on 8 December 2023. Through R.I.S.E. in Cambodia, Maybank hopes
to enhance income opportunities for PWDs and disadvantaged communities.
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CASE STUDIES
Triumph Through Adversity: Shukri’s Resilient Journey

At 39, Shukri faced a traumatic motorcycle accident that changed his life. Because of this, Shukri struggles with ongoing physical challenges
and limited mobility. Despite these physical challenges, he was determined to generate some income to ease the financial burden that his
wife now bears. In 2018, Shukri started a home-based electrical wiring business. However, the business did not take off as he often bought
electrical parts without confirmed jobs, fearing he would run out of parts. This led to too much stock and poor financials.
Five years later, Shukri seized the opportunity to join the R.I.S.E. programme and learned to become more focused and efficient. Using the
operational planning module, he purchased electrical components only when needed, preventing unnecessary overstocking. Utilising the
“Sales Strategies” module, he distributed quality flyers and brochures locally. He employed the “Hot Button” method from the “Sales Personality”
module to attract and retain customers.
Beyond monetary gains, Shukri’s life blossomed. With increased confidence, Shukri proudly met clients in person, benefiting from his services.
He could now afford vitamins for his family and therapy massages for himself and his wife. Additionally, he also donated and installed fans
in the local mosque and gave his father a monthly allowance.
Today, I’m not just surviving but thriving, all thanks to the R.I.S.E. programme. Gratitude fills my heart for the transformative journey that
has uplifted my family and me.
Rising Through Limits: Manuel’s Transformation Journey
Many of us encounter challenges and difficulties in various facets of life, but Manuel faced unique obstacles. He lost his right leg in an
accident at just nine years old. Despite this setback, Manuel sought to harness his skills and start a business. However, his limited
knowledge and confidence initially posed challenges. Yet, his determination remained steadfast.
When invited, Manuel eagerly joined the R.I.S.E. Programme. Using insights from the Profiling Module, he identified an opportunity in offering
consistent painting services, tapping into his artistic abilities. Implementing the Blue Ocean Strategy, Manuel merged his electronics repair
expertise with arts and sign services. This innovative approach amplified his customer base and substantially boosted his income. Guided
by the Sales Strategies Module, he effectively utilised social media to promote his electronic repair services.
As a result of the training, Manuel witnessed a remarkable 455.6% increase in his income. Furthermore, on December 4th, Maybank and
the Maybank Foundation unveiled the #MaybankCares tote bags, featuring artworks by four R.I.S.E. participants, inspired by the UN SDGs.
This initiative was part of the R.I.S.E. Disability Inclusion Event in Malaysia. Manuel’s artwork was selected, subsequently purchased by
Maybank.
This financial transformation empowered Manuel to meet daily expenses, renovate his home, and fund his children’s education. His enhanced business acumen and confidence
are evident. Manuel stands as a testament, proving that challenging stereotypes and showcasing one’s talents and skills are pivotal to success.
The R.I.S.E. Programme didn’t just teach me skills; it transformed my perspective and redefined my possibilities. It’s been the catalyst that turned my challenges into avenues of
success and self-discovery.
For more information on the R.I.S.E. programme, please visit https://www.maybankfoundation.com/our-impact/rise
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Maybank Women Eco-Weavers

This programme aims to promote financial independence among women in marginalised ASEAN communities by preserving the rich heritage of traditional weaving. Collaborating with
female weavers and their families, the programme imparts technical training, enhances business skills and provides access to microfinancing, paving the way for financial stability and
independence.
383
Over 441,00 Mulberry Target*
Trees Planted and 1,000 260
Progress**
250
Cotton Trees planted
to date 150
125 125
1,587 Weavers Trained Total Investment

Over RM2.74 million
in 2023
1,794 Farmers Supported Over RM14.89 10
million to date 6
11 Training Centres Cambodia Laos Malaysia Indonesia

* Targets refer to the number of weavers trained, and farmers ** Progress refers to the number of weavers trained, and farmers
supported for all countries except Malaysia. Malaysia’s supported for all countries except Malaysia. Malaysia’s progress
target is for weavers trained only is on weavers trained only
MALAYSIA Weavers Trained Farmers Supported Trees Planted

38 weavers trained 158 13,471
Average wage of 40
RM1,700 per month
Total Total 1,000 Total
INDONESIA 6 205 569 98,371
As at As at As at
679 weavers trained 31 December 31 December 31 December
85
85 farmers supported 2023 2023 2023
1,000 cotton trees planted 102
Up to 70% income increase 57 83,900
326
CAMBODIA
588 weavers trained 22
1,129 farmers supported 27,500
>160,000 mulberry trees planted 114
Up to USD350 earning per month Total 178 Total Total
50
289 253 35,830
As at As at As at
LAOS 31 December 31 December 31 December
75
282 weavers trained 2022 2022 2022
580 farmers supported
>250,000 mulberry trees planted
Up to 70% income increase 103 8,330
Malaysia Indonesia Cambodia Laos
Note: There was an error in the disclosure of the number of weavers trained in Indonesia in FY2022 which
has since been restated.
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EMPOWERING WEAVERS IN CAMBODIA VOICES FROM THE GROUND: LEAVING A LASTING IMPACT
At Maybank, we want to support women and provide them with more opportunities to If you really focus on understanding the culture, the creative opportunity
increase their livelihoods. We believe that through Maybank Women Eco-Weavers, we becomes exponential.
can create opportunities for women to be financially independent while preserving the Chandra Kirana, Founder of Sekar Kawung, Indonesia
art and heritage of weaving.
Weavers today cannot be seen as archaic old ladies hunched over their looms.
Maybank launched its second workshop in the Takeo province and commemorated the They can be trendsetters.
grand opening of a new silk weaving training centre in Siem Reap, Cambodia, in 2023. Jacqueline Fong, Founder of Tanoti House, Malaysia
Both these facilities can accommodate up to 25 weavers and weaving looms and are
designed to provide maximum benefits to women weavers in the area. I don’t feel the pressure that I used to feel at the factory. I hope other women
With the addition of these training centres, we have met our FY2023 targets, provide in my village will also be able to get the opportunity to learn how to weave.
training opportunities and raise the income of our Maybank Women Eco-Weavers. Yat Sokhim, Color Silk Weaver, Cambodia
For more information on the Maybank Women Eco-Weavers programme, please visit https://www.maybankfoundation.com/our-impact/eco-weavers
eMpowering Youths Across ASEAN

We believe that our youths have the capacity to drive socio-economic development. With this in mind, eMpowering Youths Across ASEAN, gives them a voice to positively impact local
communities. With the aim to foster beneficial community transformation, it empowers 100 youths aged 19 to 35 from diverse regions, to develop and implement projects with social and
economic benefits at selected locations.
In collaboration with CSOs, it customises community programmes to meet local needs, nurturing connections among ASEAN youth and strengthening Maybank’s ties across ASEAN. Since
its inception, three cohorts of the programme have been implemented, with Cohort 3 being launched in 2023. Cohort 3 comprised of 118 youths, selected from a pool of 2,206 applicants,
who underwent a regional capacity-building workshop in Bangkok.
21,629
13,000
Target
Progress
Impacted 60,562 Empowered293 youth Total Investment

120 118
people in Arts & and 25 CSOs, Over 2.91 million in 2023
Culture, Education,
impacting 60,562 Over RM11.63 million 10 10
Environmental
Diversity and individuals to date to date 5 5
Community
Empowerment
Youths CSOs Individuals ASEAN
Selected Empowered benefitted Countries
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2023 Projects MALAYSIA INDONESIA

Project CSO Project CSO
Future of Work BerDAYA Project

Programme
Tenun.In Belu
Project D2D
(Danger to Dear) Tenun.In Belu
PHILIPPINES CAMBODIA
Project CSO Project CSO

Community
Project Mural Project
Farmbassadors
Community
Waves With Mural Project
WASHEd
SINGAPORE
Project CSO
Heysprouts Soap
VOICES FROM THE GROUND: LEAVING A LASTING IMPACT
It was a cultural eye-opening experience for me.

I believe that the local communities and I do really feel blessed and thankful,
People here are really friendly, and they taught us
children in Pemalang are determined to bring since it’s my first experience going abroad
many things that I personally never learned before.
about positive change, and the future of Pemalang and i never expected before that this
One of the big highlights is the visit to Khmer
depends on these local youth champions, starting opportunity will come from voluntary
Banana Weaving, where the founder is using banana
today. things that I’ve been following since 2019.
fibres to produce the final products. It’s a big
inspiration for me to learn from these entrepreneurs
advocating for reusing all the natural resources
around us.
Nia Masinta Dewi Binte Norazman Sounisa Khammoungkhoun Zulkifli Basri

Cohort 3 Participant, Singapore Cohort 3 Participant, Laos Cohort 3 Participant, Indonesia
For more information on the eMpowering Youths Across ASEAN programme, please visit https://www.maybankfoundation.com/our-impact/empowering-youth
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BRIDGING THE FINANCIAL DIVIDE

We strive to diversify our range of products and services to support all customer segments, undertaking various initiatives to provide cost-effective financial products and services that
enhance community well-being.
Promoting Financial Access for All

Ehsan Financing Facility (EFF-i) MEGAPRENEURSHIP PROJECT
Supports aspiring asnafs financially and Aimed at elevating the B40 segment to a higher income bracket through entrepreneurial support, the project consists of two
R.I.S.E. programme graduates in starting phases. Phase 1 seeks to benefit 50 B40 individuals, while Phase 2 targeted 260 individuals. The programme was a success as it
businesses, offering financing up to RM5,000 achieved the following outcomes:
at a financing rate of 0.01% per annum,
through Maybank Islamic’s Mastercard 100% of participants generated at minimum an income of RM400, three times within six months
Ikhwan Charity Fund. In 2023, 47 beneficiaries 100% of programme participants ran their own businesses on a full-time/part-time basis
received financing.
Participants collectively generated a total revenue of approximately RM357,868.36 within eight months
Making Insurance and Takaful Affordable

To meet the evolving needs of the B40 group, we have diversified our insurance offerings and their equivalent in other countries where we operate. We aim to create affordable, easily
accessible and user-friendly products that enable easy administrative processes like claims and purchases. Our insurance products include:
Life Insurance and Family Takaful Health Insurance and Takaful General Insurance and Takaful Group Products
• Pos Tenang • E-Cancer Care • Rahmah PA Group products which are offered via
• Pos Khairat • OneMedical • Rider Care PA cooperatives for B40 communities
• I-Care OKU • Etiqa Critical Care (EPF i-Lindung) • e-Protect family include Khairat, Mutiara Takaful, Group
• Etiqa Term Secure (EPF i-Lindung) • Etiqa Critical Care Plus (EPF i-Lindung) • Asuransi Mikro Proteksi PAS Hospital & Surgical, Group Term Life, and
• Etiqa Term Plus (EPF i-Lindung) • MyRumah Decreasing Term Takaful.
• E-ZY Pneumonia
• E-ZY Dengue
177,078 Individuals Covered
ePROTECT family
Maybank Singapore and Etiqa collaborated in a community initiative, offering personal accident insurance coverage to low-income families under the ePROTECT family. The scheme
includes benefits like accidental death coverage, accidental permanent disablement, medical expense reimbursement, hospitalisation allowance and additional benefits. As of December
2023, 1,943 individuals were protected by this initiative.
EPF i-Lindung
Through our collaboration with EPF, we offer members affordable micro-insurance/micro-takaful products accessible via the e-Channel. Enrolment can be done through the EPF i-Akaun
members’ portal. EPF members can opt to withdraw from their Account 2 to sign up for products providing coverage for death, total and permanent disability (TPD) and critical illnesses.
Depending on age at inception, members pay a minimal fee of RM3 per year for a critical illness plan and as low as RM10 per year for death and TPD coverage, with a coverage amount
of RM5,000 a year. As of December 2023, the number of distributed policies/certificates are:
Etiqa Term Secure Insurance Etiqa Critical Care Insurance Etiqa Term Secure Takaful Etiqa Critical Care Takaful
9,675 3,072 26,734 7,512

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To create more value for society (EPF members) through the concept of insurance/takaful for all, Etiqa expanded its EPF i-Lindung programme to Phase 2, which was soft launched in
September 2023, and officially launched in February 2024. For Phase 2, the coverage was extended to the spouse and children of EPF members. As of December 2023, the number of
distributed policies/certificates for Phase 2 products were:
Etiqa Term Plus Etiqa Critical Care Plus Etiqa Term Takaful Plus Etiqa Critical Care Takaful Plus
125 120 701 528

i-Care OKU
This online takaful plan provides protection for PWDs, or Orang Kurang Upaya (OKU) registered with Jabatan Kebajikan Malaysia (JKM). Available through the e-Channel, it offers a one-
year protection plan with a Guaranteed Issuance Offer (GIO) at an affordable rate for the B40 segment. Coverage includes death, personal accident, funeral expenses, daily hospital
allowance, accidental medical reimbursement and a specified communicable disease allowance. As of December 2023, 41 customers signed up for the plan.
ENHANCING FINANCIAL LITERACY

Financial literacy empowers our stakeholders to make better decisions and take control of their own future. We have implemented various initiatives to enhance financial literacy for our
communities and customers through Maybank Foundation and our community financial services.
Cashville Kidz Programme

It is vital to equip our children with financial knowledge to protect them from pitfalls and challenges they may encounter on their life’s journey. To this end, Cashville Kidz is a fun financial
literacy programme for kids aged 9 to 12, which educates children on essential financial management to instil healthy financial habits for the future.
The programme is granted co-curricular status by the Ministry of Education, Malaysia and is endorsed through strategic partnerships with the National Bank of Cambodia (NBC), Ministry
of Education, Youth and Sports Cambodia (MOEYS), Central Bank of the Philippines (Bangko Sentral ng Pilipinas), Department of Education Philippines (DepEd), Ministry of Education and
Culture Indonesia and the Monetary Authority of Indonesia (OJK).
The programme equips children with the following:
Knowledge and skills to effectively
manage personal finances 2023 Target and Progress
38,334
Tools to make the right financial

decisions 25,900
333,260 students Total Investment Target
Increase their awareness on existing financial

impacted 1,273, Over Progress
services and asset building support with schools RM2.45 million

covered across in 2023
seven ASEAN 100 113
countries to date Over

RM12.22 million
6 6
to date
Students Schools Countries

Impacted Covered
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Students Impacted School Covered

3,992
MALAYSIA SINGAPORE 25
232,806 students impacted 3,503 students impacted
923 schools covered 17 schools covered 7,691 12,995 25
Total Total
INDONESIA 38,334 18 113 Malaysia
5,531 students impacted 1,824 As at As at
Singapore
31 December 31 December
26 schools covered
2023 2023 Indonesia
3,698
10 Cambodia
CAMBODIA
25
49,953 students impacted 10 Philippines
168 schools covered 8,134
Vietnam
PHILIPPINES 3 Myanmar
30
31,346 students impacted 980 13,614
100 schools covered
Total Total Note:
36,394 30 105
VIETNAM • Due to the political
8,824 As at As at
9,220 students impacted 31 December 31 December situation all activities and
31 schools covered 2022 2022 initiatives in Myanmar
27 from 2020 to 2022 were
8,112
MYANMAR put on hold until further
901 students impacted 15 notice
4,864
8 schools covered
• The deployment for
8 Thailand has been
901 26 deferred to 2024 after the
232,806
5,531 budget realignment in
168
June 2023
49,953
17 • The number of students
Cumulative 31 Cumulative impacted and schools
3,503 333,260 1,273 covered in Singapore and
9,220 100
Indonesia for 2023 include
data from 2022 due to
31,346 923
varying completion cycles
of the programme
MAYBANK CELEBRATES THE ACHIEVEMENTS OF CASHVILLE KIDS IN REGIONAL FINEX 2023
To recognise the achievements of financial literacy champions across ASEAN, Maybank hosted the 2nd Maybank Regional Financial Education Excellence Awards 2023 (Regional FinEx)
in Cambodia. The awards specifically highlighted the outstanding achievements of participating schools, educators, students and families, in the award-winning Cashville Kidz
Financial Literacy programme, which educates school children on financial literacy.
Awards were presented to recipients from Malaysia, Indonesia, Cambodia, Philippines and Vietnam in four main categories, including:
Best School Best Educator Best Student Best Family

Award Award Award Award
For more information on the Cashville Kidz programme, please visit https://www.maybankfoundation.com/our-impact/cashville-kidz
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Financial Literacy Programmes

In 2023, we implemented a broad range of initiatives to improve financial literacy and equip our customers with essential financial management skills.
Existing Programmes
Islamic Financial Literacy Webinars/Forums The Maybank Mobile Bus
Islamic financial literacy is essential for individuals and businesses seeking to Since 1978, the mobile service has provided basic banking services to communities in
manage their finances in a way that is aligned with Islamic principles. In 2023, we remote or unbanked areas. The Mobile Bus offers diverse banking services, including
conducted webinars and forums to create awareness on these topics: deposits, withdrawals, payments, opening and closing of accounts along with setting
• Inheritance, Will and Islamic Inheritance Laws up standing instructions.
• Introduction to Islamic Financial Planning In 2023, the number of routes expanded to 10 small towns in rural areas, servicing
4,634 transactions, amounting to RM8.6 million.
• Navigating the Path of Product Innovation in Islamic Finances
• Sustaining Life through Zakat, Wakaf and Charity
• Zakat and Economic Sustainability
Does it Make Cents Agent Banking Malaysia
Does it Make Cents (DMC) is a series of financial literacy webinars, designed as a Our authorised Maybank agents provide banking services including, deposits,
platform to kick-start the financial journey of youths. It aims to highlight success withdrawals, fund transfers, bill payments and mobile top-ups. POS Malaysia delivers
stories against financial challenges and enhance financial management skills. In these services on behalf of Maybank, supporting those with limited access to quality
2023, DMC focused on onboarding and financial literacy, adding significant value for banking services, particularly in remote areas.
customers. The range of activities included an industry visit to Menara Maybank by
In 2023, there were a total of 291 Agent Banking outlets, with 345,976 total
various local and private universities, along with knowledge-sharing sessions
transactions, amounting to RM810 million.
featuring guest entrepreneurs and influencers on youth-related issues.
The event drew the participation of 195 university students in person and 126
virtually.
Funancial Day 2023 Young Entrepreneur Scheme
Maybank introduced a two-day flagship programme to boost financial literacy Introduced in 2022, the Young Entrepreneur Scheme (YES) offers support to millennial
among students and young adults, encouraging financial independence. In entrepreneurs in their early business phases by providing much needed access to
collaboration with Universiti Kebangsaan Malaysia (UKM), Maybank executed banking services, improving their financial literacy and offering specially curated
initiatives to empower university students with critical financial knowledge and skills. programmes to enrich young entrepreneurs in their quest to succeed. The programme
targets start-ups incorporated for less than two years, led by at least one director or
In 2023, a total of 1,254 students benefitted from the programme. co-founder born between 1981 and 1996. YES provides banking facilities, a business
credit/debit/ATM card, corporate Current Account and Savings Account (CASA),
digital banking services and access to a network of mentors, venture capitalists and
digital solutions. In 2023, YES expanded its product suite to include a Working Capital
Loan and organised three Summit Series to enhance financial literacy in collaboration
with Singapore Management University (SMU).
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MAKING A MEANINGFUL DIFFERENCE

We are committed to uplifting communities through significant initiatives to ensure no one is left behind. We believe that our initiatives will have a positive, long-term impact on the
communities we serve.
Providing Access to Learning

At Maybank Group, we advocate for equal access to education, striving to provide quality learning opportunities for all individuals to elevate living standards and create a brighter future
for ASEAN youth.
ASEAN-MAYBANK SCHOLARSHIP PROGRAMME
One of the ways Maybank contributes to communities is by offering scholarships, providing access to quality education, reducing financial burdens and investing in talents with
potential. The ASEAN-Maybank Scholarship (AMS) programme is a partnership between Maybank Foundation and the ASEAN Secretariat, that aims to promote access to higher
education in line with the ASEAN Socio-Cultural Community Blueprint 2025. In 2023, we received nearly 500 applications from ten ASEAN countries, of which five ASEAN nationals
were selected. The programme is designed to offer full scholarships to young, talented and deserving ASEAN nationals pursuing undergraduate education at prestigious universities
within the ASEAN region. In FY2023, the Group invested RM733,327 for this programme.
Eight active scholars

First cohort in 2022
Three individuals from Malaysia, Cambodia and Myanmar
Second cohort in 2023
Five individuals from Malaysia, Indonesia, Vietnam and Brunei
For more information on the AMS programme, please visit https://www.maybankfoundation.com/asean-maybank-scholaship-programme
Maybank Group Scholarship Programme

In our aim to support the aspirations, we extend sponsorships to underrepresented groups, Currently, we are supporting 199 scholars (130 existing and 69 new) in Malaysia,
promoting diversity and inclusivity by providing opportunities for those who may face social Australia, United Kingdom and the United States of America.
or financial challenges. Our scholarships are developed to: 38
(19%) 34
(17%) 32
27 (16%)
Provide financial (14%)
Create a strong Reinforce 25
assistance to (13%)
talent pipeline Maybank’s
students with 19
comprising top reputation as
potential, (10%) 12
graduates from the employer of 12
especially those in (6%) (6%)
local and foreign choice among
the lower income
universities fresh graduates
bracket
Since 1972, we have empowered 2,000 scholars, granting access to quality undergraduate
education in various disciplines related to banking and finance at the world’s leading universities.
Economics Business & Finance & Engineering Computer Law Mathematics Others
Management Accounting Science & Sciences
For more information on the Maybank Group Scholarship Programme, please visit https://www.maybankfoundation.com/maybank-group-scholarship-programme
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Empowering Minds Beyond Scholarships

We also have other programmes that provide access to education, investing in the well-being of individuals and communities. Our initiatives are aimed at fostering equality and promoting
sustainable development.
Maths for Rural Kids

Mathematics is a fundamental skill that is vital in various aspects, including intellectual development, problem-solving and innovation. As such, we want to encourage the math skills of
children through Maths for Rural Kids (MARK). A programme by Maybank Foundation, MARK is a collaboration between Yayasan Pelajaran MARA and Universiti Teknologi MARA, which aims
to enhance math capabilities in rural communities through the provision of tuition classes. Plans are underway to implement the programme in Perlis, Perak, Sabah, Sarawak and Pahang,
along with a graduation ceremony and the launch of the MARK online platform in 2024.
In 2023, the programme covered a total of 39 schools, benefitting 500 students.
Child Sponsorship Programme

An initiative between Maybank Cambodia and the People Improvement Organisation (PIO), the programme sponsors students, granting them access to quality education, food and water
and basic healthcare. In 2023, Phase 9 supported 30 high school students and their families, extending monthly contributions to cover essentials such as food, school-related expenses,
household essentials and additional tutoring for national examinations.
Providing Aid to Communities

We persist in aiding communities in need by collaborating with NGOs to improve lives and enhance livelihoods.
Disaster Relief for Our Employees Disaster Relief Contributions from Etiqa Etiqa Cares Centre
We provide vital support to employees during In 2023, Etiqa contributed RM210,000 benefitting 238 Etiqa Cares Centre is a safe space for urban youth for
calamities, disseminating advisories on safety measures individuals/families impacted by natural disasters such after-school activities and studying.
and the assistance available to them. This includes as floods in Johor and earthquake victims in Turkiye
In 2023, Etiqa collaborated with Adab Youth Garage to
cash disbursements, provision of essential items, and Syria.
establish a centre in Pangsapuri Wakaf Siti & Hajah
accommodation, and assistance during clean-up
Norijah in Penang.
operations.
We also provide Unrecorded Leave of up to two days

and mental support to help affected employees.
Etiqa’s Food Distribution to Low-Income (B40) Groups in PPR Seri Semarak Maybank Indonesia’s Disaster Relief for Earthquake
In August 2023, Etiqa initiated a food distribution effort as part of its first Sustainability After an earthquake struck Cianjur in November 2022, Maybank contributed over IDR407
Day programme. Aimed at improving the well-being of 40 B40 households living in PPR million to build houses, a mosque and provide psychosocial services in affected
Seri Semarak, Kuala Lumpur, Etiqa strives to address the issue of food insecurity and villages, supporting over 2,000 injured and displaced individuals.
promote social welfare.
Etiqa distributed essential groceries to low-income individuals and families in need,

providing sustenance and alleviating the burden of food scarcity to foster a sustainable
and inclusive society.
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Repayment Support
We recognise the needs of the communities who are recovering from the impact of the pandemic. Throughout the year, we actively engaged customers across various markets, offering
financial relief and support through Repayment Assistance (RA), Targeted Repayment Assistance (TRA) and Restructuring and Rescheduling (R&R) solutions. The outstanding loan balance
under RA, Relief, R&R, URUS (Financial Management and Resilience programme) and Flood Relief Assistance programmes averaged 0.8% in Maybank Malaysia and 6.4% in Maybank
Indonesia as of October 2023.
MaybankHeart
MaybankHeart is our digital social crowdfunding platform, which directs donations to various causes within the Group. Project funding is
Heart transparent with NGO partnerships that have been fully vetted.
2023 Cumulative* 2023 Cumulative*
NGOs Onboarded Campaigns

4 69 Posted 10 175
Total Number of Lives Over Over Total Donations Over Over
Impacted Collected
3,800 27,000 RM410,000 RM6.6 million
* Since inception
For more information on MaybankHeart, please visit https://www.maybankfoundation.com/our-impact/maybank-heart
Protecting Our Cultural Heritage

As the ASEAN region is blessed with cultural diversity, Maybank supports initiatives that conserve and celebrate our unique heritage to further strengthen relations across the region.
Balai Seni Art Series

Maybank makes every effort to support local art, as it contributes to the cultural vibrancy of communities, enhances the local economy and encourages creative expression. For more than
a decade, Maybank has played a significant role in promoting our culture, artistic talent and historical heritage, both nationally and internationally. The artistic works of more than 811 artists
displayed in more than 35 exhibitions held since 1988 have inspired and encouraged new artists to pursue their dreams.
As of December 2023, we successfully organised the inaugural Maybank Foundation Artist Fellowship Programme in Bali, Indonesia, on top of five exhibitions which impacted a total of
211 artists.
Rrrawrrr 2023 Academy Science Malaysia MyTIGER MyMalaysia A Special

The Labyrinths of Touch – (ASM) ArtsScience Prize 2022 Values 2023 Kind of Wonderful Hidup Yang Bahagia
Maybank’s Emerging Women ArtScience Lens on Planetary Art Competition and In conjunction with Merdeka A celebration of the Good Life
Artist Exhibition Health Exhibition and Hari Malaysia
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Promoting Health and Wellness

We believe that everyone has a right to quality healthcare and infrastructure to support their social and physical well-being. To this end, we have invested in initiatives to provide healthcare
services and clean water to underprivileged and underserved communities.
Mammograms for
Etiqa’s Clean Water Initiatives Cervical Cancer Screening Etiqa Coastal Clean Up Programme
Underprivileged Women
In 2023, Etiqa invested over RM780,000 to In 2023, Etiqa collaborated with Rose Since 2017, Etiqa and the National Cancer A total of five regions participated in the
provide uninterrupted water supply to Foundation and successfully completed Society of Malaysia (NCSM) have programme conducted by branches
three communities in Kedah, Kelantan Phase 3 of the initiative. Free screenings collaborated to offer free mammograms nationwide (Northern, East Coast, Central,
and Sabah, impacting 3,300 villagers. for the cancer-causing human to underprivileged women aged 40 and Sabah and Sarawak). These efforts were
papillomavirus (HPV) were extended to above. in collaboration with NGOs in each
Clean water was also supplied to 200
5,500 underprivileged women nationwide. region, such as Trash Hero, Sarawak Eco
families in Cambodia through a In 2023, Phase 5 was executed, with a
Warriors and MY Clean Beach, with a
partnership with NGO Water Aid The total investment for the year was total investment of RM2.01 million. About
total of 163 employees participating
Cambodia, with a total investment of approximately RM1.23 million, benefitting 4,500 women underwent mammogram
nationwide.
USD20,000. 5,500 women. screenings, while 50,000 underprivileged
individuals benefitted from health
screenings via the Etiqa Mobile Health
Screening Clinic Yellow Truck.
“HEART2HEART” CAMPAIGN: A COLLABORATIVE ENDEAVOUR BY MAYBANK FOUNDATION AND INSTITUT JANTUNG NEGARA
In September 2023, Maybank Foundation entered into a five-year MOU with Institut Jantung
Negara to provide life-saving treatments for pediatric heart patients in need from ASEAN
countries including Malaysia, Indonesia, Cambodia, Myanmar and Vietnam.
This initiative is known as the “Heart2Heart” campaign, which aims to raise RM500,000 annually
through crowdfunding on Maybank’s platform, MaybankHeart. The funds will be disbursed to IJN’s
Maybank account to support treatments, including preliminary consultation and surgeries for
each heart patient, with a goal of RM45,000 per patient. In 2023, the campaign raised over
RM183,000.
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Maybank Marathon 2023

In August 2023, Maybank Indonesia once again hosted the annual Maybank Marathon, a flagship sporting event that saw a record-breaking participation of 13,656 runners from 57 countries.
The event continues to hold the distinction of being the top of mind as well as the first and only marathon in Indonesia to receive the Elite Label Road Race acknowledgement from World
Athletics.
The Maybank Marathon 2023 reinforced the Group’s unwavering commitment to enhancing the event’s development and outreach. Sustainability Day 2023 was also held in conjunction
with the marathon to further showcase Maybank’s sustainability journey while simultaneously introducing key sustainability elements within the event, such as:
• Hosting wheelchair marathons to champion diversity and inclusion.

• Involving students and teachers from various schools along the marathon route as part of social responsibility activities.
• Collaborating with Eco Bali for waste collection and management during the Race Pack Collection Day and partnering with Aqua along the race route.
Additionally, the event featured a variety of activities, including a financial literacy session with Citta Finansial, entertaining 3R-themed activities for children, and the distribution of 14,000
eco-friendly bags. On top of that, our commitment to DEI was further emphasised with 50 individuals from PUSPADI Bali and over 30 from the R.I.S.E. programme participating in the
wheelchair category. As a whole, the Maybank Marathon 2023 truly encapsulated the bank’s dedication to foster a holistic and inclusive community through its impactful initiatives.
Sustainability Day
Sustainability Day Activation
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Biodiversity Conservation
At Maybank, we prioritise the protection of biodiversity to ensure the well-being of
ecosystems, species and societies, underscoring our commitment to the health and
sustainability of our planet.
Tiger Conservation at the Belum-Temengor Forest Complex

The Malayan tiger is classified as Critically Endangered under the International Union for
Area patrolled Total Investment
Conservation of Nature (IUCN) Red List for Threatened Species. As such, we make it our on foot (km) Over
mission to do all we can to support and protect the Malayan tiger which is protected under
RM1.55 million
16,342 km
the Wildlife Conservation Act 2010 in Malaysia, our collaboration with WWF-Malaysia focuses
on tiger conservation in the Belum-Temengor Forest Complex. in 2023
of dense forest covered Over
Through Project Stampede, over 100 rangers were deployed across 16,000km of dense forest,
spanning over 4,015 days, where they managed to locate more than 15 inactive snares
throughout the process. Our tiger conservation programme in the Belum-Temengor Forest
in 2023
RM10.56 million
to date
Complex is an important habitat for tigers in Malaysia. We continue to engage the Orang
Asli communities to further enhance tiger habitat protection thus ensuring that the tigers are
well protected. In 2023, Global Tiger Day 2023 saw the attendance of various stakeholder For more information on our tiger conservation efforts, please visit
groups, including the media, reaching 3.74 million digitally and raising awareness on the https://www.maybankfoundation.com/environmental-diversity
endangered status of the Malayan tiger.
GLOBAL TIGER DAY 2023
Malaysia is the first country in Southeast Asia to be accredited with Conservation Assured | Tiger
Standards (CA|TS) in achieving international standards for tiger conservation. In August 2023,
WWF-Malaysia Patron HRH Sultan Perak attended the Global Tiger Day celebration organised by
WWF-Malaysia in partnership with Maybank via Maybank Foundation at the Belum Rainforest
Resort. The event marked a significant milestone in Malaysia’s conservation history with the Royal
Belum State Park, overseen by the Perak State Parks Corporation, receiving the prestigious CA|TS
accreditation. The accreditation was granted after a thorough assessment of Royal Belum,
considering various aspects of tiger conservation including habitat protection, poaching
prevention measures, and community involvement, among others.
(c) Rahana Husin/WWF-Malaysia
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Reforestation and Marine Conservation

Gunung Palung National Park Reforestation Programme Mangrove Seedlings Planting Project
Maybank Indonesia partnered with Alam Sehat Lestari Foundation (ASRI) for a tree-planting During its annual marathon, Maybank Indonesia planted around 2,000 mangrove seedlings
initiative in Laman Satong, West Kalimantan. The programme, themed “High-Quality and in Tanjung Benoa’s Mangrove Arboretum Park, Bali. This initiative reflects Maybank’s
Affordable Healthcare as Forest Conservation Incentives” began in 2022, planting 3,000 commitment to sustainability and its goal of Humanising Financial Services. Mangroves are
seedlings on a one-hectare degraded land within Gunung Palung National Park. This vital for carbon-sequestration, biodiversity maintenance and coastline protection in line with
initiative is set to continue until 2025, encompassing regular monitoring to maintain a 70% the UN SDGs.
survival rate and capacity-building through local community training programmes.
Etiqa Marine Conservation Programme 2023

Etiqa’s Marine Conservation 2.0 Project 2023, in collaboration with Leges Divers and UKM’s Marine Research Centre (EKOMAR), was held at Kampung Salang, Pulau Tioman in August 2023.
This was a follow-up from the previous year’s successful programme. The CEO of Etiqa General Takaful Berhad (EGTB), together with 30 volunteers from Etiqa, participated in a diving
expedition to help restore and propagate new corals in Kampung Salang. Aside from that, EGTB also contributed a total of RM19,000 from its Amal Jariah Fund for Kampung Salang Surau’s
upgrading works, which involved installing new carpets and fans. The team, together with Leges Divers and the villagers, also helped to decorate the village’s information centre with a
hand-painted vibrant mural.
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CRAFTING A VOLUNTEER LEGACY

At the heart of our organisational culture is our commitment to communities and we actively encourage our employees to engage and make meaningful contributions to societal welfare.
We do this by encouraging them to utilise their knowledge, passion and capabilities in volunteering and participating in community-driven programmes.
Introduced in 2006, our flagship volunteering initiative, Cahaya Kasih, or “Ray of Love” in English, has been instrumental in empowering Maybankers. The initiative provides them with
opportunities to dedicate their time and efforts to the communities they serve, fostering a strong spirit of volunteerism within our organisation.
These volunteerism activities may be part of our Group-led initiatives or come from their own personal passions via the Maybank Group Self-Led Sustainability and Volunteerism Policy, an
extension of Cahaya Kasih. These engagements not only benefit the community but also significantly enrich the personal lives of our employees.
Cahaya Kasih 2023 Maybank Group Global CR Day 2023
Total Volunteers’ Total Volunteer Total Total Volunteer

Participation Hours Volunteers Hours
Rate
142,319 17,420 84,783
30,155 hours Maybankers impacting
hours
17,000 lives worldwide
MAYBANK GROUP GLOBAL CR DAY 2023
As part of showcasing the year-long efforts of Cahaya Kasih, Maybankers took the time and volunteered in various initiatives across Maybank’s areas of operations to create positive
impacts for the environment and the communities. These efforts encompass enhancements to livelihoods and the promotion of sustainable development. Themed “Adapt. Change.
Thrive.”, a total of 96 different initiatives took place in 2023, which includes the following activities:
Powering the Homes of Orang Asli Community My Mangrove, My Future Beach Clean Up
Employees from Group Insurance & Takaful came together 550 Maybankers from Pahang, Kelantan and Terengganu A total of 1,147 Maybankers from Maybank Singapore went
to aid 70 households of the Orang Asli Community in Tapah, planted 2,000 mangrove trees at Pusat Informasi Fireflies hand-in-hand at Pasir Ris Park and Beach to clean up the
Perak and Raub, Pahang by installing solar panels in 70 in Cherating, Pahang, in efforts of climate change mitigation area and managed to collect a total of 500kg of waste,
homes, providing them with a source of renewable energy. and a positive impact on the mangrove ecosystem. including marine trash and microplastics.
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OUR APPROACH
Maybank is committed to enabling a bionic workforce that thrives and can lead in the current and future disruptive marketplace. We have enhanced our human capital approach to
develop next-gen talents with world-class practices. Aligned with M25+, our people strategy focuses on shaping a thriving, diverse, and inclusive workforce. In line with this goal, we strive
to ensure our employees are equipped with the necessary competencies and tools to excel in the digital landscape, in turn enhancing their contribution to our organisation and
communities.
Our carefully thought-out initiatives are dedicated to creating a well-rounded workforce. These initiatives seek to transform our employees into versatile and holistic talents which reinforces
our business ethics, policies, practices, and beliefs, strongly entrenching a sustainability mindset and culture among Maybankers.
To this end, we have strengthened the way sustainability is practised in our organisation to ensure that Maybankers at every level have the opportunity to grow in their careers. This is
evidenced through our efforts in introducing new initiatives that build our sustainability expertise, developing a holistic performance management system, and scaling our employee
volunteerism programmes, among others. This showcases our dedication to making a lasting, positive impact in our operations and ensuring nobody gets left behind.
SHAPING OUR PEOPLE

Our people strategy follows three main drivers designed to cultivate a thriving, diverse, and inclusive work environment. These drivers aim to ensure that our employees are engaged,
prepared for current and future challenges and able to maintain robust mental and physical health.
ALIGNMENT TO M25+ KEY OUTCOMES

Upskill and equip
Maybankers with the
right tech capabilities
*Next-gen Innovative
workforce mindset and Agile way of
Accelerate towards the and skills execution working
STRATEGIC
KEY THRUSTS right composition as a
New-
Workforce of the Future
generation
employer Digitalised
value workplace
proposition
Institutionalise Agile@Scale (EVP)
as new way of work
* Next-gen refers to our human capital talent in its entirety, and the futurisation of our talent management processes to ensure that our people have FutureReady skills, competencies and values that are
representative of a bionic workforce
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In pursuit of our M25+ strategy, we strive to persistently foster an inclusive, safe, and supportive atmosphere for every member of our team. We are always finding new ways to discover
innovative approaches to invest in our people's growth, fostering an agile work environment that enhances productivity and creativity.
In addition, we offer a broad range of benefits and competitive salaries tailored to meet the needs of our employees. We believe in providing our employees with the requisite support
and opportunities, enabling us to become a stronger organisation. This dedication to our people has garnered us recognition in 2023:
AWARDS
Malaysia’s 100 (M100) Leading Graduate Employers HR Excellence Awards 2023 (Malaysia) HR Excellence Awards 2023 (Indonesia)
Awards 2023 • Overall Winner in Malaysia at the HR Excellence Awards • Excellence in HR Communication Strategy (GOLD)
• Graduate Employer of the Year (for the seventh year) (for the fourth consecutive year) • Excellence in HR Innovation (GOLD)
• No. 1 in the Banking and Financial Services category • Excellence in Employer Branding (GOLD) • Excellence in Hybrid Working (GOLD)
(for the 13th year) • Excellence in Leadership Development (GOLD) • Excellence in Total Rewards Strategy (GOLD)
• Excellence in Hybrid Working (GOLD) • Best HR Team – MNC (GOLD)
• Excellence in Talent Management (GOLD) • Excellence in In-House Talent Pipeline Strategy
GRADUAN Brand Awards 2023
• Excellence in Workplace Wellbeing (GOLD) (SILVER)
• Malaysia’s Most Preferred Employer (for the ninth year)
• Excellence in Total Rewards Strategy (GOLD) • Excellence in Talent Acquisition (SILVER)
• No. 1 in the Banking and Finance category
(for the tenth year) • Excellence in Learning & Development (SILVER)
• Excellence in Graduate Recruitment & Development (SILVER)
• Employer of the Year (SILVER)
Talentbank Graduates’ Choice Awards 2023
• Graduates’ Choice Awards Overall Winner (for the sixth
consecutive year) Life At Work Awards 2023 Tripartite Alliance Awards 2023
• No. 1 in the Banking Category (sixth consecutive win since • Best Malaysian Organisation * Winner – Fair and Progressive Employment Practices
the inception of the award) • CHRO Champion for a Malaysian Organisation * Winner – Work-Life Excellence
• No. 1 in the Investment Banking Category (third • No. 1 for Outstanding Practices for Diversity Hiring * Winner – Age Inclusive Practices
consecutive win since the inception of this category in
2021)
FOSTERING WORKFORCE AGILITY

We are dedicated to honing and enhancing the skills and capabilities of our team to build a workforce that is both agile and effective. With this in mind, we provide our employees with
numerous opportunities for upskilling and reskilling, empowering them not only to excel in their current positions but also to progress in their careers at Maybank.
2023 Highlights
Total expenditure on Average training Employees that participated Overall learning Average learning
training and development hours per employee in training and development programmes programmes per
RM129.89 36 40,622 506,478

employee
million 12
or more information on our year-on-year employee training and development performance, please refer to page 13 of the Sustainability Performance Data 2023.
F
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Elevating Maybankers
In elevating Maybankers to achieve our M25+ strategy, Maybank emphasises on delivering on the following:
Acceleration of Maybankers into next-gen roles underpinned by future skills that will power our digital, customer-centric and sustainability
focused business model and infrastructure
Securing top talent and future skills needed through a well-demonstrated EVP
Enhancing Maybankers’ skills, capability and competence to augment their performance with the technologies available at their disposal, while
entrenching a modus operandi driven by a mind-set prioritising solutions and speed
Through an in-depth skills assessment of expertise required across the Group today and for a sustainable future, a skills-based framework of 501 unique skills was established to elevate
our workforce, encompassing 294 digital and 221 emerging next-gen skills.
Additionally, we have transformed our performance management with the objective and key results (OKR) framework, an Agile approach that deviates from traditional KPI-setting to
encourage collaborative goal-setting between employees and managers. We have onboarded 400 employees onto the OKR performance management platform through 36 workshops,
clinics and OKR refreshers.
Concurrently, our efforts to deepen our Agile way of working has expanded throughout the Group, with more than 28 Agile facilitation and coaching sessions being conducted in 2023,
entrenching our Agile way of working to another 761 Maybankers. As Agile@Scale gains momentum, 2,373 Maybankers now form our Agile Workforce, where 783 of them have been certified
in Agile Fundamentals.
These efforts have resulted in the following key impacts for the Group’s leaders and workforce:
Strategic Workforce Track Organisational Empowering Employee Enhanced Employee Development Holistic Employee
Planning Skills Growth Talent Mobility with Measurable Impact Wellbeing
By providing an Our workforce planning Targeted skillset Diverse array of support

Leaders gain a data-driven
overview of the skills tools and skills matrix evaluations lead to initiatives for all Maybankers
perspective for effective
required for the Group enhance internal talent tailored learning journeys, that includes the certification
workforce management
based on job families, mobility, supporting boosting employee of 195 Mental Health First
and future skills projections.
our skills taxonomy career growth and engagement and Aiders that complement our
Over 43,000 roles have
aids line managers in smooth transitions into retention, ensuring that Mental Health and Wellbeing
been assessed to
referencing next-gen next-gen roles. Maybank can continue to department by providing
determine our workforce
roles and transition. secure critical talent. immediate support to
readiness for next-gen or
Maybankers in need.
transitional capabilities.
By 2025, our goal is to have at least 30% of our workforce, or over 13,000 employees, in next-gen roles across a minimum of ten job families. These families will align with our M25+ objectives
and evolving industry demands.
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M25+ UNLIMITED POTENTIAL PROGRAMME
The M25+ Unlimited Potential (M25+UP) Programme, with an investment of RM12.3 million, is a leadership development programme for Maybank’s leaders and managers which
seeks to provide upskilling in the areas of enterprise thinking, customer-centricity, and embedding an inclusive leadership mind-set. These are critical skills that are required by the
Group’s leaders to deliver our M25+ strategic goals.
Co-designed with the Asia School of Business, the programme not only takes Maybank’s leaders through modules developed by seasoned academicians and industry experts, it
also exposes them to best practices from other leading companies from various industries, where they get to learn directly from the respective CEOs or founders. After 40 cohorts,
3,619 of Maybank’s leaders and managers have completed the 4-day training programme.
To complete the programme, all participants have to collaborate on a group assignment that realises both tangible and intangible business impacts for the Group. The estimated
total business impact to the Group from their collaborative initiatives stands at RM257.89 million at the end of 2023, proving that the M25+UP programme is not just an investment
in our people; it is a strategic investment in excellence that propels the Group to be greater, together.
Enhancing Digital Skills

A bionic workforce is the collective outcome of all Maybankers embracing our Agile way of working with the right technical, leadership, and human-centred skills to enable the realisation
of our strategy and mission of Humanising Financial Services. To achieve this, our digital upskilling initiatives are designed to equip Maybankers for their current roles and the digital future,
through our FutureReady (FR) programme.
Now in its sixth year, the FR Programme is open to all employees regardless of the nature of their work, building skills and capabilities that can be applied across functions. Aligned with
our M25+ strategy, we ensure that employees have continuous access to global expertise and top-tier development programmes, fostering innovation and growth. In 2023, a total of 11,073
employees from Maybank Group engaged in various FR programmes to upskill themselves.
Maybank has implemented Generative AI in our digital Maybank’s digital programmes on Generative AI,
sales and marketing learning programmes, which saw a Metaverse, Web 3.0, Blockchain, Non Fungible Tokens
Launched the Interactive Data Visualisation and Data
58% increase in sales leads generation. (NFTs), and Central Bank Digital Currencies (CBDCs), were
Storytelling with Oracle Analytics Server programme,
attended by 317 participants.
enabling Maybankers for actionable insights. This
initiative saw 134 employees trained, with plans to
expand participation next year.
Our Digital Market Intelligence programme, launched

across all eight CFS regions in Malaysia, surpassed our To ensure Diversity, Equity, and Inclusion in our workforce
annual target by 98% with Generative AI staff training digitalisation efforts, our upskilling programmes are open
resulting in a 62% increase in sales lead generation. to all Maybankers. Out of 1,263 Maybank employees who Maybank’s inaugural Data Symposium brought over
enrolled in data analytics, AI, and Machine Learning 300 employees both in-person and remotely,
courses, 84% were from non-technical backgrounds and facilitating the exchange of best practices and
69% of them were women. Remarkably, 75% of employees interactions with global experts within our data science
applied these skills in their roles, contributing to an 88% community Groupwide.
Expanded digital upskilling programmes in analytics, boost in productivity, surpassing our target of 70%.
with 1,041 employees applying business intelligence for
more precise customer needs.
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Living Sustainability
Our employees play a pivotal role in ensuring that we embed sustainable actions and thinking across the Group. We are committed to fostering a sustainability culture amongst Maybankers
by strengthening business ethics, policies and practices, embracing diversity and inclusivity, and scaling up our employee volunteerism programme.
We have focused extensively on increasing our employees’ knowledge and understanding of sustainability that will further enable and empower them, in our efforts to drive leadership in
the sustainability agenda within Southeast Asia.
MaybankCares Sustainability Platform Green Lab
This centralised online platform facilitates the sharing of knowledge and views on sustainability, The Green Lab serves as an active learning platform to empower Maybankers to
offering capabilities to track and monitor activities that support our goal of achieving one collaborate and accelerate our sustainability impact across various employee-
million hours per annum dedicated to sustainability efforts, as well as accomplishing one led initiatives. In 2023, 39 Green Lab initiatives were successfully executed
thousand meaningful outcomes associated with the UN SDGs by the year 2025. In 2023, 5,678 Groupwide.
unique learners have logged into the platform and 3,055 Maybankers have pledged to
practise sustainable lifestyle via the #MaybankCares pledge.
Sustainability Capability Building Maybank Urban Farming Programme
As part of Maybank’s Sustainability Capability Building programme, we aim to promote a First initiated on the grounds of Menara Maybank, Malaysia in 2016, Maybank’s Urban
sustainability culture and encourage Maybankers at all levels of the organisation to make Farming Programme is now a component of the Maybank FutureReady Skills
business decisions through the sustainability lens. This capability building programme offers Curriculum. To-date, more than 4,400 Maybankers have completed the various
various types of sustainability learning solutions such as face-to-face training, e-learning Urban Farming modules, and some have further shared their learnings to more than
sessions, external webinars, and certification programmes. These are conducted through ten different communities of urban poor families and university students, introducing
key concepts of circular economy and farm-to-table in our efforts to help those in
various channels such as online learning platforms, Green Lab initiatives, and the
need alleviate rising costs of living. In 2023, not only have we established new
MaybankCares Sustainability Platform. In 2023, 33,286 unique learners with approximately
community farms for selected urban poor communities in Malaysia, providing them
86,023 hours and 65,931 learning engagements have been recorded Groupwide.
with a projected monthly income of RM400, but have also expanded the reach of

For more information on our year-on-year performance, please refer to page 2 of the the initiative to our offices in Cambodia and Philippines.
Sustainability Performance Data 2023.
Beyond building upon our existing sustainability educational measures and capabilities, it is necessary to also implement more focused sector-specific upskilling and capability
enhancements that will equip Maybankers to spearhead the implementation of M25+ strategic sustainability objectives. The Group and sector-specific initiatives include:
• Establishment of the Maybank Talent Acceleration in Islamic Finance (MyTAIF) programme, in collaboration with the International Centre for Education In Islamic Finance (INCEIF),
Islamic International University Malaysia (IIUM) and Islamic Banking & Finance Institute Malaysia (IBFIM). This programme is targeted to be rolled out in 2024, aiming to build our
internal subject matter experts and talent pipeline on Islamic Banking and Finance.
• Launching of an e-learning module that reinforces value based financial services principles. Following an assessment of employees’ understanding, employees are then guided to
incorporate sustainable and responsible considerations into our solutions and offerings for better business decisions.
• Collaboration with the UN Global Compact Network Malaysia & Brunei to develop the Maybank Sustainability Practitioner Certification Programme which is a certification programme
with the aim of building capacity and providing credibility to individuals with specific sustainability knowledge and experience to be certified through this programme.
• Accelerating the integration of sustainability expertise into business units, by piloting the Sectoral Sustainability Course. This provides the knowledge and tools for Relationship
Managers (RMs) to have meaningful conversations with their clients and convert probabilities to sustainable deals. This is a key milestone on Maybank’s journey to be a proactive
partner that assists our customers’ move towards stronger ESG practices and decarbonisation efforts, as aligned to our sectoral pathways and net zero commitment. For the pilot,
78 participants consisting of RMs, account managers, risk professionals, and Sustainability Thought Leaders were upskilled for identified sectors and this will soon be rolled out across
the Group in 2024.
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Maybank Group Sustainability Week
To reinforce the Group’s ambition of becoming a leader in sustainability, we launched the inaugural Maybank Group Sustainability Week (MGSW) which was held in mid-August 2023
to ‘Intensify Impact, Celebrate Achievements and Live Sustainably’. MGSW featured the launches of sustainability-related products and programmes, immersive exhibitions via
augmented reality and holographic technology, inspiring speaker and panel sessions, hands-on workshops, sustainability-related merchants and exhibitors at the Green Market,
interactive games, as well as recognition of Maybank’s social impact participants.
Highlights
Over8,000 engagements Surpassed 1,200 #MaybankCares pledges 759 pieces of clothing recycled
Upwards of RM81,000 sales achieved at the Green Market More than 330 kg of recyclable items collected 764 health screenings conducted
123 bookings secured for solar panels
Targeted for Maybankers Groupwide to intensify the impact of Maybank’s sustainability efforts, the event celebrated our sustainability achievements and seeked to inspire more
Maybankers to live sustainably at work and beyond. It was a week-long hybrid event featuring activations and engagements across selected Maybank locations, involving all sectors
and Maybank’s international operations. In the spirit of inclusivity, Maybankers were able to participate in the bespoke themed events, curated to target different areas of ESG efforts
across each of the five days via physical and online channels.
Themes
Day 1 Day 2 Day 3 Day 4 Day 5

Embracing Diversity Sustainability at Work and Beyond Walk the Talk Transitioning Successfully Empowering our Communities
MGSW showcased over 25 engaging programmes and activities. Alongside various speaking sessions, we unveiled our very first myimpact Credit Card, witnessed the MOU Signing
for the Maybank Sustainability Practitioner Certification Programme with UN Global Compact Network Malaysia and Brunei, and introduced our Financed Emissions Calculator as well
as the Maybank Digital Business Card. Other programmes and activities included:
Events
Panel Sessions Speaker Series Merchants and Exhibitions Activities

Building a Diverse, Equitable Carbon Emissions and What You Can Do To Reduce It Green Market - A marketplace Mental health workshop
and Inclusive Culture featuring sustainability-related
Urban Farming: Modern Technique for Sustainable Upcycling workshops
merchants and exhibitors
Walk the Talk in Sustainability Vegetable Production
Recycling used cooking oil, e-waste
Urban farming showcase
Nurturing Asnaf Student Entrepreneurs Programme and clothes
Electric vehicle showcase
Sustainability Heroes Sharing Session Health check-ups
Bamboo for a Sustainabile Future through Volunteerism Interactive games, including

Groupwide competitions
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Maybank Group Sustainability Week
Leading up to MGSW, pre-event activities were carried out on a monthly basis and continued with post-event activities untill the end of the year to continue promoting sustainability
as a lifestyle and change for our employees.
Pre-event Activities
Green Ramadhan Bazaar World of Disabilities Free Vegan Meal and

(featured local merchants and (featured blind massage and Personalised Tote Bag
ESG-themed booths) immersive activities)
Obtained 245 #MaybankCares pledges A two-day event where 66 employees With each purchase, RM5 was donated to the
gathered to be part of our Employee “Gerak Rezeki Mobile Meals Programme” on
RM805 raised from the pre-loved booth sale
Resource Group for PWDs MaybankHeart
Obtained 789 #MaybankCares pledges RM2,400 was raised, which aims to benefit
the B40 community
Group CFS Region Roadshow #RoadToMGSW2023 Maybank Sustainability Series at International Operations
Roadshows across eight Group CFS regions to promote A series of sustainability engagement programmes were also carried at our international operations prior to and
and create awareness on sustainability, while rallying during MGSW. The sessions were conducted at Maybank Singapore, Maybank Indonesia, Maybank Philippines, and
Maybankers to pledge on #MaybankCares Maybank Cambodia.
Programmes include speaker sessions, sustainability marketplace, hands-on workshops, and other activities.
Additionally, the first Maybank Sustainability Ideathon

was organised to invoke the spirit of innovation
among employees. It was a curated ideation
programme for Maybankers to develop solutions to
address Maybank’s sustainability challenges. A total
of 46 ideas were received across the Group and 12
ideas were shortlisted to be further developed
during the 3-day Maybank Sustainability Ideathon
Ideation Workshop. The workshop centred around
design thinking and guidance on pitching. The Top
five teams were selected and presented their
refined idea during the Maybank Sustainability
Ideathon Grand Finals held during MGSW. The
winning idea was selected and given a seeding
fund allocation to implement the idea in Maybank,
on top of receiving cash prizes.
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Elevating Industry Experts

We show our unwavering commitment to enhancing our employees’ competencies by encouraging participation in recognised professional certification programmes and providing internal
training to nurture industry-related skills. These include:
Professional Certification Programmes In-house Training
3,101
Maybankers
attended the
244 Maybankers 50 13 95 78 49 Islamic

Banking in-house
obtained Chartered Maybankers obtained a Maybankers obtained a Maybankers obtained a Maybankers obtained programmes
Banker and Specialised Premier Certification in Islamic Strategic HR Business Standard Mental Health a Train-The-Trainer
Certifications Wealth Management Partner Certification First Aid Certification Certification
5,070
Targeted Developmental Programmes Maybankers
attended the
3,619 80 Risk in-house

657
61
programmes
12 Finance talents Leaders Maybankers Maybankers
enrolled into the Chief the M25+UP enrolled in the NEXTLeaders completed the Young
Financial Officer (CFO) Programme across Programme Leaders (CX) Development
Accelerator Lab
40 cohorts
Programme
Customer-facing Employee Programmes
23 Maybankers 66 Maybank 121 Maybankers 577 Maybankers 1,468 Universal 443 Maybankers 376 Maybankers
attended Relationship Auxiliary Police attended Manager attended Scale-Up Bankers using participated in five trained in the CX Lab
Manager Development personnel attended Development Programme Learning Outreach different Sales Roll-out for Retail Banking
Programme Maybank ConnectUP Programme Future App (LOFA) Programmes programme
Programme
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Upskilling Support
#LearningNeverStops Reflecting on Maybank’s dedication to
Our remote learning platforms foster a culture of ongoing learning, personal development, and advancement. inclusivity, we persisted with the Maybank
Equipping our employees with the resources to acquire knowledge is vital for allowing them to refine their ConnectUP Programme in 2023, focusing on
abilities in various areas for significant personal growth. In the year 2023, we recorded 40,622 distinct learners enhancing the skills of our Auxiliary Police to
across 15 countries engaging in 506,478 educational programmes that encompassed a wide spectrum of better support our business. This aligns with
skills and knowledge fields. our goal to elevate our Auxiliary Police to the
same level as other front-line employees in
Maybank, ensuring they have not only
e-learning – 38,525 individual learners benefitted from the comprehensive training and development
technical security expertise but also a broad
offerings on the MyCampus learning platform, culminating in Maybankers recording 491,393 hours of
knowledge base in various fields, thereby
training.
setting a standard for Auxiliary Police in
Malaysia.
Harvard Manage Mentor – Compact and focused learning materials (micro-learning) that span a In a similar vein, the Scale-Up Clerical
wide array of subjects and disciplines, provided by Harvard Business Publishing. This content was programme, launched in 2022, continues to
curated to align with the collective objectives of teams and personal development goals of the learner. enhance the skills of our customer-facing
clerical employees in branches. This
Throughout 2023, 3,270 unique learners engaged with the available subjects, amassing a total of 946
programme aids in handling customer
hours of learning.
requests for products such as credit cards
and general insurance. In addition to helping
Internal Line Trainers – Maybankers who are Subject Matter Experts facilitate learning programmes via our clerical employees acquire necessary
internal knowledge transfer. 83% of training programmes carried out at Maybank Group were facilitated licences for selling these products, over
by internal Subject-Matter Experts in 2023. 3,000 clerical employees are set to receive
training in product features, customer
service and sales on a staggered basis up
to 2024.
Organisational Development
Our ongoing holistic organisational
development approach included a series of
1 Greater China 28 focused workshops conducted in 2023,
384 dedicated to organisational efficiency by
1
identifying and addressing productivity
shortcomings. These efforts, better known as
Organisational Development Workshops
India (ODWs) engaged over 50 contributors from
178 various levels and sectors, generating ideas
United Arab Emirates
that cover people, processes, policy
6 Myanmar Laos
24 frameworks, and technology, ensuring that
25
Vietnam
Philippines the organisation is redesigned and
Cambodia
283 1,784 interventions calibrated to maximise the
United States of
America 612 transformation outcomes of our M25+
Brunei
22 60 strategy.
Thailand
United Kingdom 171 Singapore
40 2,927
Malaysia
26,293
Indonesia
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PRIORITISING EMPLOYEE WELL-BEING Safeguarding Our People

#HUMANISINGWorkplace is the clarion call that reflects our dedication to embedding the Our commitment to maintaining a safe working environment is vital for protecting our
Group’s mission of Humanising Financial Services throughout our workforce. The Group Human people from potential hazards as they carry out their responsibilities at the organisation on
Capital’s employee well-being strategy, called ‘GO Ahead. Flourish’ is designed to unleash the or off-site. This will ensure a safe and conducive working environment, thus enabling
full potential of our employees by focusing on their comprehensive well-being, namely: Maybankers to unlock and fulfil their potential:
Occupational Safety and Health (OSH)

Increasing Creating inspiring Ensuring balance
productivity and leadership at all and setting The Group has a three-tier OSH Committee to oversee the Maybank Group OSH Policy
implementation at the operational level. The committee, which includes management-
performance levels boundaries
level and employee-union members, are responsible for formulating the OSH Policy
Statement and Maybank’s health and safety pledges. We perform regular assessments
Providing a of risks and hazards in the workplace in accordance with relevant regulations,
Promoting healthy Delivering a
flourishing and implementing improvements as necessary. The OSH Committee e-learning programme
lifestyles and personalised was established as a platform for all committee members as well as Maybankers
psychologically safe
improved well-being employee experience nationwide to receive training on occupational safety and health. This training enables
environment
them to lead OSH-related matters, including investigating accidents, reporting accidents
and close calls to regulators bodies, carrying out safety and health awareness
In line with this, Maybank is committed to offering our employees holistic support for their campaigns, and offering advice on occupational safety and health to the Management
mental, emotional, and physical well-being, empowering them to achieve peak performance with the aim of preventing workplace accidents and reducing near-misses.
in their professional and personal lives. We have also implemented effective workplace or more information on our year-on-year health and safety performance, please refer to page
F
policies and practices that protect our employees' health and safety, alongside systems to 12 of the Sustainability Performance Data 2023.
detect and alleviate possible business disruptions. These measures collectively ensure
business continuity during a crisis and support our employees in maintaining their full Mobile Work Arrangement
potential. To this end, we have introduced a host of initiatives aimed at helping our Our commitment to support employees with flexible ways of working continued through
employees maintain their overall well-being. the Mobile Work Arrangement (MWA) in 2023, with 7,519 employees onboarded since its
implementation in September 2020. This strategic measure underscores outcome-based
“At Maybank, we are dedicated to fulfilling our mission of Humanising assessments and inclusivity, addressing the evolving needs of our workforce through a
hybrid workplace enabled by both physical and virtual engagements.
Financial Services and our commitment to upholding human rights in
our operations is a pivotal aspect of this ethos. The Group Human Rights Sexual Harassment
Policy (GHRP) stands as a testament to our dedication to delivering on In 2022, Maybank launched a dedicated e-learning programme on Sexual Harassment
our promises as a responsible organisation to society, for our people, Groupwide to enhance employee awareness of the Group’s robust internal Sexual
partners, and communities we serve. In alignment with international Harassment policy. This programme is for all employees and includes specific examples
of misconduct, as well as outlines the processes and procedures for filing complaints. By
standards and best practices, our GHRP reinforces our pledge to avoid the end of 2023, 82% of Maybankers have completed the programme. In the same year,
infringing on the basic rights of every individual within our operations the Group introduced the Maybank Group Dignity Policy in conjunction with our existing
and entire value chain. This commitment to protect the rights of all Maybank Group DEI Policy and the Group’s Code of Ethics and Conduct, reiterating that
whom the Maybank Group interacts with, is spearheaded by top-level any form of discrimination, bullying, bias or harassment will not be tolerated, condoned
or ignored.
Group leadership and guided by the principles of the United Nations
Guiding Principles on Business and Human Rights 2011 (UNGPs).” Whistleblowing Channels
Maybank has established whistleblowing channels to provide a secure platform for
Datuk (Dr) Nora Abd Manaf internal and external stakeholders to voice concerns regarding any misconduct.
Group Chief Human Capital Officer
or more information on our Whistleblowing channels, please refer to page 109 of this report.
F
MAYBANK GROUP HUMAN RIGHTS POLICY
In 2023, Maybank developed a the Maybank Group Human Rights Policy (GHRP) that outlines our commitment to uphold our responsibility as a corporation to respect human rights.
As outlined in the United Nations Guiding Principles on Business and Human Rights 2011 (UNGPs), we seek to avoid infringing on human rights of others and address adverse human
rights impact with which we may be involved, in our business operations and across our value chain. A key milestone in this journey is the establishment of a cross-cutting Human
Rights Working Group comprising major business units, led by senior management, as part of a comprehensive approach to develop the GHRP.
For more information on the Maybank Group Human Rights Policy, please refer to page 110 of this report.
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Fostering Mental Health

At Maybank, we place a strong emphasis on prioritising the mental well-being of our employees. Recognising that a healthy and resilient workforce is fundamental to our success, we are
dedicated to fostering a supportive environment. This commitment is paramount to the success of M25+ as investments into the mental health and well-being of our employees also
contribute to the overall productivity of our organisation. We ensure this by implementing a range of supportive measures for our employees' mental health through the #WeC.A.R.E. Mental
Well-being Initiatives & Support, aimed at providing diverse and inclusive mental health support channels for all Maybankers.
Mental Well-being Roadshows and Outreach

Well-being Bytes
In 2023, 73 sessions were conducted, aimed to enhance mental
Short monthly bulletins addressing various aspects of mental health
health literacy and equip Maybankers with well-being strategies,
and overall well-being. 16 Mental Well-being Bytes have been shared
recording 14,504 instances of participation.
across the Group in 2023.
Official Email #WeCare Telegram Support Channel
A dedicated mailbox for mental health inquiries was established in Through a dedicated Telegram channel for Maybank employees,
2023, giving Maybankers an accessible way to reach out and advice and self-help tips are provided three times weekly, enabling our
receive guidance on mental health concerns from our dedicated people to make informed decisions for their mental health and well-
Mental Well-being team. In 2023, 105 emails have been received being, through their mobile phones. The Telegram channel has 1,186
from employees seeking support and guidance. posts and attracted 1,422 subscribers as at 31 December 2023.
Let’s Talk it Out (LTIO) Webinars #WeC.A.R.E. #WeCare Helpline:
These webinars were designed for Maybankers to candidly share

Mental This helpline is operated by certified Mental Health First
and discover solace in the knowledge that they are not alone in Well-being Aiders to provide Maybankers with immediate and direct
their mental health journeys. As of end of 2023, we have
Initiatives & responses to their queries concerning their mental well-
conducted four LTIO sessions with a total of 1,036 participants. being. The helpline received 14 calls in 2023.
Support
Mental Health First Aiders and One-to-One Counselling
This year, an additional 95 Maybankers were certified as Mental Health C.A.R.E. (Compassionate, Attentive, Respectful, Empathetic) Circles
First Aiders (MHFA) by the Malaysian Mental Health Association, bringing
the total number of certified MHFAs to 195 across the Group. These MHFAs These are intimate and focused small group discussions led by trained
undergo frequent upskilling to ensure they develop their FutureReady skills facilitators on common issues of interest. In 2023, four sessions were held,
and keep up with the latest research and information in order to better benefitting 132 participants. Participants in these circles have enjoyed a
support other Maybankers. Our MHFAs offer private counselling sessions communal space to share experiences and learn coping strategies from one
via Zoom or in-person, to ensure that Maybankers in need receive another. We also conducted C.A.R.E. Circles during roadshows to regions and
individualised support to address their personal challenges. As at end countries, where a total number of 209 participants were recorded.
2023, 299 sessions were conducted in-person and 108 over Zoom.
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While these channels provide Maybankers with the support they need for their mental well-being on a daily basis, various mental health-focused programmes were also held to normalise
the topic of mental health in our workplace and encourage more employees to reach out for help when in need. Some of these include:
Maybank Mental Health Day 2023 Industry Roundtable on Mental Health in the Finance Industry
In conjunction with World Mental Health Day, Maybank saw 438 Maybankers listening The Industry Roundtable aims to facilitate a discussion on mental health in the context
in to a panel discussion titled ‘Perceptions on Mental Health: Bridging the Gap of the finance industry. The discussion touched on the current climate of mental well-
Between Generations’. The panellists were Maybank’s Group Chief Human Capital being in organisations and how mental health and resilience are key in sustaining a
Officer (GCHCO); Timothy Tiah, Founder of Colony Co-working Space; Anita Abu bionic workforce. The panellists were GCHCO, Maybank’s Group Chief Strategy Officer,
Bakar, Founder of Mental Illness Awareness & Support Association; as well as Professor Dato’ Dr. Andrew Mohanraj, President of Malaysian Mental Health Association
representation from Maybank’s Youth Club (#MYouth) Council. It was moderated by and Khairy Jamaluddin, Former Minister of Health of Malaysia. The moderator was
Katyana Azman, Consultant Psychologist. This was followed by a Fireside Chat with Azran Osman-Rani, CEO & Co-Founder of Naluri.
Malaysian celebrity, Diana Danielle. In the build up to the celebration, multiple
activities were conducted to normalise conversations surrounding mental health
within the Group.
Revitalising in the Workplace

Maybank has introduced a mini-retreat space for employees known as T-POD (Tech Pod), equipped with state-of-the-art capabilities and wellness-centric amenities. Launched in October
2023, T-POD complements our existing ecosystem of well-being facilities like our childcare centre, medical clinic, libraries, recreation centre, and extensive sporting facilities at Maybank
Academy. Each of these have been thoughtfully designed to nurture the holistic well-being of our Maybank family and drive a high-performance culture.
Located in Menara Maybank, T-POD is designed for Maybankers to Relax, Refresh and Recharge. The space comprises of four distinct zones, Gamer, Theatre, Tranquility, and Hangout, with
each zone being carefully curated to the interests and well-being of our employees. Features such as nap pods, gaming consoles, and karaoke facilities are available for use, giving
Maybankers the opportunity for a meaningful break during their workday.
CHAMPIONING OVERALL WELLNESS
Quarterly Step + Sleep Challenge The 37th Maybank Games Carnival
Since its launch in 2021, the Quarterly Step + Sleep Challenge has seen an increase in Maybank Academy played host to our 37th Maybank Games Carnival which was held
participation reaching 10,721 participants in 2023. This growth underscores our in early August 2023. This installment was the biggest Maybank Games Carnival to
commitment to encourage employees to rest well and lead a healthy lifestyle. date, with 1,572 athletes from Malaysia, Singapore, Indonesia, Philippines, and Thailand
Participants who achieve the required number of steps and sleep hours per quarter competing in 20 different sports and games. The event also featured health screenings,
earn themselves a day of Well-being Leave for their efforts. local vendors, live musical performances from Maybankers, as well as activities for little
ones to keep the whole family entertained.
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ENCOURAGING PROFESSIONAL GROWTH

Our holistic people-centric approach emphasises our commitment to the enrichment and support of our workforce across their various life stages. We place immense importance on
facilitating an inclusive environment that fosters skill development at every level. This ensures that our workforce is well-equipped to navigate the dynamic market shifts and anticipate
future trends.
Elevating Youths
GENM SUMMIT
We recognise that our youth has the potential to be the driving force of our development
when they are armed with the requisite knowledge and opportunities to excel. Our regular The GenM Summit is Maybank’s youth summit, which serves as a dynamic engagement
collaborations with key external entities, including employer associations, academia, and platform for all Maybankers aged 35 and below. The summit was first organised by the
formal networking groups are geared towards nurturing an environment for cultivating the #MYouth in 2022, with the aim of nurturing personal and professional growth,
talents necessary for the economies of tomorrow. encouraging networking and exchanging of ideas, as well as cultivating a mind-set and
In a momentous leap towards genuine youth empowerment and to provide an EVP that is culture of connecting with the communities around them.
attractive to young talent, Maybank established its first ever Group #MYouth Council, made In 2023, the summit scaled greater heights, expanding its reach internationally to
up of eight young and passionate individuals from various backgrounds, disciplines, and Singapore, Indonesia, Cambodia, Vietnam, and the Philippines, in what is now known as
experiences. The Council’s role goes beyond symbolic representation – they will be actively the GenM Global Summit. Designed by #MYouth, the summit was organised with the
participating in discussions, contributing fresh ideas, and collaborating with Maybank’s aim of accelerating the realisation of Maybank’s M25+ strategic goals by building a
leadership to drive meaningful change within the organisation. The formation of the Group community of changemakers and next-gen talents.
#MYouth Council is testament to Maybank’s belief in the transformative power of young
minds and the youth’s invaluable contributions to the organisation's growth. The GenM Global Summit witnessed over 17,000 participants across the globe, connecting
through more than 100 workshops and activities that were curated based on the pillars
The Group #MYouth Council serves as a dynamic hub where the aspirations, concerns, and of LEARN, PLAY, and DEFY. Over 400 Global GenM Ideas were collected through the Global
innovative insights of our young talents converge to shape the future direction of Maybank. GenM Idea Challenge 2023 and winners of the challenge walked away with attractive
The #MYouth community goes beyond the walls of Maybank as we establish it globally - cash prizes and the opportunity to turn their ideas into reality!
reaching young audiences worldwide. Amongst the Group #MYouth Council members
today, we have representatives from Malaysia, Singapore, Indonesia and Cambodia, For more information on the GenM Global Summit, please visit https://genm.live
ensuring that the voices of our regional youths are heard and aligned to our M25+
realisations and strategic thrusts across the Group.
Industry Training
Cultivating talent is integral to Maybank’s strategy. We recognise individual potential and foster growth through structured apprenticeship and graduate programmes. These programmes
were designed to provide young graduates with hands-on experience and industry-relevant skills. Additionally, these efforts that focus on tailored and strategic opportunities contribute to
delivering better results for our customers by infusing our talent pool with promising young professionals.
GRADUATE TRAINEE PROGRAMMES INTERNSHIPS
We take on graduates via a range of entry-level roles, training programmes, pipelines, We provide targeted training for undergraduates through various internship
and government-initiated initiatives, aimed at hiring and boosting the employability of programmes, such as the General Internship Programme, Maybank Young Bankers
recent graduates. In 2023, we on-boarded 1,881 graduates through programmes such Internship Programme (MYBIP), Sales Internship and the Techies Internship
as Protégé, Work Placement Programme, Graduate Accelerator Programme (GAP), Programme (TIP). In 2023, we welcomed 775 interns to the Group.
Global Maybank Apprentice Programme (GMAP), Relationship Manager Development
Programme, and Next Expert in Technology.
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#Mbassador Programme
We collaborate with a variety of student bodies and academic institutions to promote industrial partnerships and facilitate the sharing of industry-best practices between educational
institutions and employers. Our Maybank Student Ambassador Programme (#Mbassador) is designed to bolster the personal and professional growth of young talents by providing them
with mentorship and insights into the banking sector. In addition, these students act as brand representatives for Maybank, leading the Group’s initiatives within their campuses. In 2023,
we welcomed 226 #Mbassador students from 43 universities around the world into the #Mbassador programme.
NURTURING FUTURE LEADERS

At Maybank, nurturing and sustaining a diverse talent pool is of great importance. We are committed to fostering a mind-set of lifelong learning and invest in the development of our
employees' growth. We do this through a variety of customised coaching, mentoring, and leadership development programmes that cater to employees across all roles. This ensures that
every member of our team has the same chance to advance professionally and personally. In 2023, these developmental programmes have benefited 370 participants.
PROGRAMME OBJECTIVE TARGET AUDIENCE
Platform that facilitates Groupwide knowledge transfer, skill building and

One-on-One Mentoring All levels of employees
exposure to other functional areas.
Targeted workshops for mid-management to develop their abilities to be more

Coaching for Performance inclusive leaders through the way in which they coach their teams. Senior and middle managers
Designed to accelerate growth and development of our young high potentials

X-celerate Executive employees
to take on leadership roles across the Group.
Aimed at expediting the growth and readiness for key talents to improve their
leadership performance, overall impact and facilitate their transition into new Successors/talents earmarked for critical
Executive Coaching
leadership roles. leadership and expert roles
Enhances employees’ competencies through exposure to thought-leadership,

Executive Education industry insights, and external networks to sustain their continuing professional Senior and top management
growth.
Overseeing Career Succession and Planning

Succession realisation Internal vacancies
By adopting global standards and best practices in succession planning, Maybank
for mission critical realisation for senior
applies a comprehensive approach in raising potential successors from various
positions management positions
areas of the Group, assessing their preparedness and considering demographic
diversity. These standards have also given the Group clarity in targets and 82% 84%
expected outcomes through our diligent tracking of progress month-on-month,
and the integration between succession and development, where identified
acceleration plans are followed through and tracked. This approach has Key Retention Rate
Ready Now successors
culminated in a successor fulfilment rate of 82% for Mission Critical Positions, in line
with our pledge to appoint successors for eight out of every ten vacancies 23% 90%
internally.
or more information on our year-on-year talent retention performance, please refer to
F
page 15 of the Sustainability Performance Data 2023.
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Encouraging Adaptability
The Maybank Go Ahead. Take Charge! (MGTAC) programme has been reviewed to reflect the diverse and purposeful initiatives that are pivotal in enabling our employees to adapt and
respond to the evolving job landscape. It equips them with opportunities to manage shifts in their career aspirations via these four key pillars:
Pillar Description 2022 Take-Up 2023 Take-Up

Rates Rates
1 - Reskill and Redeploy Reskilling and redeployment of employees. 8,397 10,358*
2 - Flex In Enables Maybank to leverage expertise from non-permanent employment workforce. 3,026 2,952
Allows employees to leverage the various flexible options that enable them to strike work-life balance
3 – Flex Right 8,433 9,020*
while remaining highly productive.
Provides opportunities for employees to take the Entrepreneur (Exit) option to engage in business
4 – Entrepreneur (Exit) 35 77
activities.
* Unique employees
BUILDING STRONG CONNECTIONS

Maybank recognises that our people are our most valuable asset in steering the long-term resilience, success, and sustainability of our organisation. We are committed to equipping them
with resources and opportunities to acquire new skills, explore new interests and develop themselves at the workplace and beyond. To support them effectively, we actively engage with
Maybankers in all facets of their work to understand their need and solicit feedback for continuous improvement. Additionally, we keep our employees well-informed about the Group’s
performance, initiatives, and strategic direction.
We believe that open and honest communication is crucial for cultivating a collaborative work environment where every individual can contribute, grow, and succeed as a team, in turn
creating a better workplace. We attentively consider our employees’ feedback and take suitable measures to address their needs through these initiatives:
Time Out
A performance management tool designed for open and transparent discussions between line managers and team members. This tool provides a data-based approach for
outcome measurements, encouraging continuous performance achievements for our people. In 2023, it achieved a satisfaction rate of 98.8%.
Grievances Mechanism
Provides channels for transparent employee-employer communication to ensure a productive and safe work environment for all employees.
Leaders Teaching Leaders (LTLs)

Features interactions with Group EXCO members to enhance employee morale and drive exceptional performance. In 2023, 968 LTLs sessions were organised, which included:
• Maybank Group Staff Townhalls

Provides employees with updates on the Group’s performance and strategies. These townhalls also offer a platform where employees have the opportunity to express their views
and seek clarity from top management regarding the Group’s direction. In 2023, these sessions saw 26,076 instances of employee participation.
• Conversations with C-Suites

Conversation series that fosters open exchanges between Maybankers across various levels and Group EXCO, including the Chairman. This initiative is designed to facilitate
meaningful discussions, integrating preferred working practices and culture, enhancing visibility across the organisation and identifying areas for improvement. In 2023, we have
effectively held 28 of these engaging sessions, with 566 Maybankers actively participating.
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M25+ ROADSHOWS AND ENGAGEMENT SESSIONS WITH GROUP EXCO MEMBERS
A platform for our Group EXCOs and senior management to communicate on updates regarding the organisation’s strategy and for Maybankers to gain an informed understanding
of the steps needed to fulfil the organisation’s ambitions.
Extending this initiative into 2023, we have organised a further 16 M25+ sessions and cumulatively saw 9,834 instances of employee participation.
Employee Engagement Survey 2023 Rewarding and Recognising Our People

The My Voice Employee Engagement Survey (EES) represents our commitment to value Remuneration and Benefits
employee feedback and further nurtures a conducive climate for Maybankers to flourish. All
Maybank Group’s total rewards management is a strategic human capital sustainability
employees across the Group were invited to participate in the EES in November 2023. With
component of our integrated Talent Management Framework, which enables differentiated
close to 39,000 respondents, the EES achieved a participation rate of 92% upon completion.
rewards for talent retention and attraction by providing the right remuneration, benefits and
We also continued to be recognised in Willis Towers Watson’s (WTW) High Performance
career development/progression opportunities at the right time for our people to achieve
Companies benchmark for the sixth time for our outstanding and sustained financial
their personal and professional aspirations.
performance and focus on employee experience with superior human resource practices.
Our Total Rewards Framework is firmly anchored in the principles of pay-for-performance
Employees were asked to provide feedback on areas that are key to the employee
and affordability, ensuring that our talented workforce is rewarded in a manner that is
experience such as leadership, communication, customer focus, learning and development,
equitable, reasonable and in line with relevant indices within each respective country.
operating efficiency, and well-being. We observed positive performance with our Sustainable
Simultaneously, we strive to maintain competitiveness against our peers and competitors in
Engagement Index (SEI) coming in at 89%, surpassing WTW Global High Performing
the market, while embracing the importance of differentiation to contribute positively to
Companies (GHPC) norm across all measured employee experience areas from leadership,
diversity, balance, and overall relevance.
communication to customer focus.
In line with this, our Maybank Group Policy ensures that our employees are paid in line with
In the EES, we also measure employees’ feedback on matters pertaining to sustainability to
prevailing market standards. We ensure our differentiated compensation levels are
identify areas to improve or enhance which will allow us to provide an environment that
competitive through annual salary reviews, variable bonus, and Long Term Incentive Plans
enables employees to create positive impacts sustainably. We asked employees about how
(for eligible senior management and above) to retain, motivate and reward our talents. In
important it is to them that Maybank has a strong focus on sustainability issues, and sought
addition, we consistently review our remuneration and benefits offerings to align with the
feedback about the organisation operating with integrity in internal and external dealings, the
evolving needs of our employees. Our approach is holistic, intertwining sustainability
organisation being socially and environmentally-friendly, as well as their opinion on being
principles and fair practices with the well-being of our employees. This is to cater to our
given the opportunity to contribute to Maybank’s sustainability priorities through the various
employees’ physical, mental and emotional well-being, as well as their financial, social and
programmes. Similar to the year before, our sustainability score remains at 90%, which is 6%
career needs, that is aimed to foster an inclusive and equitable work environment that
above WTW GHPC norm and 6% above WTW Global Financial Services Company norm.
benefits individuals, empowers the workforce, and positively impacts society as a whole.
or more information on our year-on-year employee engagement performance, please refer to page
F
15 of the Sustainability Performance Data 2023
Advancing Employee Engagement Digitally

As part of Maybank’s workplace and work culture futurisation efforts, we have commenced
the groundwork to launch a digital platform that will elevate the professional advancement
and enhance the employee experience of Maybankers around the world, while providing
advanced people analytics. It also intends to promote collaboration, knowledge transfer and
social interconnectivity among employees from across the Group.
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Our employees have access to a broad range of competitive benefits, encompassing:
Life and Family Financial Assistance
• Financial assistance for children of selected employees in the lower income

• Annual leave granted to foster overall well-being and sustained bracket.
productivity for employees. • Interest-free ‘Back-to-School’ Sundry Loan Scheme to assist in the defrayal
of school-related expenses.
• Maternity leave aligned to statutory requirement of 98 days.
• Interest-free Staff Mobile Loan to adopt the MWA.
• Parental leave for biological or adoptive children.
• Staff housing loan and motor vehicle loan at preferential rate.
• Sabbatical leave of up to 24 months granted, providing an opportunity
for a career break to pursue personal development or activities that
contribute to a good cause.
Personal Growth
• Child care-related benefits including leave, subsidy and child-friendly
facilities.
• Study leave for examinations.
• Medical benefit for employees’ disabled children irrespective of age.
• Maybank Group Staff Academic Award for employees who acquire additional
• Enhanced pilgrimage leave to cover Muslims performing Umrah and
skills and qualifications which are beneficial to the Group.
non-Muslims undertaking spiritual/religious activities.
Flex SmartSave Medical Coverage Maybank Group Awards Night

In 2023, Maybank introduced Flex SmartSave, offering employees the option to allocate 4% The Maybank family came together to celebrate Maybank’s best employees at the Maybank
of their EPF employer contribution towards paying for their premiums for SmartSave Medical Group Awards Night 2023, which was attended by nearly 2,300 Maybankers from across the
Coverage. The first-of-its-kind among Malaysian banks, this initiative provides medical Group. Awards for the Best Employees, Best Business Units, and the Cahaya Kasih President’s
coverage for Maybank employees, even in retirement, exemplifying the Maybank Group's Award were presented to our outstanding colleagues during the celebrations, a recognition
commitment to create a #HumanisingWorkplace. for their achievements both for Maybank and for the communities where we have a
presence throughout 2022.
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EMBRACING DIFFERENCES THROUGH DIVERSITY, EQUITY AND INCLUSION

Our approach to DEI is deeply embedded in our core TIGER values and the 'Go Ahead' Employer Value Proposition. Enhancing the diversity of our workforce allows us to tap into a wider
pool of talent, each bringing unique and valuable experiences, perspectives, and skills.
We are committed to cultivating an equal and inclusive environment by ensuring diverse and inclusive representation at all levels of our operations. We do not compromise when it comes
to ensuring a workplace where our people are treated fairly and free from discrimination. Our commitment is reflected in our inclusiveness and diversity agenda:
Compensation and benefits

Development and training benchmarked against market
opportunities accessible to practices to ensure equitable
Enhancement of Employee Resource
Workforce representation in everyone across all job levels. Nurturing of talent across remuneration practices.
Groups (ERGs) governance model
terms of gender, race, age different groups, from including faith-based, social and
and ethnicity. empowering youths to health and wellness groups.
supporting retirees.
In our ongoing efforts to enhance our DEI initiatives to more effectively meet the needs of our employees and other stakeholders, the Group has reassessed the functions of our Employee-
Led Groups and looked into the role of ERGs. Presently, the Group’s ERGs encompass those focused on faith, social activities, health and wellness.
Among the Group’s Employee-Led Groups that offer support and contribute positively to the Group are:
Persatuan Kakitangan Maybank Hindu Staff Maybank Tentmakers Kelab Sukan Malayan
Islam Malayan Banking Society Christian Fellowship Banking
C.A.R.E. Circle MaybankerX MYouth
AWARDS
In 2023, our DEI initiatives achieved significant milestones:
• Retained the global recognition of Bloomberg’s Gender-Equality Index in February 2023, for ongoing gender equality practices since 2017
• Acknowledged at the Life at Work Awards (LAWA) 2023 as:
• Best Malaysian Organisation (WINNER)
• Outstanding Practices for Diversity Hiring Initiatives (WINNER)
• Chief Human Resource Officer (CHRO) Champion (MALAYSIA)
• Received the Gold Award at the Star Media Group ESG Positive Impact Awards for:
• Diversity, Equity and Inclusion
• Talent Management
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INCLUSIVE WORKFORCE
We hire people from a wide range of backgrounds, experiences, and cultures to build a diverse and inclusive workforce. In addition, we acknowledge the skills and expertise needed to
progress and support our business priorities. Our diversity statistics are a testament to our commitment to promoting an inclusive work environment.
Gender Diversity Ethnic Diversity*
6.1%
4.4%
Malay
56.2%
Chinese
Total 20.3%
43.8% Total
Male Indian
43,595 25,863
Employees Female Employees Others
* Represents Malaysian
69.2% workforce only
For more information on our year-on-year DEI performance, please refer to pages 9 to 12 of the Sustainability Performance Data 2023.
Women Equity
At Maybank, gender equity is underpinned by our overall DEI focus that is embedded across all talent management aspects including recruitment, performance, learning and development,
and rewards. In 2023, we remained steadfast in developing our leadership and talent pools to achieve our M25+ corporate strategy. In line with this, our principles ensure that recruitment
for senior management roles are always equitable to internal talents and consists of a diverse line up. This has translated into a higher internal realisation rate of women into senior
management roles at 44% improving from 43% in 2022.
Women in management roles are now at 49%, and to ensure the sustainability of women representation in leadership, our succession process also identifies women talents into the
succession pipeline for mission critical roles. 45% in 2023 from 44% a year earlier.
In driving gender equity this year, we ensure development opportunities for women at all levels:
Five roadshows were conducted across

We accelerated our mentoring In the region, our Women’s Mentor Our women leaders are empowered to
different regions in Malaysia where
programme for women talent entitled Women Council in Singapore was further their growth and development
women leaders engaged with top and
‘Pay-It-Forward’ (PIF). The programme is activated, with other regional through networks outside of the
senior management for an opportunity
led by women leaders across the Group. programmes targeted for 2024. organisation.
to build relationships with their Allies.
Women Internal Hires* Women In Mission Critical Positions Women In Leadership Roles
44% 45% 36% Board of Directors 35% Top Management
42% Senior Management 49% Management

* For senior management and above
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WORKING WITH PERSONS WITH DISABILITIES
As part of our strategy in building a more inclusive workforce, in 2023 we introduced the Maybank Work Placement Programme (WPP) for PWDs through collaborations with partner
universities, Universiti Teknologi MARA (UiTM) and International Islamic University Malaysia (IIUM), NGOs such as Malaysian Deaf Federation, and government institutions such as
PERKESO.
Under the WPP, differently-abled talents undergo an 8-month placement programme with Maybank as part of our commitment to equip PWDs with employability skills.
To ensure a seamless onboarding experience for these talents with disabilities, our Disability Services Team collaborates with line Managers and their team members to ensure
the right matching and placement of the talents. Line managers are also required to undergo a Workplace Disability Inclusion workshop, designed with the expertise of subject
matter experts from UiTM and IIUM, to give them the necessary awareness and understanding on how best to approach and support PWDs in the workplace.
As of December 2023, close to 100 WPP trainees have been onboarded in Maybank.
Aiding Retirees
Officially established in 2022, the Maybank Retirement Readiness Programme prepares our
retirees to take on their next phase in life following retirement. Our retirees will undergo a
2-day programme designed to equip them with lifelong skills development such as financial
70
planning, urban farming, talks and workshops on well-being as well as gig opportunities. In 2023,
more than retirees
After the programme, the retirees become part of the alumni community, MaybankerX, which
further reinforces our M25+ strategy and DEI agenda by building a sustainable community benefitted from the Maybank
beyond the Bank, embracing the adage, “Once a Maybanker, Always a Maybanker”. Through Retirement Readiness
curated and strategic outreaches, we stay engaged with and foster trusted lifelong relationship Programme.
with our retirees through business development programmes, virtual and offline events,
learning and development sessions, alongside networking opportunities. For example, to date,
37 retirees are onboarded as facilitators under the Maybank Retirees Training Scheme.
Fair Pay
In our commitment to uphold the DEI culture within the Group, we are dedicated to fair pay equity for all employees without considering of gender, age and ethnicity. This involves ensuring
that compensation for every role is competitive and unbiased while actively working to narrow any disparities in pay gaps.
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OUR APPROACH Fair Treatment
Corporate resilience is crucial for Maybank as it involves the organisation’s ability to adapt We interact with our external stakeholders in an equitable, impartial and accountable
and operate sustainably. In light of our extensive reach and influence, we are committed to manner. The Maybank Group Financial Consumer Fair Treatment (FTFC) Policy, Maybank
conducting business responsibly to effectively meet the requirements of our stakeholders. Group Business Ethics Charter and Maybank’s Code of Conduct for Suppliers determine our
This can be realised through strategic foresight, robust risk management and agile decision- practices within our value chain as we move towards cultivating an environment of equity
making processes, supported by strong governance frameworks. With our M25+ strategy and openness in all our engagements.
and adherence to the Maybank Group Sustainability Framework, we strive to constantly
progress in our business practices, standards and governance structures to create and Our Charter is publicly accessible at www.maybank.com. For more information on our commitment
preserve long-term value for our stakeholders. towards advocating the highest compliance standards, please visit https://www.maybank.com/
compliance
EMBEDDING SOUND BUSINESS PRACTICES

Socially Responsible Tax Policies
We believe that integrating environmental and societal values into the organisation is
paramount in fostering trust with our stakeholders. To build this trust, we ensure that our In line with Maybank’s M25+ corporate strategy, Maybank is committed to prioritising
people understand the concept of sound business practices and uphold the principles of sustainability in all business decision-making processes. We ensure that the tax governance
transparency, equity and integrity to create a sustainable positive impact for society. We are and risk management approaches that are in place are aligned with the Group’s ESG
steered by the Maybank Group Sustainability Framework in establishing our commitments and strategy and targets.
principles, enabling us to continuously deliver accessible financial services to our stakeholders.
The ultimate goal is to protect stakeholders’ interests, as well as to fulfil Maybank’s social
obligations in contributing to nation-building through paying our fair share of taxes in the
Strong Compliance Culture
locations and communities we serve.
Maybank is committed to upholding the highest standards of business conduct, to ultimately
ensure the safety and security of our customers. The Board’s Compliance Committee We have in place the Maybank Group Tax Strategy, which sets out the approach in
oversees, monitors and tracks all issues relating to Maybank’s regulatory compliance. In conducting the Group’s tax affairs, management of tax compliance risk, continuous
addition, the Maybank Group Compliance Framework serves as a reference for all employees monitoring of international tax developments including Global Minimum Tax, and relationships
to comprehend and handle compliance risks while adhering to legal and regulatory with tax authorities.
obligations to instil a robust compliance culture.
Integrity In 2023, the total income taxes (excluding deferred taxes) and zakat amounting to RM3.1
billion (2022: over RM4.0 billion) were paid, aiding in the continued growth of the ASEAN
Integrity is crucial in the financial industry as it is the cornerstone of trust and, contributes
economies.
to a thriving financial system. To this end, the Maybank Group’s Whistleblowing Policy
provides a secure platform for internal and external stakeholders to voice concerns
regarding any misconduct. Any complaints lodged are treated with the highest confidentiality, For more information on the Maybank Group Tax Strategy, please visit https://www.maybank.com/
ensuring no fear of reprisal. Concerns are only disclosed to assist in investigations or when Maybank-Group-Tax-Strategy-2023.pdf
necessary. This initiative is in line with BNM’s Corporate Governance Policy.
Additionally, in upholding integrity throughout our value chain, the Maybank Code of Ethics
and Conduct serves as a guide to ensuring employees conduct themselves with integrity at BOARD DIVERSITY AND INCLUSIVENESS
all times. To further showcase our commitment to ethical behaviour, Maybank has been a We value gender diversity in the boardroom as it brings a broader range of perspectives,
signatory to the Malaysian Corporate Integrity Pledge for over ten years, since 2011.
experiences and expertise, leading to better decision-making and enhanced corporate
In 2023, a total of 122 whistleblowing complaints were received through various whistleblowing governance. In Maybank, our Board Gender Diversity Policy adopts the principles set out in the
channels. Of these, 78 complaints were related to Maybank Malaysia, while the remaining 44 Malaysian Code on Corporate Governance, which recommends a minimum of 30% female
complaints were related to Maybank’s overseas branches and subsidiaries. representation on the Board. In this regard, we consciously include female talents in the
Our whistleblowing channels include: appointment shortlist and place a higher emphasis on appointing new female directors to
replace those who have stepped down. While we strive to achieve diversity in the boardroom,
Automated Hotline: it is important to note that appointments on the Board are ultimately based on merit.
[email protected]
Secured voice recording: For more information on how we endeavour to promote diversity, equity and inclusion in the
Toll-free number 1-800-38-8833 or P.O. Box 11635, 50752 Kuala Lumpur workplace, please refer to pages 106 to 108 of this report.
for overseas calls at +603-20268112
or more information on our Whistleblowing Policy, please refer to our Corporate Governance Report
F
Practice 3.2 and https://www.maybank.com/whistleblowing
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HUMAN RIGHTS
Maybank’s mission statement of Humanising Financial Services and our sustainability principles reflects our commitment to place people at the centre of how we conduct business. We
strive to embed sustainability practices through various frameworks to establish standards of good practices.
Through continued engagements with internal stakeholders, regulators and government officials, encompassing topics such as labour practices, risk management, business conduct, and
consumer fairness, Maybank developed its first Maybank Group Human Rights Policy (GHRP) in 2023. Endorsed by the EXCO Sustainability Committee (ESC), this policy is expected to be
published in early 2024, following approval from the Group Board. As we strengthen our sustainable finance agenda, our business will be aligned to internationally recognised human rights
principles and standards to avoid causing, contributing or being directly linked to adverse human rights impacts.
The GHRP defines our commitment to uphold our responsibility as a corporation to respect human rights as outlined in the United Nations Guiding Principles on Business and Human Rights
2011 (UNGPs). It expresses Maybank’s human rights expectations of employees, clients, suppliers, and other parties directly linked to our operations, products and services. This commitment
involves avoiding infringing on the human rights of others and addressing adverse human rights impacts with which we may be involved, in our business operations and across our value
chain. Key areas covered include, among others:
• Client Relations • Local Communities • Work Hours, Wages and Benefits • Anti-Bribery and Corruption
• Supplier Relations • Modern Slavery • Freedom of Association and Collective Bargaining • Data Privacy and Protection
• Employee Relations • Workplace Security • Diversity, Equity, Inclusion and Belonging (DEIB) • Health and Safety
As an overarching document, the policy incorporates existing policies and procedures related to human rights practices, with the objective of an ongoing risk-based approach to strengthen
current systems in alignment with the UNGPs. This includes due diligence processes, evaluating the effectiveness of mechanisms to address, track, mitigate, remedy and communicate
human rights risks and violations.
The policy was developed through the dedicated efforts of the Human Rights Working Group (HRWG), which is a senior management-led cross-functional team accountable for the
effective implementation of the Group’s corporate responsibility to respect human rights. The HRWG is governed by the ESC, BSC and Group Board with the following key responsibilities:
Group Board of Directors Key Responsibilities
Group EXCO evelop the Group’s approach to embed the GHRP at strategic, tactical and operational levels within
D
1
Maybank and across its value chain. This includes reviewing and assessing human rights-related work
undertaken within the Group, also considering all future focus areas under trail for continuous improvement
Board Sustainability Committee
versee the Group’s approach in developing policies, procedures and initiatives related to human rights,
O
EXCO Sustainability Committee 2
considering:
• Salient human rights risks across geographic areas, sectors and entities;
Human
Human Rights
Rights Working
Working Group
Group • Internal and external stakeholder engagements;
Group • Partnerships and affiliations; and
Group Compliance
Compliance Group
Group Human
Human Capital
Capital • Formulation and communication of human rights strategies, priorities, targets and performance.
Group
Group Sustainability
Sustainability Group
Group Legal
Legal
Group Strategic
Strategic Procurement
Procurement Group Non-Financial
Non-Financial Risk
Risk onitor the integration of human rights considerations when developing and implementing Group business
M
Group Group 3
plans, strategies and frameworks as well as implementation of proper processes to track progress and
Maybank
Maybank Foundation
Foundation ensure relevant regulatory and legal compliance.
Drawing upon human rights expertise internally and externally, we seek to conduct meaningful engagements with stakeholders on significant issues with particular attention to vulnerable groups who
may be at greater risk of negative human rights impacts. By leveraging off our experience with community engagement strategies and methodology, we also seek to include more perspectives on
community concerns as well as on community-led solutions. This will help focus our work with affected communities on building ways to prevent, mitigate and address any grievances that are raised.
Addressing external stakeholders, the Maybank Group ESG Risk Management Framework (ESGRMF) guides labour standards in our supply chain encompassing issues such as child labour
and compliance with workplace health and safety measures. In addition, the Maybank Group People Policies articulate our commitment to creating and maintaining a workplace that is
free from harassment, bullying and discrimination. We also strictly adhere to the minimum wage policy in all countries where we operate, and our employees are protected by collective
bargaining agreements. As of 2023, 40% of our 43,595 employees are covered by such agreements.
For FY2023, Maybank has not been reprimanded or fined for any human rights violations with respect to our human capital. While we have also not been implicated in any controversies,
we have received 30 substantiated complaints relating to breaches which have been resolved amicably internally.
With respect to controversies on our financing activities, we have managed queries and/or allegations from NGOs on Maybank’s invovlvement in terms of financing sectors that may affect
human rights.
For more information on our year-on-year human rights performance, please refer to page 3 and 10 of the Sustainability Performance Data 2023.
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RESPONSIBLE PROCUREMENT DATA GOVERNANCE AND DATA PRIVACY

Sustainable Procurement Practices As one of the largest financial institutions in the ASEAN region, we are committed to ensuring
that information of our customers, business partners and employees are safeguarded, by
The Group adopts sustainable procurement practices where we create value for the society,
prioritising the importance of data privacy and governance. We are guided by the Maybank
supporting the community wellbeing by procuring from local suppliers.
Group Data Privacy Policy which forms the fundamental principles for our data management
in compliance with rigorous privacy standards and relevant legal and regulatory mandates.
In 2023, our procurement spending on local suppliers in Malaysia increased to 89.9%.
The policy also establishes the implementation of robust data protection measures to avert
Commencing this year, we enhanced the disclosure to include the performance of our key
breaches.
home markets in Singapore, Indonesia, and Cambodia.
In 2023, there were nine substantiated complaints received concerning breaches of customer
privacy. The breaches have been reported to BNM and have been remediated accordingly.
Indicator 2021 2022 2023
There were no losses of customer data reported for 2023.
Malaysia 92.7 87.9 89.9 As part of our continuous commitment to data privacy, Maybank’s Data Privacy e-learning
Percentage of Singapore - - 91.9 was implemented in July 2022 and was relaunched in November 2023 for employees
spending on local handling, or having frequent access to customer’s Information. 91% of the employees have
suppliers (%) Indonesia - - 95.6 completed the e-learning this year. Effort was also increased in FY2023 in terms of awareness
and sharing sessions to employees via Maybank’s Communication Channel (EMPCOMM).
Cambodia - - 88.9
Additionally, we continued to equip our tech talents with the capabilities they need by
We prioritise uplifting the SME and minority groups in our procurement for goods and
investing in cyber security, data privacy as well as governance-related training programmes
services to further drive inclusive economic growth in our markets of operation. We expanded
and certifications. These included:
our supplier diversity outreach through phased implementation, and to date, 44.1% of
awarded suppliers in the current phase are from the SME group.
• Data Driven Decision Making • Certified Incident Handling and
e-learning Network Security Analyst (CIHNSA)
Supplier Screening • Certified Cloud Security Professional • Certified Information Systems Security
(CCSP) Professional (CISSP)
Assessment on our suppliers’ awareness and practices in ESG matters such as but not • Certified Data Centre Professional • Cloud Computing Security Knowledge
limited to health and safety, human rights, energy and waste management, governance (CDCP) Plus (CCSK)
and internal control have been integrated into our procurement onboarding and renewal • Practical Network Penetration Tester • Cybersec First Responder (CFR)
process since 2022. Pursuant to this, we introduced the Supplier ESG Engagement to support • Certified DevSecOps Professional • Cloud Computing Security Professional
suppliers that require improvement in their ESG journey including creating awareness on our • Certified in Governance, Risk and
sustainability expectations. Compliance
Indicator 2023
Safeguarding Our Customers’ Data Privacy
Malaysia 154
Addressing our external stakeholders, we increased security measures to protect our
Singapore 35 customers’ data privacy on the Maybank2U web and MAE platform. The latest Kill Switch
Number of existing suppliers assessed on ESG
feature is a self-service security mechanism that assists customers in protecting their funds
Indonesia 232
from online scams. On top of that, this feature also enhances online banking security:
Cambodia 22
Kill Switch Features How It Works
Blocks all outgoing transactions from customers’

Block Debit Card
Maybank Debit Card
Blocks all outgoing transactions from customers’

Block Credit/Charge
Maybank Credit/Charge Card
Automatically logs out from all active sessions on the
Deactivate Maybank2U Access MAE app, M2U MY app and Maybank2u web and
blocks any further login attempts
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Consumer Protection Series

Regionally, our operations have intensified our efforts to safeguard consumers against fraud activities, especially in the post-pandemic era. In line with our aspiration to be Pervasively
Digital, we have updated our ongoing initiatives to tackle new challenges regarding cyber security. Our country-centric controls implemented include:
MALAYSIA INDONESIA
• Cooling off period for Secure2u’s first-time enrolment or when a new device is • Use a Fraud Monitoring System with comprehensive parameters to detect potential
registered. fraud activities in customer accounts.
• Full migration from SMS One-time password (OTP) to Secure2u. • Auto disable M2U user ID for those who have not logged in for the last six months.
• Moving new Secure2u activations from M2U app to MAE app with 12-hour activation • Lock M2U user ID for confirmed registered mobile numbers that are recycled based
period. on Telco confirmation.
• A dedicated 24/7 hotline for customers to report incidents of financial scams. • Send SMS notification to customers upon two failed login attempts with wrong
• Disabling links and QR codes in Electronic Direct Mail (eDMs) and SMSes to mitigate passwords and encourage customers to change to stronger passwords.
phishing risk. • Maybank Indonesia proactively educates customers on the safe way to conduct
• Fraud awareness education through M2U websites, webinars and media online banking and prevent fraud cases. Education is delivered through various
advertisements. channels, including email, SMS, M2U push notifications, social media and the website.
• Designed the LISA to allow our employees to quickly obtain product information and
solutions. To support our frontline employees such as the Maybank Group Customer
Care (MGCC) and branches on cyber security-related information, we continuously
update the fraud awareness contents in LISA, such as the latest fraud tactics and CAMBODIA
modus operandi, awareness training materials and success stories on prevention to
boost employees’ motivation.
• Rolled out Secure2u as an enhancement to customers’ online banking security and
as a digital solution to challenges posed by authorising transactions using the TAC.
• Enabled phone-number-record alert when users first log in to the M2U app.
SINGAPORE • Continued to enable bill number scanning function on the M2U app, making bill
payment easier, more technologically advanced and faster.
• Enhanced the history pages by displaying beneficiary and sender names, allowing
• 24/7 advanced monitoring and surveillance systems that can assist in detecting
users to better manage their cash flow.
potentially fraudulent activities in customer’s accounts, creating a seamless banking
• Actively supported customers who reported transaction and login credential issues
experience without compromising security.
without any delay.
• A self-service feature through the interactive voice response (IVR) system, enabling
customers to autonomously suspend their digital banking access in response to
instances of scams or fraud.
• Applying a holistic approach in preventing, detecting and managing scam incidents,
PHILIPPINES
including notifying customers through existing registered mobile number and/or
email address and implementing advanced monitoring and surveillance systems to
detect potentially fraudulent activities in customers’ account(s). • Reinforcing customer awareness of fraud risks by:
• Dedicated customer service teams are available to assist customers with fraud and - Uploading key visuals on the Maybank Philippines website as a reminder on
scam-related matters keeping account safe and secure.
• A cooling period of at least 12 hours is required to activate a new Secure2u digital - Posting anti-phishing reminders on Maybank Philippines’ public Facebook page,
token on a mobile device. An additional cooling period is applied to perform selected prioritising it as a pinned post for heightened visibility among frequent visitors.
payment transactions after a new payee has been added. • The Retail Fraud Team formed in 2022 was tasked to centralise fraud prevention,
• Maybank Singapore is in the process of rolling out additional security measures as detection and monitoring operations.
part of their roadmap to combat cybercrime, such as anti-malware security features • No fraud incidents were reported by the Enterprise Fraud Team in 2023, as a result
in our digital banking apps to protect our customers from malware scams. of enhanced customer awareness efforts and fraud mitigation measures.
For more information on Maybank’s Privacy Statement, please refer to https://www.maybank2u.com.my/privacy_notice
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FINANCIAL CRIME
Anti-Money Laundering and Counter Financing of Terrorism
In line with Maybank’s compliance culture, we implement stringent controls to efficiently reduce the risks of money laundering and terrorism financing. The Onboarding and Review
Committee, led by the President and Group CEO, evaluates and determines the onboarding and retention of clients with elevated financial crime risks.
These efforts are further supplemented by the Maybank Group AML/CFT Policy and training provided to all our employees, ensuring that all Maybankers understand the importance of
appropriately managing money laundering and terrorism financing risks.
Employee Training on AML/CFT 2021 2022 2023
Employee participation in training 36,487 30,428 38,962
Total training hours 66,796 63,398 98,865
The significant increase in training hours (56% from FY2022) is primarily due to the completion of e-learning modules in our operations. We rolled out the Illegal Financing Scheme and
Money Mules e-learning modules to more than 2,800 frontliners. The AML refresher e-learning was also completed by approximately 3,000 employees in the first quarter of 2023.
Anti-Bribery and Corruption

We strive to ensure that we do business in an ethical manner, free from any and all forms of corruption. In conducting our daily business, we adopt a strict zero tolerance policy for any
instances of bribery or corruption. To that end, the Maybank Group Anti-Bribery and Corruption (AB&C) Policy and Procedures lays out the guiding principles for managing bribery and
corruption risks across all Maybank activities, both within and beyond Maybank.
The AB&C Policy and Procedures addresses due diligence requirements and managerial responsibilities in dealing with third parties, associated persons and customers, which include gifts
and entertainment pre-approval and declaration process, associated person assessment and donation and sponsorship assessment. Incidences regarding actual or suspected violations of
the AB&C Policy and Procedures can be reported through our whistleblowing channel as set out in the Maybank Group Whistleblowing Policy.
We require all newly onboarded employees to agree and accept the AB&C Policy Procedures by signing the acknowledgement form during the onboarding. All employees are also required
to attend and complete the annual AB&C programme. In line with Chapter 15 of the Main Market Listing Requirements by Bursa Malaysia Securities Berhad, which requires a listed corporation
to conduct an annual risk assessment to assess its bribery and corruption risk, Maybank performs an annual Bribery and Corruption Risk Assessment on all its entities.
Employee Training on AB&C 2021 2022 2023
Employee participation in training 26,243 29,073 34,689
Total training hours 40,127 57,583 49,701*
* Lower training hours as the credit hour for FY2023 module is 1.5 hours while FY2022 module is 2 hours
While this represents approximately 80% of our workforce, 100% of our operations have been assessed for corruption-related risks with zero confirmed incidents of corruption recorded
and action taken in 2023.
Fraud
The Maybank Group Non-Financial Risk Policy details our strategy in managing fraud risks. This encompasses prevention, detection and resolution. We employ a range of efficient tools
and effective initiatives with clearly defined roles and responsibilities throughout the organisation to fortify our systems, and we also invest in security technologies. This includes our fraud
detection system and credit decisioning platforms, which proactively protect our customers.
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CYBER SECURITY
Protecting Customers Against Cyber Risks
The prevalence of digital banking among customers requires us to constantly step up our cyber security controls to protect the personal data and privacy of our customers. The Maybank
Group Technology Risk Management Framework and the Maybank Group Cyber Risk Management Framework set the standards for the safe, secure and responsible use of data, as well
as the navigation and management of cyber security risks. These risks consist of risk identification, cyber threat detection and responses to cyber threats.
The Group’s Regional Security Operations Centre (RSOC) leverages on security information software and event management tools to oversee the security of our systems at an operational
level. This makes real-time monitoring possible, facilitating swift identification and response to any cyberattacks that take place internally and externally. This cyber security infrastructure
undergoes regular updates to align with the latest advancements in risk and threat mitigation.
Our employees and customers are informed of cyber hygiene best practices through communication platforms such as email and social media. Under the Maybank Group Cyber Risk
Management Framework, which aligns with BNM’s Risk Management in Technology Policy, we also ensure that our employees participate in phishing simulations to prepare them for
identifying and reporting potential phishing attempts. We have successfully conducted the Annual Phishing Exercise, evaluating Maybank employees’ awareness and preparedness against
potential phishing attacks.
In strengthening our cyber security measures, we regularly collaborate with regulators and peer groups. We continued to contribute to BNM’s Financial Sector Cyber Threat Intelligence
Platform (FINTIP) by sharing insights from our in-depth threat analysis conducted by our RSOC, various indicators of compromise and identification of suspicious IP sources. This year, we
also aimed to achieve coherent maturity across the Group by expanding coverage to entity and country level to strengthen and control our Cyber Risk Threat. This is in tandem with the
enhancement of our cyber defence capabilities with a primary focus on addressing both the aspects of people and process.
Cyber Risk Assessment Management

Our Maybank Group Cyber Risk Management Policy enables us to conduct frequent assessments of our internal system’s preparedness to support our operations. In order to safeguard
our stakeholders against digital risks, we have implemented the following initiatives:
Completed our Internal Cyber Risk Educated our customers via awareness Incorporated emerging technologies to Established controls and systems that
Assessment for FY2023, based on the posters and information published in enable M25+ strategic priorities and encrypt and store our customers’
National Institute of Standards and the Maybank2u website deliver a Digital At Core experience to confidential data in a secured storage.
Technology (NIST), which resulted in 29 our customers
assessments carried out with action Implemented the latest encryption
plans completed. protocols for security, compliant with
international standards, to ensure the
confidentiality of all information
transmitted over mobile internet.
Business Continuity Management

We proactively implement essential policies and procedures to prevent interrupted customer service during technological disruptions or failures. This includes organising the annual Disaster
Recovery Live and Simulation Exercises for critical applications.
114
GRI Content Index

GRI Universal Standard
GRI Services Statement For the Content Index – Essentials Service, GRI Services reviewed that the GRI content index has been presented in a way consistent with the
requirements for reporting in accordance with the GRI Standards, and that the information in the index is clearly presented and accessible to the
stakeholders.
GRI Services reviewed the correct mapping of the GRI disclosures presented in the GRI content index to Sustainable Development Goals (SDGs),
based on the ‘Goals and targets database’ tool available from GRI website.
Statement of Use Malaysian Banking Berhad has reported in accordance with the GRI Standards for the period 1 January 2023 to 31 December 2023.
GRI 1 Used GRI 1: Foundation 2021
Applicable GRI Sector Standard Not applicable
GRI Page Number(s),

Disclosure GRI Disclosure Description URL or Direct Answer Remarks/Omissions SDG Linkage
GRI 2: General Disclosures 2021
The organization and its reporting practices
2-1 Organizational details 2-4; Page “About This Report”
2-2 Entities included in the organization’s sustainability reporting 2-4; Page “About This Report”;
Page “About This Report in the
Maybank Environmental Report
2023
2-3 Reporting period, frequency and contact point Page “About This Report”; Page
“About This Report” in the
2023
2-4 Restatements of information Significant restatements

compared to prior years are
explained in the relevant section
where they appear; Pages 67-68
in the Maybank Environmental
Report 2023
2-5 External assurance 130-132; Page “About This Report”;

Page “About This Report” and
Pages 76-78 in the Maybank
Environmental Report 2023
Activities and workers
2-6 Activities, value chain and other business relationships 2-4
2-7 Employees 107; Pages 9-12 in the

Sustainability Performance Data
2023 on Maybank’s corporate
website
2-8 Workers who are not employees Pages 9-12 in the Sustainability
Performance Data 2023 on
Maybank’s corporate website
115
MAYBANK
GRI Content Index

GRI Page Number(s),
GRI 2: General Disclosures 2021 (continued)
Governance
2-9 Governance structure and composition Refer to

https://www.maybank.com/en/about-us/
2-10 Nomination and selection of the highest governance body leadership.page
https://www.maybank.com/en/about-us/
2-11 Chair of the highest governance body
corporate-governance.page
2-12 Role of the highest governance body in overseeing the

management of impacts Pages 3-13 in the Maybank
2-13 Delegation of responsibility for managing impacts
2-14 Role of the highest governance in sustainability reporting Page “About This Report”; Page
“About This Report” in the
2023
2-15 Conflicts of interest Refer to https://www.maybank.com/

en/about-us/corporate-governance.
page
2-16 Communication of critical concerns 109; Page 8 in the Maybank

2-17 Collective knowledge of the highest governance body Pages 14-17 in the Maybank
2-18 Evaluation of the performance of the highest governance body Page 6 in the Maybank
Environmental Report 2023; Refer
to https://www.maybank.com/
iwov-resources/documents/pdf/
about-us/corporate-governance-
structure/Maybank-Board-Charter-
2022D1215.pdf
2-19 Remuneration policies Refer to https://www.maybank.com/

iwov-resources/documents/pdf/
2-20 Process to determine remuneration about-us/corporate-governance-
structure/Maybank-Board-Charter-
2022D1215.pdf
116
GRI Content Index

GRI Page Number(s),
2-21 Annual total compensation ratio Annual Total Compensation The ratios are calculated based on
Ratio: 69.64 the following:
• Represents Malaysian workforce

only – Total sample size of 24,330
Change in Annual Total
(57% unionised employees and
Compensation Ratio: 0.64
43% non-unionised employees)
• Financial year under review is

31 December 2022 till 31 December
2023
• Excludes employees that have

either left service and new joiners
within the financial year under
review
• Compensation types included in

the calculation are Salary,
Allowances, Variable Short Term
Bonus/Incentives, Shares and
Cash-settled Share Plan paid/
vested in the financial year under
review.
• Highest paid individual is the

Managing Director, Global Markets
mainly due to the incentive paid
based on Global Markets Incentive
Plan. Payout is benchmarked to
Market Total Compensation P75 of
peers within the same business
and based on the incentive plan
design.
Strategy, policies and practices
2-22 Statement on sustainable development strategy 11-20
2-23 Policy commitments 109
2-24 Embedding policy commitments 109
2-25 Processes to remediate negative impacts 109
2-26 Mechanisms for seeking advice and raising concerns 109
2-27 Compliance with laws and regulations 109-110
2-28 Membership associations 10
Stakeholder engagement
2-29 Approach to stakeholder engagement 21-25
2-30 Collective bargaining agreements 110
117
MAYBANK
GRI Content Index

GRI Page Number(s),
GRI 3: Material Topics 2021
3-1 Process to determine material 26

topics
3-2 List of material topics As part of our 2023 materiality review, we have identified the material sustainability
matters which are most pertinent to our business and operations. These are listed on
pages 26-33 of this report. The table below shows how Maybank’s material topics
have been mapped to the GRI Topic Standards. The material topic disclosures in the
GRI Content Index have been structured according to the GRI Topic Standards below.
GRI Topic Standards Maybank Material Topics

Economic • Building climate resilience to support the low-carbon
201
Performance transition
• Socially responsible products to drive financial inclusion
• Developing sustainability-focused products and services
• Building climate resilience to support the low-carbon
Indirect Economic transition
203
Impacts • ESG integration into investment financial analysis
• Digital innovation to meet customer needs
• Enhancing the customer experience
• Public policy and advocacy
Procurement
204 • Sustainable supply chain
Practices
• Ethical, transparent and accountable business
205 Anti-Corruption
• Sound risk management and compliance
302 Energy • Managing the environmental impact of our operations
Water and
303 • Managing the environmental impact of our operations
Effluents
305 Emissions • Managing the environmental impact of our operations
306 Waste • Managing the environmental impact of our operations
Supplier
308 Environmental • Sustainable supply chain
Assessment
401 Employment • Talent attraction, development and engagement
Occupational • Caring for our employees
403
Health and Safety • Supporting human rights
Training and • Embodying sustainability within our workforce
404
Education • Talent attraction, development and engagement
• Board and executive compensation, independence and
Diversity and diversity
405
Equal Opportunity
• Diversity, equity and inclusion
• Diversity, equity and inclusion
406 Non-Discrimination
• Supporting human rights
Local
413 • Investing in our communities
Communities
Supplier Social
414 • Sustainable supply chain
Assessment
418 Customer Privacy • Privacy, data security and responsible use of technology
118
GRI Content Index

GRI Page Number(s),
Standard Disclosures
MATERIAL TOPICS
Economic Performance
3-3 Management of material topics 29, Page 27 in the Maybank

GRI 201: Economic Performance 2016
201-2 Financial implications and other risks and opportunities due to Pages 20-47 in the Maybank SDG 13
climate change Environmental Report 2023
Indirect Economic Impacts
3-3 Management of material topics 31-32, 39-57, 60, 67-88; Pages

52-63 in the Maybank
GRI 203: Indirect Economic Impacts 2016
203-1 Infrastructure investments and services supported 42-44; Pages 58-63 in the SDG 9
2023
203-2 Significant indirect economic impacts 39-57; 60, 62-68; Pages 52-57 SDG 1, SDG 3, SDG 8
in the Maybank Environmental
Report 2023
Procurement Practices
3-3 Management of material topics 28, 111
GRI 204: Procurement Practices 2016
204-1 Proportion of spending on local suppliers 111 SDG 8
GRI 308: Supplier Environmental Assessment 2016
308-1 New suppliers that were screened using environmental criteria 111
GRI 414: Supplier Social Assessment 2016
414-1 New suppliers that were screened using social criteria 111 SDG 8
Anti-Corruption
3-3 Management of material topics 27, 113
119
MAYBANK
GRI Content Index

GRI Page Number(s),
GRI 205: Anti-Corruption 2016
205-1 Operations assessed for risks related to corruption 113; Page 2 in the Sustainability SDG 16
205-2 Communication and training about anti-corruption policies and 113 SDG 16
procedures
205-3 Confirmed incidents of corruption and action taken 113; Page 2 in the Sustainability SDG 16
Energy
3-3 Management of material topics 29; Page 27 in the Maybank

GRI 302: Energy 2016
302-1 Energy consumption within the organisation Page 69 in the Maybank SDG 7, SDG 13
Environmental Report 2023; Page
16 in the Sustainability
Emissions
3-3 Management of material topics 29; Pages 64-68 in the Maybank

GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions Pages 64-68, in the Maybank SDG 13
305-2 Indirect (Scope 2) GHG emissions Environmental Report 2023; Pages

18-19 in the Sustainability
305-3 Other indirect (Scope 3) GHG emissions Performance Data 2023 on
305-4 GHG emissions intensity Maybank’s corporate website
305-5 Reduction of GHG emissions Page 70 in the Maybank

Water
3-3 Management of material topics Page 71 in the Maybank

120
GRI Content Index

GRI Page Number(s),
GRI 303: Water and Effluents 2018
303-5 Water Consumption Page 71 in the Maybank

Environmental Report 2023; page
Waste
3-3 Management of material topics Page 71 in the Maybank

GRI 306: Waste 2020
306-1 Waste generation and significant waste-related impacts Page 71 in the Maybank
Environmental Report 2023; Page
306-3 Waste generated
306-4 Waste diverted from disposal Performance Data 2023 on
Employment
3-3 Management of material topics 30, 89-93, 104-105
GRI 401: Employment 2016
401-1 New employee hires and employee turnover Pages 13-15 in the Sustainability SDG 5, SDG 8, SDG 10
401-2 Benefits provided to full-time employees that are not provided 104-105 SDG 8
to temporary or part-time employees
Occupational Health and Safety
3-3 Management of material topics 30, 98-100
121
MAYBANK
GRI Content Index

GRI Page Number(s),
GRI 403: Occupational Health and Safety 2018
403-1 Occupational health and safety management system 98 SDG 8
403-3 Occupational health services 98-100 SDG 8
403-4 Worker participation, consultation and communication on 98 SDG 8, SDG 16

occupational health and safety
403-5 Worker training on occupational health and safety 98 SDG 8
403-6 Promotion of worker health 91, 99-100 SDG 3

403-9 Work-related injuries Page 12 in the Sustainability SDG 8
Training and Education
3-3 Management of material topics 30, 89, 91-93, 96-97; Page 48 in

the Maybank Environmental
Report 2023
GRI 404: Training and Education 2016
404-1 Average hours of training per year per employee 90; Page 13 in the Sustainability SDG 4, SDG 5, SDG 8,
Performance Data 2023 on SDG 10
404-2 Programmes for upgrading employee skills and transition 91-93, 96-97, 102-103, 108; Page SDG 8
assistance programmes 48 in the Maybank Environmental
Report 2023
404-3 Percentage of employees receiving regular performance and Page 15 in the Sustainability SDG 5, SDG 8, SDG 10
career development reviews Performance Data 2023 on
Diversity & Equal Opportunity
3-3 Management of material topics 27, 30, 106-107, 109
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees Pages 1, 9-12 in the Sustainability SDG 5, SDG 8
122
GRI Content Index

GRI Page Number(s),
Non-Discrimination
3-3 Management of material topics 28, 106-107, 109-110
GRI 406: Non-Discrimination 2016
406-1 Incidents of discrimination and corrective actions taken 110; Page 3 in the Sustainability SDG 5, SDG 8
Performance Data on Maybank’s
corporate website
Local Communities
GRI 413: Local Communities 2016
413-1 Operations with local community engagement, impact 67-88; Pages 4-5 in the
assessments and development programmes Sustainability Performance Data
on Maybank’s corporate website
Customer Privacy
GRI 418: Customer Privacy 2016
418-1 Substantiated complaints concerning breaches of customer 111; Page 3 in the Sustainability
privacy and losses of customer data Performance Data on Maybank’s
corporate website
123
MAYBANK
SASB Index
Table 1: Sustainability Disclosure Topics and Accounting Metric
Topic Accounting Metric Category Code Page Number (s)
Commercial Banks
Data Security (1) Number of data breaches, (2) percentage involving personally identifiable Quantitative FN-CB-230a.1 7, 28, 111 in this report and
information (PII), (3) number of account holders affected 3 in the Sustainability
Maybank’s corporate
website
Description of approach to identifying and addressing data security risks Discussion and analysis FN-CB-230a.2 28, 114
Financial Inclusion & (1) Number and (2) amount of loans outstanding qualified to programmes Quantitative FN-CB-240a.1 3, 5, 6, 32, 40, 42, 49 and
Capacity Building designed to promote small business and community development 7, 58, 65, 88 of the
Integrated Annual Report
(1) Number and (2) amount of past due and nonaccrual loans qualified to Quantitative FN-CB-240a.2 –
programs designed to promote small business and community development
Number of no-cost retail checking accounts provided to previously unbanked or Quantitative FN-CB-240a.3 –
underbanked customers
Number of participants in financial literacy initiatives for unbanked, underbanked, Quantitative FN-CB-240a.4 38, 49, 68, 80
or underserved customers
Incorporation of Description of approach to incorporation of environmental, social and governance Discussion and analysis FN-CB-410a.2 18 to 19, 20 to 25, 33 to 47
Environmental, Social, (ESG) factors in credit analysis of the Environmental
and Governance Factors Report 2023
in Credit Analysis
Financed Emissions Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2 and Quantitative FN-CB-410b.1 The financed emissions
(3) Scope 3 currently exclude products
and services such as
investment funds. We will
consider including these in
our financed emissions
measurement when
calculation methodologies
are firmly established.
Gross exposure for each industry by asset class Quantitative FN-CB-410b.2
Percentage of gross exposure included in the financed emissions calculation Quantitative FN-CB-410b.3
Description of the methodology used to calculate financed emissions Quantitative FN-CB-410b.4
Business Ethics Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-CB-510a.1 112
fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation,
malpractice, or other related financial industry laws or regulations
Description of whistleblower policies and procedures Discussion and analysis FN-CB-510a.2 98, 109, 113
124
SASB Index
Systemic Risk Global Systemically Important Bank (G-SIB) score, by category Quantitative FN-CB-550a.1 –
Management
Description of approach to incorporation of results of mandatory and voluntary Discussion and analysis FN-CB-550a.2 –
stress tests into capital adequacy planning, long-term corporate strategy, and
other business activities
Consumer Finance
Customer Privacy Number of account holders whose information is used for secondary purposes Quantitative FN-CF-220a.1 –
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-CF-220a.2 –
customer privacy
Data Security (1) Number of data breaches, (2) percentage involving personally identifiable Quantitative FN-CF-230a.1 7, 28, 111
information (PII), (3) number of account holders affected
Card-related fraud losses from (1) card-notpresent fraud and (2) card-present Quantitative FN-CF-230a.2 112
and other fraud
Description of approach to identifying and addressing data security risks Discussion and analysis FN-CF-230a.3 28, 111, 114
Selling Practices Percentage of total remuneration for covered employees that is variable and Quantitative FN-CF-270a.1 117 of this report and 63, 71
linked to the amount of products and services sold of the Integrated Annual
Report
Approval rate for (1) credit and (2) pre-paid products for applicants with FICO Quantitative FN-CF-270a.2 N/A
scores above and below 660
(1) Average fees from add-on products, (2) average APR, (3) average age of Quantitative FN-CF-270a.3 N/A
accounts, (4) average number of trade lines, and (5) average annual fees for
pre-paid products, for customers with FICO scores above and below 660
(1) Number of complaints filed with the Consumer Financial Protection Bureau Quantitative FN-CF-270a.4 N/A
(CFPB), (2) percentage with monetary or non-monetary relief, (3) percentage
disputed by consumer, (4) percentage that resulted in investigation by the CFPB
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-CF-270a.5 –
selling and servicing of products
Mortgage Finance
Lending Practices (1) Number and (2) value of residential mortgages of the following types: (a) Quantitative FN-MF-270a.1 N/A
Hybrid or Option Adjustable-rate Mortgages (ARM), (b) Prepayment Penalty, (c)
Higher Rate, (d) Total, by FICO scores above or below 660
(1) Number and (2) value of (a) residential mortgage modifications, (b) Quantitative FN-MF-270a.2 N/A
foreclosures, and (c) short sales or deeds in lieu of foreclosure, by FICO scores
above and below 660
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-MF-270a.3 –
communications to customers or remuneration of loan originators
Description of remuneration structure of loan originators Discussion and analysis FN-MF-270a.4 –
125
MAYBANK
SASB Index
Discriminatory Lending (1) Number, (2) value, and (3) weighted average Loan-to-Value (LTV) ratio of Quantitative FN-MF-270b.1 N/A
mortgages issued to (a) minority and (b) all other borrowers, by FICO scores
above and below 660
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-MF-270b.2 –
discriminatory mortgage lending
Description of policies and procedures for ensuring non-discriminatory mortgage Discussion and analysis FN-MF-270b.3 –
origination
Environmental Risk to (1) Number and (2) value of mortgage loans in 100-year flood zones Quantitative FN-MF-450a.1 –
Mortgaged Properties
(1) Total expected loss and (2) Loss Given Default (LGD) attributable to mortgage Quantitative FN-MF-450a.2 –
loan default and delinquency because of weatherrelated natural catastrophes, by
geographical region
Description of how climate change and other environmental risks are incorporated Discussion and analysis FN-MF-450a.3 10, 13, 20 to 24, 30 to 35,
into mortgage origination and underwriting 39 to 47 of the
Investment Banking & Brokerage
Employee Diversity & Percentage of gender and racial/ethnic group representation for (1) executive Quantitative FN-IB-330a.1 107 of this report and 9 to
Inclusion management, (2) non-executive management, (3) professionals, and (4) all other 12 of the Sustainability
employees Performance Data on
website
Incorporation of Revenue from (1) underwriting, (2) advisory and (3) securitisation transactions Quantitative FN-IB-410a.1 –
Environmental, Social, incorporating integration of environmental, social and governance (ESG) factors,
and Governance Factors by industry
in Investment Banking &
Brokerage Activities (1) Number and (2) total value of investments and loans incorporating integration Quantitative FN-IB-410a.2 41, 44, 60 of the
of environmental, social and governance (ESG) factors, by industry Environmental Report 2023
Description of approach to incorporation of environmental, social and governance Discussion and analysis FN-IB-410a.3 10, 13, 20 to 24, 30 to 47 of
(ESG) factors in investment banking and brokerage activities the Environmental Report
2023
Business Ethics Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-IB-510a.1 –
Description of whistleblower policies and procedures Discussion and analysis FN-IB-510a.2 98, 109, 113
126
SASB Index
Professional Integrity (1) Number and (2) percentage of covered employees with a record of Quantitative FN-IB-510b.1 –
investment-related investigations, consumer-initiated complaints, private civil
litigations, or other regulatory proceedings
Number of mediation and arbitration cases associated with professional integrity, Quantitative FN-IB-510b.2 –
including duty of care, by party
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-IB-510b.3 –
professional integrity, including duty of care
Description of approach to ensuring professional integrity, including duty of care Discussion and analysis FN-IB-510b.4 109, 113
Systemic Risk Global Systemically Important Bank (G-SIB) score, by category Quantitative FN-IB-550a.1 N/A
Management
Description of approach to incorporation of results of mandatory and voluntary Discussion and analysis FN-IB-550a.2 N/A
stress tests into capital adequacy planning, long-term corporate strategy, and
other business activities
Employee Incentives & Percentage of total remuneration that is variable for Material Risk Takers (MRTs) Quantitative FN-IB-550b.1 71 of the Integrated Annual
Risk Taking Report
Percentage of variable remuneration of Material Risk Takers (MRTs) to which Quantitative FN-IB-550b.2 70 to 71 of the Integrated
malus or clawback provisions were applied Annual Report
Discussion of policies around supervision, control, and validation of traders’ pricing Discussion and analysis FN-IB-550b.3 –
of Level 3 assets and liabilities
Asset Management & Custody Activities
Transparent Information (1) Number and (2) percentage of covered employees with a record of Quantitative FN-AC-270a.1 21, 28, 64, 111 of this report,
& Fair Advice for investment-related investigations, consumer-initiated complaints, private civil 3 of the Sustainability
Customers litigations, or other regulatory proceedings Performance Data on
and 63, 108 of the Integrated
Annual Report
Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-AC-270a.2 –
marketing and communication of financial product-related information to new
and returning customers
Description of approach to informing customers about products and services Discussion and analysis FN-AC-270a.3 45
Employee Diversity & Percentage of gender and racial/ethnic group representation for (1) executive Quantitative FN-AC-330a.1 107 of this report and 9 to
Inclusion management, (2) non-executive management, (3) professionals, and (4) all other 12 in the Sustainability
employees Performance Data on
website
127
MAYBANK
SASB Index
Incorporation of Amount of assets under management, by asset class, that employ (1) integration Quantitative FN-AC-410a.1 41, 45 of this report
Environmental, Social, of environmental, social, and governance (ESG) issues, (2) sustainability themed
and Governance Factors investing and (3) screening
in Investment
Management & Advisory Description of approach to incorporation of environmental, social and governance Discussion and analysis FN-AC-410a.2 10, 13, 20 to 24, 30 to 47 of
(ESG) factors in investment or wealth management processes and strategies the Environmental Report
2023
Description of proxy voting and investee engagement policies and procedures Discussion and analysis FN-AC-410a.3 57 of the Environmental
Report 2023
Financed Emissions Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2 and Quantitative FN-AC-410b.1 64 to 66 of the
(3) Scope 3 Environmental Report 2023.
and, page 18 and 19 in the
Sustainability Performance
Data on Maybank’s
corporate website
Total amount of assets under management (AUM) included in the financed Quantitative FN-AC-410b.2 Yet to be disclosed
emissions disclosure
Percentage of total assets under management (AUM) included in the financed Quantitative FN-AC-410b.3 Yet to be disclosed
emissions calculation
Description of the methodology used to calculate financed emissions Discussion and analysis FN-AC-410b.4 74 of the Environmental
Report 2023
Business Ethics Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-AC-510a.1 Yet to be disclosed
Description of whistleblower policies and procedures Discussion and analysis FN-AC-510a.2 98, 109, 113
Insurance
Transparent Information Total amount of monetary losses as a result of legal proceedings associated with Quantitative FN-IN-270a.1 –
& Fair Advice for marketing and communication of insurance productrelated information to new
Customers and returning customers
Complaints-to-claims ratio Quantitative FN-IN-270a.2 –
Customer retention rate Quantitative FN-IN-270a.3 –
Description of approach to informing customers about products Discussion and analysis FN-IN-270a.4 21, 45, 77 to 78 of this
report, 94 to 96 of the
and at https://www.etiqa.
com.my
128
SASB Index
Incorporation of Description of approach to incorporation of environmental, social and governance Discussion and analysis FN-IN-410a.2 10, 13, 18 to 19, 20 to 25, 30
Environmental, Social (ESG) factors in investment management processes and strategies to 47 of the Environmental
and Governance Factors Report 2023
in Investment
Management
Policies Designed to Net premiums written related to energy efficiency and low carbon technology Quantitative FN-IN-410b.1 –
Incentivise Responsible
Behaviour Discussion of products or product features that incentivise health, safety or Discussion and analysis FN-IN-410b.2 45, 77 to 78 of this report
environmentally responsible actions or behaviours and 94 to 96 of the
Financed Emissions Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2 and Quantitative FN-IN-410c.1 The financed emissions
(3) Scope 3 currently exclude products
and services such as
investment funds and
insurance underwriting. We
will consider including
these in our financed
emissions measurement
when calculation
methodologies are firmly
Gross exposure for each industry by asset class Quantitative FN-IN-410c.2
Percentage of gross exposure included in the financed emissions calculation Quantitative FN-IN-410c.3
Description of the methodology used to calculate financed emissions Discussion and analysis FN-IN-410c.4
Physical Risk Exposure Probable Maximum Loss (PML) of insured products from weather-related natural Quantitative FN-IN-450a.1 –
catastrophes
Total amount of monetary losses attributable to insurance pay-outs from (1) Quantitative FN-IN-450a.2 –
modelled natural catastrophes and (2) non-modelled natural catastrophes, by
type of event and geographical segment (net and gross of reinsurance)
Description of approach to incorporation of environmental risks into (1) the Discussion and analysis FN-IN-450a.3 20 to 26, 33 to 47 of the
underwriting process for individual contracts and (2) the management of entity- Environmental Report 2023
level risks and capital adequacy
Systemic Risk Exposure to derivative instruments by category: (1) total potential exposure to Quantitative FN-IN-550a.1 –
Management non-centrally cleared derivatives, (2) total fair value of acceptable collateral
posted with the Central Clearinghouse, and (3) total potential exposure to
centrally cleared derivatives
Total fair value of securities lending collateral assets Quantitative FN-IN-550a.2 –
Description of approach to managing capitaland liquidity-related risks associated Discussion and analysis FN-IN-550a.3 –
with systemic non-insurance activities
129
MAYBANK
Independent Assurance Statement

GRI 2-5
The verification process was subjected to the following limitations:
SIRIM QAS INTERNATIONAL SDN BHD • The scope of work did not involve verification of other information reported in Maybank Integrated Annual
Report 2023.
INDEPENDENT ASSURANCE STATEMENT • The corporate office of Maybank, at Menara Maybank, Jalan Tun Perak, was visited as part of this assurance
engagement. The verification process did not include physical inspections of any of Maybank’s buildings,
To Board of Directors, Stakeholders, and Interested Parties,
managed leased and leased assets. And,
SIRIM QAS International Sdn. Bhd. was engaged by Malayan Banking Berhad (hereafter referred to as Maybank) to • The verification team did not verify any contractor or third-party data.
perform an independent verification and provide assurance of the Maybank Sustainability Report 2023. The main
objective of the verification process is to provide assurance to Maybank and its stakeholders on the accuracy and Conclusion
reliability of the information as presented in this statement. The verification by SIRIM QAS International applied to SIRIM QAS International, a Conformity Assessment Body in Malaysia, is accredited to both ISO/IEC 17021-1:2015
sustainable performance information (subject matter) within the assurance scope which is included in Maybank and ISO/IEC 17065:2012 covering all our operational activities. The appointed assessors performing the assurance
Sustainability Report 2023. engagement were selected appropriately based on our internal qualifications, training and experience. The verification
process is reviewed by management to ensure that the approach and assurance are strictly followed and operated
The management of Maybank was responsible for the preparation of the Sustainability Report. The objective and transparently. During the verification process, issues were raised, and clarifications were sought from the
impartiality of this statement is assured as no member of the verification team and no other employee of SIRIM QAS management of Maybank relating to the accuracy of some of the information contained in the report. In response to
International was involved in the preparation of any part of the Maybank’s Environmental Report, Sustainability the raised findings, the Sustainability Report was subsequently reviewed and revised by Maybank. It is confirmed that
Report, and Integrated Annual Report 2023. changes that have been incorporated into the final version of the report have satisfactorily addressed all issues. Based
on the scope of the assessment process and evidence obtained, nothing has come to our attention that causes us to
The assurance engagement was designed to provide limited assurance in accordance with the International Standard believe that Maybank has not complied, in all material respects, with the referred assurance standard and guide. The
on Assurance Engagements (ISAE) 3000, Assurance Engagements other than Audits or Reviews of Historical following represents SIRIM QAS International’s opinion:
Financial Information, and BURSA Sustainability Reporting Guide, irrespective of the organization’s ability to achieve • The level of data accuracy included in Maybank Sustainability Report 2023 is fairly stated;
its objectives, targets or expectations on their subject matter and sustainability-related issues. The assurance activity • The level of disclosure of the specific sustainability performance information presented in the report was found
evaluates the adequacy of Maybank Sustainability Report and its overall presentation against respective framework to be properly prepared;
such as UN-SDGs, GRI Standards requirement and other relevant frameworks. The assurance process involves • The personnel responsible were able to demonstrate the origin(s) and interpretation of data contained in the
verification of applicable subject matter as presented in the report through these chapters i.e., Powering Progress, report;
Developing Sustainable Communities, Building Thriving Human Capital, and Demonstrating Corporate Resilience. • The sustainability report provides a reasonable and balanced presentation of Maybank’s sustainability
Details are provided in the Management Report. performance.
The verification was carried out by SIRIM QAS International in February 2024, with the following methodologies:
List of Assessors.
• Reviewing and verifying the traceability, consistency and accuracy of information collected from various
1) Ms. Aernida Abdul Kadir : Team Leader
sources; internal and external documentation which are made available during the conduct of assessment.
2) Ms. Aine Jamaliah Mohamad Zain : Team Member
• Verification of data presented in the Sustainability Report includes a detailed review of the sampled data.
3) Ms. Suzalina Kamaralarifin : Team Member
• Interviewing key personnel responsible for collating information and writing various parts of the report in order
4) Ms. Kamini Sooriamoorthy : Team Member
to substantiate the veracity of the claims.
Enhancements in 2023 Statement Prepared by: Statement Approved by:
In 2023, Maybank achieved a significant milestone by consolidating existing initiatives and creating its first standalone
Environmental Report. This report focuses on climate actions and environmental performance within Maybank’s
AERNIDA BINTI ABDUL KADIR Ts. MD ADHA BIN RAHMAT
operational context, emphasizing transparency and accountability. Additionally, Maybank introduced the Financed
Emissions Calculator, which raises awareness about carbon footprints by providing insights into emissions per lending Team Leader Senior General Manager
Management System Certification Department Management System Certification Department
amount. This tool empowers informed decisions aligned with sustainability goals. Furthermore, Maybank developed
SIRIM QAS International Sdn. Bhd. SIRIM QAS International Sdn. Bhd
the Group Human Rights Policy, that underscores Maybank’s commitment to respecting and upholding human rights,
Date: 26 February 2024 Date: 5 March 2024
following the United Nations Guiding Principles on Business and Human Rights. It outlines the responsibility to avoid
infringing on others’ human rights and addresses adverse impacts across Maybank’s value chain. Note 1: This Independent Assurance Statement has been issued based on the content verified prior to the approval date. SIRIM QAS International
Sdn Bhd does not express an opinion on, nor guarantees the integrity and/or accuracy of the information provided with the view that the conclusion
was conducted post verification assessment, hence not verified. SIRIM QAS International shall not be responsible for any changes or additions
made after the referred date (23 February 2024).
130
Independent Limited Assurance Report

GRI 2-5
Independent Limited Assurance Report on Maybank’s Sustainable Finance

Achievements for the financial year ended 31 December 2023 (cont’d)
Independent Limited Assurance Report on Maybank’s Sustainable Finance
Achievements for the Financial Year Ended 31 December 2023
Reporting Criteria (cont’d)
To the Board of Directors of Malayan Banking Berhad
As disclosed on pages 41 and 42 of Maybank’s Sustainability Report 2023, there have been changes in
We have been engaged by Malayan Banking Berhad (“Maybank” or “the Company”) to perform an the Reporting Criteria as a result of the application of the Maybank Group Sustainable Product
independent limited assurance engagement on Maybank’s sustainable finance achievements for the Framework 2023, which have resulted in changes in the evaluation and measurement basis of the
financial year ended 31 December 2023 (the “Subject Matter Information”) as defined below and Subject Matter Information effective from 1 August 2023 to 31 December 2023.
marked with the symbol “Ⓐ” on pages 40 and 41 in Maybank’s Sustainability Report 2023.
Inherent Limitations
Limited Assurance Conclusion
The absence of a significant body of established practice on which to draw to evaluate and measure the
Based on the procedures we have performed and the evidence we have obtained, nothing has come to Subject Matter Information allows for different, but acceptable, evaluation and measurement basis
our attention that causes us to believe that the Subject Matter Information for the financial year ended that can affect comparability between entities and over time.
31 December 2023, is not prepared, in all material respects, in accordance with the Reporting Criteria.
Responsibilities of the Directors and Management
Subject Matter Information
Management of Maybank is responsible for the preparation of the Subject Matter Information in
The Subject Matter Information reported by Maybank on which we provide limited assurance accordance with the Reporting Criteria.
comprise the below:
This responsibility includes the selection and application of appropriate methods to prepare the
Reporting period Subject Matter Information as well as the design, implementation and maintenance of internal
Subject Matter Information Total controls relevant for the preparation of the Subject Matter Information that is free from material
(RM million) 1 January to 31 1 August to 31 misstatement, whether due to fraud or error. Furthermore, the responsibility includes the use of
July 2023 December 2023 assumptions and estimates for disclosures made by Maybank which are reasonable in the
Sustainable finance mobilised: circumstances.
Retail 2,434 2,274 4,708 Those charged with governance are responsible for overseeing the Company’s sustainability reporting
process.
Non-retail 17,454 11,947 29,401
Our Responsibility
Our assurance was with respect to the financial year ended 31 December 2023 information only and
we have not performed any procedures with respect to earlier periods or any other elements included Our responsibility is to express a limited assurance conclusion on the Subject Matter Information
in Maybank’s Sustainability Report 2023, or other information accompanying the said document and, based on the procedures we have performed and the evidence we have obtained. We conducted our
therefore, we do not express any conclusion thereon. limited assurance engagement in accordance with the approved standard for assurance engagements
in Malaysia, International Standard on Assurance Engagements (“ISAE”) 3000 (Revised) “Assurance
Reporting Criteria Engagements Other Than Audits or Reviews of Historical Financial Information”. This standard
requires that we plan and perform this engagement under consideration of materiality to express our
The Subject Matter Information needs to be read and understood together with the Reporting Criteria, conclusion with limited assurance about whether the Subject Matter Information is free from material
which Maybank is solely responsible for selecting and applying. The Reporting Criteria used for the misstatement.
reporting of the Subject Matter Information are set out below:
The accuracy of the Subject Matter Information is subject to inherent limitations given their nature
Reporting period Reporting Criteria and methods for determining, calculating and estimating such data. Our limited assurance report
1 January to 31 July 2023 Maybank Group Sustainable Product Framework (“SPF”) 2022i should therefore be read in conjunction with the Reporting Criteria on the reporting of the Subject
Matter Information for the financial year ended 31 December 2023.
1 August to 31 December 2023 Maybank Group Sustainable Product Framework 2023i
A limited assurance engagement involves assessing the suitability in the circumstances of Maybank’s
use of the Criteria as the basis for the preparation of the Subject Matter, assessing the risks of material
misstatement of the Subject Matter Information whether due to fraud or error, responding to the
PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), Chartered Accountants, Level 10, Menera TH 1 assessed risks as necessary in the circumstances, and evaluating the overall presentation of the Subject
Sentral, Jalan Rakyat, Kuala Lumpur Sentral, P.O. Box 10192, 50706 Kuala Lumpur, Malaysia Matter. A limited assurance engagement is substantially less in scope than a reasonable assurance
T: +60 (3) 2173 1188, F: +60 (3) 2173 1288, www.pwc.com/my engagement in relation to both the risk assessment procedures, including an understanding of internal
control, and the procedures performed in response to the assessed risks.
i
Maybank Group SPF 2022 and 2023 are accessible from Maybank’s website at www.maybank.com The maintenance and
integrity of Maybank’s website (www.maybank.com) is the responsibility of Maybank. The work carried out by us does not
involve consideration of these matters and, accordingly, we accept no responsibility for any changes that may have occurred
to the Reporting Criteria as presented on the website.
1 2
131
MAYBANK
Independent Limited Assurance Report

GRI 2-5
Independent Limited Assurance Report on Maybank’s Sustainable Finance Independent Limited Assurance Report on Maybank’s Sustainable Finance
Achievements for the financial year ended 31 December 2023 (cont’d) Achievements for the financial year ended 31 December 2023 (cont’d)
Our Independence and Quality Management Restriction on Distribution and Use and Disclaimer of Liability to Third Parties and For
Any Other Purpose
We have complied with the independence and other ethical requirements of the By-Laws (on
Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“MIA”) and the This report, including the conclusion, has been prepared solely for the Board of Directors of Maybank
International Ethics Standards Board for Accountants’ International Code of Ethics for Professional in accordance with the agreement between us, in connection with the performance of an independent
Accountants (including International Independence Standards), which is founded on fundamental limited assurance engagement on the Subject Matter Information as reported by Maybank in its
principles of integrity, objectivity, professional competence and due care, confidentiality and Sustainability Report 2023 and should not be used or relied upon for any other purposes. We consent
professional behaviour. to the inclusion of this report in the website of Maybank at www.maybank.com, in respect of the
financial year ended 31 December 2023, to assist the Directors in responding to their governance
The firm applies International Standard on Quality Management 1, which requires the firm to design, responsibilities by obtaining an independent limited assurance report on the Subject Matter
implement and operate a system of quality management including policies or procedures regarding Information for the financial year ended 31 December 2023. Accordingly, we will not accept any
compliance with ethical requirements, professional standards and applicable legal and regulatory liability or responsibility to any other party to whom our report is shown or into whose hands it may
requirements. come.
Main Assurance Procedures
Our work included the following procedures:
● Considered the suitability in the circumstances of Maybank’s Reporting Criteria as the basis for
preparing the Subject Matter Information;
● Inquired the personnel responsible for data collection, collation and reporting of the Subject PRICEWATERHOUSECOOPERS PLT
Matter Information at the corporate and operating unit level to obtain understanding of LLP0014401-LCA & AF 1146
Maybank’s control environment, processes and systems relevant to the preparation of the Subject Chartered Accountants
Matter Information;
● Performed limited substantive testing on a selective basis on transactions included in the Subject Kuala Lumpur
Matter Information to check that underlying information had been appropriately evaluated or 29 February 2024
measured, recorded, collated and reported, by:
a. agreeing the transaction amount to external and/or internal documents, for example, credit
assessment form, facility agreement or hire purchase agreement;
b. inspecting second party opinion issued by independent review providers in respect of the
sustainable bonds or loan frameworks of the issuers or borrowers;
c. checking the transactions reported against the eligible criteria as set out in the Reporting
Criteria.
● Considered the presentation and disclosures of the Subject Matter Information in Maybank’s
Sustainability Report 2023.
Our limited assurance procedures involved agreeing to certain information obtained by Maybank from
third parties to evaluate whether the reported transactions are within the acceptable threshold as
specified in the Reporting Criteria. However, our scope did not extend to testing the completeness and
accuracy of the information obtained by Maybank from those third parties.
3 4
132
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SUSTAINABILITY REPORT 2023

About This Report

M ayb ank G roup’s (“ t he G roup” or EXTERNAL ASSURANCE SCOPE

Inside This Report

Overview Encouraging Professional Growth 101

ICONS USED IN THIS REPORT

Our identified Our identified Our Strategic

Governance Customers SP1 Reshape wholesale target operating model

Employees Employees SP10 Elevate Maybankers

Society Communities To improve on our sustainability practices, we

Who We Are & What We Do

OUR PURPOSE… WITH OUR UNIQUE AND OUR STRUCTURE…

2 Build trusted partnerships for Maybankers • Global Markets

Who We Are & What We Do

HELP DELIVER VALUE ACROSS

Over RM34.1 billion

Over RM1.1 trillion

Country Description Country Description Country Description

Milestones & Industry Firsts in 2023

Surpassed yearly target, mobilising Enabled financial access, with over

Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s):

SDGs: SDGs: SDGs: SDGs:

 or more details, please refer to page 39 of

Related Stakeholder(s): Related Stakeholder(s): Related Stakeholder(s): RelatedStakeholder(s):

SDGs: SDGs: SDGs: SDGs:

 or more details, please refer to page 94 of

2023 Key Highlights

Our Retail SME Banking segment has

SGD86.1 million 90% of workforce trained to deliver

Developing Sustainable Communities

More than Positively impacting more than

2023 Key Highlights

Building Thriving Human Capital

Employee next-gen roles in our

Commenced the development and

Demonstrating Corporate Resilience

Over 80% of workforce

For more details, please refer to page 111 of this report.

Key Awards & Recognition

Won Global Finance Awards 2023:

1 Best Bank for Sustainable Finance

Won The Edge ESG Awards 2023:

3 Best Low Carbon Award (Silver) company to be included in the list

Won The Edge Billion Ringgit Club Awards 2023

Best CR Initiatives under the

2 Chief Sustainability Officer (Singapore):

FTSE4Good Bloomberg Gender Equality Index

RAM Sustainability Rating

In 2023, Maybank received a 4-star rating in FTSE4Good, reflecting

Year 2019 2020 2021 2022 2023

Memberships & Signatories

Maybank is one of the first banks in Malaysia to be a

In 2022, the Group became a participant to further

Appointed climate change advisory panel member

Maybank has been a member of PCAF since

Tan Sri Dato’ Sri Zamzamzairani Mohd Isa

Message from Chairman

Message from Chairman

BUILDING ESG CAPACITY, ACHIEVING OUR COMMITMENTS A COLLECTIVE ENDEAVOUR

Message from the President

Governance Customers SP1 Reshape wholesale target operating model

Employees Employees SP10 Elevate Maybankers

2 Build trusted partnerships for Maybankers • Global Markets

or more details, please refer to page 39 of

or more details, please refer to page 94 of