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187Chairman’s Review – Business Operations ReviewTransactional ServicesCash Management ServicesThe Public Bank Group offers cash management serviceswhich enable customers to perform receivable and payableservices in a convenient, secure and swift manner. TheGroup’s cash management services comprise automatedcollections and payments with reconciliation information tofulfill customers’ business needs. Amongst the collectionservices offered include bill payment and payment agent viaPBeBank.com, self service terminals, PBB Direct Debit,MEPS Financial Process Exchange (“MEPS FPX”) and MEPSDirect Debit service. Payment services available include PBElectronic Credit Payment and statutory payment service forpayments to statutory bodies such as Employees ProvidentFund, Social Security Organisation and Inland RevenueBoard of Malaysia.Public Bank also offers customised cash managementproducts to meet the needs of the Bank’s corporate andsmall- and medium-sized enterprises customers. Theseservices include Electronic Share Application service whichallows customers to apply initial public offerings throughAutomatic Teller Machine (“ATM”) and internet banking. TheBank actively engages public listed companies and unit trustcompanies to offer e-Dividend and e-Distribution services viathe Bank’s e-payment platform.In support of the Government’s move to promote e-paymentchannels, Public Bank in collaboration with Bursa MalaysiaDepository Sdn Bhd, is involved in the development of anelectronic subscription service, the e-Rights Subscriptionservice that will allow applicants to apply for allotted rightsissues through the Bank’s ATM and internet bankingnetwork. This service is expected to be launched in the firstquarter of 2013. During the year, the Bank has also workedclosely with government agencies to promote onlinee-payments. The tie-up with the Registrar of Societies tocollect registration fees through MEPS FPX servicehas successfully switched more than 50% manualpayments to electronic payments within three months of itsimplementation.
188PUBLIC BANK BERHAD Annual Report 2012Resilient AlwaysChairman’s Review – Business Operations ReviewTransactional ServicesVALUE OF REMITTANCENO. OF TRANSACTIONS26.6%9.0%RemittancesPublic Bank’s remittance services, comprising inward andoutward telegraphic transfers, outward demand drafts andWestern Union money transfers achieved anothercommendable performance in 2012. Despite global marketuncertainties which affected the business of exporters andresulted in importers being more cautious, the Bank’sinbound and outbound remittances provided through thePublic Bank Group’s network of 255 domestic branchesgrew by 26.6% in terms of value of remittance and 9.0% interms of number of transactions in 2012.Public Bank’s main outbound telegraphic transfers andoutbound demand drafts were to major cities in Asia,Europe and North America. The bulk of the currenciesremitted were the United States Dollar (USD), followed byAustralian Dollar (AUD), Great Britain Pound (GBP), Euro(EUR) and Japanese Yen (JPY).2012 marked the fourth year of partnership between PublicBank and The Western Union Company to offer foreignworkers remittances services. In 2012, the Public Bank –Western Union Money Transfer Service offered under thebusiness partnership continued to register an impressivegrowth of 25.8% in terms of number of transactions.Remittance Campaign for Overseas EducationPublic Bank also launched a special campaign to attractforeign education remittances. This campaign, which offereddiscounted forex rates for education remittances in AUD,GBP, USD and NZD, complements the pre-departureopening of accounts service currently offered by the Bank toMalaysian students seeking further education in Australiaand New Zealand.Western Union CampaignTo increase foreign workers remittances, Public Bank launchedvarious campaigns during the year such as the PB-WesternUnion Ramadhan Campaign, PB-Western Union Promo CodeCampaign and PB-Western Union Reward Campaign. Thesecampaigns have successfully increased Western Unionremittances by 27.5% and 30.0% respectively in terms ofnumber of transactions and value of remittance respectively.Public Bank will continue to diversify its offering of remittanceservices and carry out marketing initiatives to drive volume andboost awareness of the Bank’s range of remittance services.Marketing Initiatives“Fly to Guangzhou” Renminbi Remittance CampaignIn its effort to boost the Renminbi remittance business,Public Bank in collaboration with Bank of China launched a“Fly to Guangzhou” Renminbi Remittance Campaign. Thecampaign is for a period of five months from 15 September2012 to 15 February 2013 and offers attractive prizes of 25air tickets to Guangzhou to lucky winners.
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