KUALA LUMPUR: OCBC Bank (Malaysia) Berhad has been named Malaysia's "Bank of the Year 2023" by London-based The Banker.
The Banker singled out OCBC Bank for its comprehensive strategy to enhance its banking operations, implementing actions to boost its green credentials, assist retail clients, and create new job opportunities for its employees.
The lender signed a memorandum of cooperation with Malaysian Green Technology and Climate Change in February 2023 to promote low-carbon operation systems, which was incorporated into the bank's transition finance plans for its corporate and small and medium-sized enterprise customers.
Through the platform, customers will be guided on how to decarbonise while improving efficiency and reducing waste, which should result in overall cost savings.
OCBC Bank chief executive officer Tan Chor Sen said this recognition affirms the direction the banking group has been taking all these years, revolving around sustainability, digitalisation, customer-centricity, and staff.
"The award will spur us on to not just do more of what works for the communities we serve, but to keep challenging ourselves to excel and do even better," he said in a statement.
Being one of the top international banks in Malaysia for more than 90 years, OCBC Bank is a member of the OCBC Group, which is headquartered in Singapore and is the second-largest banking group in the region in terms of assets.
The Banker said the launch of OCBC Bank's consumer banking app at the end of 2022 saw a shift in its digital offerings.
Retail customers were further supported with the implementation of a 'kill switch' in December 2022.
"This allows them to immediately freeze their bank accounts and cards via a self-service interactive voice response. OCBC Bank is a pioneer in rolling out this feature in Malaysia," The Banker said.
The "Bank of the Year" Awards is a global banking awards programme that recognises outstanding financial institutions following a review of their balance sheet data, strategic initiatives, technology, and new products and services.
The scope of the awards covers more than 120 countries worldwide, with judging conducted by a panel of editors, including regional and sector specialists.