Singapore is racing towards super-aged status. By 2030, one in four citizens will be 65 or older, up from just one in ten two decades ago.

Demographic decline can be a burden on economies, as a shrinking working-age population is forced to support a growing elderly population. But for some businesses, the “silver economy”—products and services catering to an aging population—can be an opportunity.

“The silver economy is a muscle we need to invest in,” says Alvin Lee, the Singapore CEO of Malaysian bank Maybank, adding that the bank’s Singapore clientele already has more “silver generation users” than the industry average.

Maybank has steadily built up its wealth services catering to Singapore’s silver generation. In 2019, it launched the Passion Plus program, which includes banking products with “preferential saving rates” to help users build their retirement savings, and lifestyle perks like massages, cheaper supplements and discounted doctor visits. Etiqa, the bank’s insurance wing, also offers a specialized accident plan catered for those aged between 40 and 75, which offers a higher reimbursement limit for medical expenses from accidents.

“Hopefully, within the short term, these products will benefit the bank financially, and also allow us to serve our customers well,” he says.

Building new muscles

Lee first joined Maybank in 2013 as the chief investment officer of its private banking unit, following stints at other financial institutions like JPMorgan, Citibank, and Barclays. He established Maybank’s wealth management wing in Singapore in 2016.

Maybank entered the wealth management space later than its peers, but it’s now a core pillar of the Malaysian bank’s business. In a February press release, Maybank said wealth management continued to be a “key growth engine” in 2025, with total financial assets increasing 5% to 562.3 billion Malaysian ringgit ($176.4 billion).

In 2024, Lee was appointed as Maybank’s Singapore CEO, replacing John Lee who retired in late 2023.

Maybank is a small player in Singapore’s banking scene, which is currently dominated by its “Big Three” banks: DBS, UOB and OCBC. Foreign banks can only open 25 brick-and-mortar branches in the country.

“We can never compete with the likes of DBS,” Lee admits. “We have to pick the right fights.”

Still, Singapore now contributes 20% of Maybank’s annual revenue. Lee hopes to lift that number to 30% by 2030. “We’ve got to start finding new muscles,” he says.

Lee points to the Johor-Singapore Special Economic Zone, or JS-SEZ, as an example of one such muscle. Maybank has facilitated around 20 billion Malaysian ringgit ($4.82 billion) in financing and investments in the JS-SEZ, making it the largest of any lenders involved in the zone’s development.

“We started the Singapore-Malaysia investment corridor way before the JS-SEZ, since we have a big presence on both sides of the causeway,” Lee explains. “We don’t only want to bank individuals, but also companies, including Singapore-based firms looking to build factories or logistics centers in Johor.”

Several Singaporean F&B firms, including bread manufacturer Gardenia and beverage maker Yeo’s, have recently shuttered their Singapore factories and relocated operations to Malaysia, citing cost pressures.

Islamic finance, or a system of banking practices that comply with sharia, or Islamic law, is also one of the cornerstones of Maybank’s offerings. Maybank debuted an Islamic wealth management hub in Singapore in 2023, and became the first bank in the country to offer end-to-end Islamic wealth solutions, including planning for wealth transfer to subsequent generations. “The take-up rate has been good, it’s growing between 20 to 40% each year,” Lee says. In 2025, the bank also launched Singapore’s first takaful—an Islamic insurance product—in decades.

The Islamic finance space still has room to grow, particularly in wealth management, Lee says. “It’s so new, even in the Gulf region,” he says.

“If we go in strictly from a religious angle, the appeal of Islamic banking may be quite limited,” he adds. “But if we look at it as value-based finance and banking, the market can be much larger.”

Breaking into the Singapore market

Maybank’s executives know it needs to attract a younger cohort of Singaporean customers to stay relevant. In 2024, the bank recently launched a 12-month student ambassador program, which includes mentorship aspects designed to boost undergraduate employability and bridge the gap between students and the corporate world.

“We need to raise awareness of Maybank amongst young people, so that when they come of age and start working, they’ll consider us for banking services,” Lee says.

Lee also thinks the bank’s connections in Malaysia will attract Singaporean business. “Given our Malaysian heritage, we have a lot of know-how, and have many contacts in Malaysia that our customers here in Singapore can benefit from.”

Still, it’d be a long climb to become a more prominent player in Singapore’s banking sector. But Lee is bullish that Malaysia’s largest bank can become a bigger name in Southeast Asia’s most important financial sector. “My wish is for Maybank to be the largest foreign player in Singapore,” he concludes. “And if we can be the third largest by overtaking one of the “Big Three” Singapore banks, I’ll be very happy.”