Maybank adds ringgit banking facility for Singapore businesses
The account lets eligible corporate customers buy ringgit before Malaysian payments fall due, without an initial deposit or minimum balance.
Malayan Banking Bhd has introduced a corporate ringgit account through its Singapore operations, allowing eligible businesses to receive payments, keep funds and conduct transactions in the currency. The bank announced the facility on Oct 29.
According to Maybank, the Ringgit Corporate Current Account is available to businesses already holding a Maybank current account. Customers can exchange Singapore dollars or other foreign currencies for ringgit to support permitted business and investment activities in Malaysia.
The bank said uses include trade payments, purchases of goods and services, and financing operations. Businesses may acquire ringgit in advance rather than wait until their payments are due.
Maybank said the account has no monthly fee and requires no opening deposit or minimum balance. Transfers and remittances sent from Maybank Singapore to Maybank Malaysia incur no fees. For eligible transfers to Maybank Malaysia, processing charges and agent bank charges will be waived until further notice.
The bank described itself as Singapore’s first to offer such a facility to corporate customers. Maybank Singapore country chief executive officer Alvin Lee said demand for cross-border banking, payments and treasury services had been growing since the Johor-Singapore Special Economic Zone (JS-SEZ) announcement.
Access is through Maybank’s business banking channels, with the upcoming Maybank2E platform also included, the bank said. Applicable laws and regulatory requirements govern the availability and use of the account and associated services.
