Maybank extends ringgit current account to eligible Singapore corporate clients
Offering comes as economic activity between the Republic and Malaysia rises, with increased economic integration expected from JS-SEZ
Maybank has announced the extension of its ringgit current account service to eligible Singapore corporate clients, aiming to enhance its cross-border banking capabilities. This move aligns with the rising economic activity between Singapore and Malaysia, which is expected to grow further due to the ongoing integration in the Johor-Singapore Special Economic Zone (JS-SEZ).
The bank claims to be the first to offer such a service in Singapore, making it easier for businesses to manage their ringgit transactions directly in the Republic. Alvin Lee, country CEO at Maybank Singapore, stated that the service reduces friction in business flows, contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor.
Previously, companies had to perform ad hoc spot foreign exchange conversions or open non-resident ringgit accounts in Malaysia, facing regulatory restrictions. With Maybank's ringgit corporate account, businesses can hold, convert, and transact in ringgit, enabling them to settle trade activities, pay for goods and services, and fund operations in Malaysia.
The account offers no initial deposit, minimum balance, or monthly fees, with remittances and transfers from Maybank Singapore to Maybank Malaysia currently fee-free.
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