Maybank becomes first bank in Singapore to offer ringgit current account for businesses
Malayan Banking (Maybank) has launched a new offering that allows eligible Singapore-based corporate clients to receive, hold and transact in Malaysian ringgit.
Maybank, a Singapore-based bank, has become the first financial institution in the city-state to launch a ringgit current account specifically designed for businesses. This innovative offering allows client companies with a Maybank current account to seamlessly convert SGD or other foreign currencies into Malaysian ringgit (MYR), enabling them to engage in a range of permissible commercial and investment activities in Malaysia.
These activities include purchasing goods and services, financing operations, and managing currency holdings by purchasing ringgit in advance.
Notably, the new bank account comes without any initial deposit, minimum balance requirement, or monthly maintenance fee, making it an attractive option for businesses seeking to streamline their international transactions. Moreover, transfers and remittances between Maybank Singapore and Maybank Malaysia are provided free of charge, further enhancing the convenience and cost-effectiveness of the service.
Previously, businesses faced the challenge of conducting ad hoc spot foreign exchange conversions, converting ringgit onshore before remitting it to beneficiaries in Malaysia, or opening and funding a non-resident ringgit account in Malaysia. By eliminating these cumbersome processes, Maybank's Ringgit Corporate Current Account aims to facilitate the growth of economic activities between Singapore and Malaysia, particularly in light of the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ).
Maybank Singapore's Country CEO, Alvin Lee, expressed optimism about the offering's potential impact on regional trade and finance. He noted that since the JS-SEZ announcement, there has been a growing demand for cross-border banking, payment, and treasury services. Lee emphasized that by reducing friction in business flows, the new account contributes to stronger regional supply chains and fosters a more competitive Malaysia-Singapore corridor, as reported by The Star.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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