Maybank launches ringgit account for Singapore businesses
The account has no minimum balance or monthly maintenance fee, with free transfers and remittances from Maybank Singapore to Maybank Malaysia.
Maybank has introduced a corporate account in Singapore through which eligible businesses can receive Malaysian ringgit, retain the currency and use it for transactions. The lender said it was the first bank in Singapore to offer such a service.
Called the Ringgit Corporate Current Account, it is available to Singapore-based companies that already hold a Maybank current account. Customers can exchange Singapore dollars or other foreign currencies for ringgit, according to the bank.
The funds can be used for permitted commercial and investment activities in Malaysia, including purchases of goods and services and the financing of operations. Companies can also buy ringgit before payments are due and hold it to manage their currency positions.
Maybank said customers need not make an opening deposit or maintain a minimum balance, and there is no monthly maintenance charge. It also offers transfers and remittances without charge from its Singapore operation to Maybank Malaysia.
The bank expects the account to support economic activity between Singapore and Malaysia, particularly following the establishment of the Johor-Singapore Special Economic Zone. Alvin Lee, Maybank Singapore’s country CEO, said demand for cross-border banking, payments and treasury services had increased since the zone was announced.
