KUALA LUMPUR (Oct 29): Malayan Banking Bhd (KL:MAYBANK) said on Thursday that its Singapore operations now allow eligible corporate clients to receive, hold and transact in ringgit, enabling businesses to buy the currency ahead of payments for their Malaysian activities.

The group said it is the first bank in Singapore to offer such a facility to corporate clients as demand for cross-border banking services grows alongside the development of the Johor-Singapore Special Economic Zone (JS-SEZ). 

“The Ringgit Corporate Current Account allows businesses with an existing Maybank current account to convert Singapore dollars or other foreign currencies into ringgit for permitted business and investment-related activities in Malaysia,” the statement read. 

These include settling trade transactions, paying for goods and services, and funding operations. Clients can also buy and hold ringgit before payments fall due, the statement added. 

“Since the announcement of the JS-SEZ, we continue to see growing demand for cross-border banking, payments and treasury solutions. Our landmark ringgit facility gives corporate clients greater flexibility and control, making it easier to transact across borders,” said Maybank Singapore country chief executive officer Alvin Lee.

“By reducing friction in business flows, we are contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor,” he added. Malaysia and Singapore formalised the JS-SEZ agreement in January 2025 to deepen economic cooperation and facilitate cross-border investment and business activity. The blueprint is expected to be released by year end.

According to Maybank, there is no initial deposit, minimum balance requirement nor monthly fee for the Ringgit Corporate Current Account. Remittances and transfers from Maybank Singapore to Maybank Malaysia incur no fees. Processing and agent bank charges for eligible transfers to Maybank Malaysia will be waived until further notice.  

Maybank added that clients can conveniently access their Ringgit Current Accounts via Maybank’s business banking channels including the upcoming all-new Maybank2E platform. Availability and usage of the Ringgit Current Account and related services are subject to applicable laws, regulations and regulatory requirements.

The group had approximately S$82.7 billion (RM262.1 billion) in assets in Singapore as at Dec 31, 2025, and employs more than 2,000 people there.