Maybank has extended its Malaysia Ringgit Current Account to eligible Singapore-based companies, allowing them to receive, hold and transact in ringgit for permitted Malaysia-related activities directly from Singapore, The Business Times reported.
Maybank says it is the first bank in Singapore to offer this type of account.
Companies with suppliers, assets or investments in Malaysia can hold ringgit and time their currency conversions ahead of scheduled payments instead of converting funds whenever payments are due.
How the Maybank ringgit account works
Previously, Singapore corporates typically relied on ad hoc spot foreign exchange conversions when making payments in Malaysia or opened and funded non-resident ringgit accounts in Malaysia.
With the new account, companies can convert funds from their Maybank Singapore dollar or foreign currency accounts in advance and maintain a ringgit balance for upcoming payments.
Maybank describes this as anticipatory foreign exchange, which allows businesses to purchase and hold ringgit ahead of scheduled obligations.
Permitted transactions include payments to Malaysian suppliers for goods and services, receipt of eligible ringgit proceeds, purchases and sales of assets in Malaysia, and collection of eligible dividends and interest.
Maybank may require supporting documents before processing transactions.
The account requires no initial deposit or minimum balance, carries no monthly fee and does not earn interest.
Maybank also charges no remittance commission or commission in lieu of exchange. It has waived processing and agent-bank charges for transfers to Maybank Malaysia until further notice.
Transfers to other Malaysian banks incur an RM22 agent-bank charge per transaction, while processing fees may also apply.
Who can apply
The account is available to non-financial corporations registered outside Malaysia that already maintain a Maybank Singapore dollar corporate current account.
Applications are subject to Maybank’s approval and must be submitted through the company’s relationship manager.
Account opening and transactions are handled through branch or assisted processes.
Clients can view their account balances through Maybank’s Business Internet Banking and Maybank2E platforms.
Third-party transfers between Maybank Singapore ringgit accounts are not permitted.
Cross-border demand linked to the JS-SEZ
Maybank linked the offering to growing economic activity between Singapore and Malaysia, particularly following the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ).
Both governments formalised the agreement in January 2025 to strengthen economic cooperation and cross-border investment.
Alvin Lee, Country CEO of Maybank Singapore, said demand for cross-border banking, payments and treasury services has continued to grow since the JS-SEZ announcement.
“By reducing friction in business flows, we are contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor,”
he said.
Featured image credit: Edited by Fintech News Singapore, based on image by lifeforstock via Magnific
