KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has become the first bank in Singapore to enable eligible Singapore-based corporate clients to receive, hold and transact in ringgit.
In a statement, the bank said the Ringgit Corporate Current Account facility allows businesses with a
Maybank current account to convert from Singapore dollar or foreign currency into ringgit, and conduct permitted businesses and investment-related activities in Malaysia.
These may include settling trade-related activities, paying for goods and services, and funding operations.
Clients can also buy and hold ringgit ahead of payments to manage their currency holdings.
According to Maybank, the offering will support the growth of economic activities between Singapore and Malaysia, at a time of deepening economic integration between the two countries through the Johor-Singapore Special Economic Zone (JS-SEZ).
Citing the Malaysian Investment Development Authority (MIDA), the banks said Singapore remains Malaysia's largest immediate source of approved private investments by major foreign investors, contributing RM93bil (S$30bil) in 2025 and RM40bil (S$13bil) in the first half of 2026, with Johor as a key beneficiary.
“By reducing friction in business flows, we are contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor, while advancing our ROAR30 five-year goals as the preferred bank for Malaysia-Singapore transactions and Asean’s leading transaction banking and payments partner,” said Alvin Lee, country CEO, CEO of Maybank Singapore.
