Maybank has opened its Malaysia Ringgit Current Account to eligible companies based in Singapore, allowing them to receive, hold and transact in ringgit for permitted Malaysia-related activities directly from Singapore, Fintech News Singapore reported, citing The Business Times.
Maybank says it is the first bank in Singapore to offer this type of account.
How the account works
The account is aimed at companies with suppliers, assets or investments in Malaysia. Firms can convert funds in advance from their Maybank Singapore dollar or foreign currency accounts and keep a ringgit balance for scheduled payments, an approach Maybank calls “anticipatory foreign exchange”.
According to the report, Singapore companies previously tended to rely on one-off spot foreign exchange conversions, or opened and funded non-resident ringgit accounts in Malaysia.
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 ask for supporting documents before processing transactions.
Fees and eligibility
The account has no initial deposit, minimum balance or monthly fee, and does not pay interest. There is no remittance commission or commission in lieu of exchange. Maybank has waived processing and agent-bank charges on transfers to Maybank Malaysia until further notice, while transfers to other Malaysian banks carry an RM22 agent-bank charge per transaction, and processing fees may also apply.
It is open to non-financial corporations registered outside Malaysia that already hold a Maybank Singapore dollar corporate current account. Applications go through the company’s relationship manager and are subject to Maybank’s approval. Account opening and transactions are handled through branches or assisted processes, and balances can be viewed on Maybank’s Business Internet Banking and Maybank2E platforms. Third-party transfers between Maybank Singapore ringgit accounts are not allowed.
Cross-border demand
Maybank linked the move to rising Singapore-Malaysia economic activity, particularly since the Johor-Singapore Special Economic Zone (JS-SEZ) was set up, the report said. The two governments formalised the zone agreement in January 2025.
Alvin Lee, country chief executive of Maybank Singapore, said demand for cross-border banking, payments and treasury services has kept growing since the JS-SEZ was announced. He said the bank aims to support “a more competitive Malaysia-Singapore corridor”.
