Maybank opens ringgit accounts to eligible Singapore companies
Companies can hold ringgit before permitted Malaysia-related payments fall due, adding a treasury option alongside their existing Singapore-dollar account.
Maybank has opened Malaysian ringgit corporate current accounts to eligible Singapore-based companies, according to its 29 October announcement. Qualifying firms can receive and hold ringgit for permitted Malaysia-related business, including payments to resident suppliers, rather than converting only when a bill falls due.
Under Maybank’s account terms, applicants must be non-Malaysia-registered, non-financial companies with an existing Maybank Singapore-dollar corporate current account. Opening remains subject to bank approval, and invoices or contracts may be required to establish the purpose of a transaction.
Clients may convert from a Maybank Singapore-dollar or foreign-currency account, hold ringgit, pay resident suppliers and receive eligible proceeds. Buying ringgit in advance gives a company a choice over conversion timing, while leaving it exposed to changes in the exchange rate.
Balances can be viewed through Maybank’s business-banking channels. Account opening and transactions use a branch or assisted process; the account is not a fully self-service payment route.
The product adds a way to manage the timing of Malaysia-related receipts and payments within an existing banking relationship. It does not by itself establish a currency saving: that depends on the conversion rate, payment timetable and charges applying to the company’s transactions.
