Maybank has become the first bank in Singapore to allow eligible corporate customers to receive, hold and conduct transactions in Malaysian ringgit, strengthening cross-border banking services between the two countries.
The new Ringgit Corporate Current Account enables businesses with Maybank current accounts to convert Singapore dollars or other foreign currencies into ringgit for approved business transactions and investment activities in Malaysia.
These include trade settlements, payments for goods and services, and financing domestic business operations.
Maybank Singapore chief executive officer Alvin Lee said the bank had seen a significant increase in demand for cross-border banking, payment and treasury solutions since the announcement of the Johor-Singapore Special Economic Zone (JS-SEZ).
“This milestone ringgit offering gives corporate customers greater flexibility and control, making cross-border transactions more seamless.
“By reducing friction in business flows, we are contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor,” he said in a statement.
The facility also allows corporate customers to purchase and hold ringgit in advance of making payments, helping them manage their foreign currency exposure more effectively.
The new service is expected to support growing economic activity between Malaysia and Singapore as economic integration deepens through the JS-SEZ.
According to the Malaysian Investment Development Authority (MIDA), Singapore remains the largest source of approved foreign private investment in Malaysia.
Singapore contributed RM93 billion in 2025 and RM40 billion in the first half of 2026, with Johor among the main beneficiaries.
The initiative also supports Maybank’s five-year ROAR30 strategy, which aims to position the bank as the preferred financial institution for Malaysia-Singapore transactions and a leading transaction banking and payments partner across ASEAN.
Eligible corporate customers will not be required to maintain an initial deposit or minimum balance, and no monthly fees will be charged for the account.
Transfers and remittances from Maybank Singapore to Maybank Malaysia will also be free of charge, while processing and correspondent bank fees for eligible transfers will be waived until further notice.
Customers can access their ringgit current accounts through Maybank’s business banking channels, including its upcoming Maybank2E platform.
