Maybank launches ringgit account for Singapore corporate customers

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Maybank launches Singapore ringgit account

Highlights

Maybank launches Ringgit Corporate Current Account, becoming the first bank in Singapore to offer corporate customers a ringgit account for cross-border transactions.
The new product requires no initial deposit, minimum balance or monthly fee, and waives transfer fees from Maybank Singapore to Maybank Malaysia until further notice.
The move supports cross-border banking demand amid the development of the JS-SEZ, with Maybank holding S$82.7 billion in assets in Singapore as of 31 Dec 2025.

This article was translated from the original. Read the original version by our correspondent here.

New facility for cross-border transactions

As reported by The Edge Malaysia, citing a Maybank statement, the bank said the new facility makes it the first bank in Singapore to offer such a service to corporate customers, as demand for cross-border banking grows alongside the development of the JS-SEZ.

The Ringgit Corporate Current Account allows businesses with existing Maybank current accounts to convert Singapore dollars or other foreign currencies into ringgit for permitted business and investment activities in Malaysia. These include settling trade transactions, paying for goods and services, and financing operations. Customers can also buy and hold ringgit ahead of payments coming due.

Maybank Singapore country chief executive Alvin Lee said the bank had continued to see rising demand for cross-border banking, payment and treasury solutions since the announcement of the JS-SEZ. He said the ringgit facility gives corporate customers greater flexibility and control, making cross-border transactions easier and reducing friction in business flows.

Fees, access and regional significance

Maybank said the Ringgit Corporate Current Account has no initial deposit requirement, minimum balance requirement or monthly fee. Remittances and transfers from Maybank Singapore to Maybank Malaysia are also free of charge, while processing fees and agent bank charges for eligible transfers to Maybank Malaysia are waived until further notice.

Customers can access the account through Maybank’s business banking channels, including the upcoming new version of the Maybank2E platform, subject to applicable laws, regulations and regulatory requirements. Malaysia and Singapore formalised the JS-SEZ agreement in January 2025 to deepen economic cooperation and facilitate investment and cross-border business activities, while its action plan is expected to be released by the end of this year.

As of 31 Dec 2025, the group had approximately S$82.7 billion, equivalent to RM262.1 billion, in assets in Singapore and employed more than 2,000 people in the country. This operational scale positions the new facility as part of Maybank’s broader efforts to strengthen trade flows and supply chains between Malaysia and Singapore.

In our earlier coverage of expanded cross-border e-commerce support for Malaysian SMEs, we highlighted the efforts of the Ministry of Entrepreneur Development and Cooperatives to help local companies enter overseas markets through digital platforms, regulatory compliance guidance and product promotion. The article also noted the growth in SME exports and the role of support ecosystems such as SME Corp and strategic partnerships in facilitating access to international markets.

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