Maybank launches ringgit account for Singapore corporate clients

Maybank has seen growing demand for cross-border banking services since the launch of the JS-SEZ.

Maybank has enabled eligible Singapore-based corporate clients to receive, hold, and transact in Malaysian ringgit.

The ringgit corporate current account facility allows businesses with a Maybank current account to convert Singapore dollar or foreign currency into Malaysia ringgit and then conduct business and investment-related activities in Malaysia.

This makes Maybank the first bank in Singapore to enable this functionality, it said in an announcement on 29 October.

Clients can buy and hold ringgit ahead of payments to manage their currency holdings.

There is no initial deposit, minimum balance requirement, nor monthly fees for a ringgit corporate current account. 

Remittances and transfers from Maybank Singapore to Maybank Malaysia incur no fees, the bank said.

Maybank expects the facility to play in the growth of economic activities between Singapore and Malaysia especially with the formation of the Johor-Singapore Special Economic Zone (JS-SEZ) in 2025.

Singapore is Malaysia’s largest immediate source of approved private investments by major foreign investors, contributing MYR93b (S$30b) in 2025 and MYR40b (S$13b) in the first half of 2026, according to data from Malaysia’s Investment Development Authority.

Maybank Singapore CEO Alvin Lee said that since the announcement of JS-SEZ, Maybank saw growing demand for cross-border banking, payments, and treasury solutions.

“By reducing friction in business flows, we are contributing to stronger regional supply chains and a more competitive Malaysia-Singapore corridor,” Lee said in a statement on 29 October 2026.