Maybank Indonesia Launches Fast Remittance With Nium, Puts Ringgit on Its Shortlist
Maybank Indonesia has launched a faster way to send money abroad from its M2U ID app, built with global payments infrastructure firm Nium, and says the Malaysian ringgit is on its list for the next phase. The first version covers five currencies, but none of them is the ringgit yet. If the ringgit is added, it would open a new digital route for money moving from Indonesia to Malaysia, one of the region’s closest economic relationships.
Key facts
- The feature, called Fast Remittance, went live in the M2U ID app and was announced at a press conference in Jakarta on 15 October 2026.
- At launch it supports transfers in five currencies: the euro, British pound, Australian dollar, Hong Kong dollar and Singapore dollar.
- The standard fee is US$10 per transaction, with a promotional fee of US$2.50 per transaction until December 2026.
- Maybank Indonesia’s digital banking head, Charles Budiman, told Bernama that Malaysia is “on our list”, noting the bank is part of a Malaysian group. No timeline was given.
How the service works
Fast Remittance plugs Maybank Indonesia’s mobile banking app into Nium’s cross-border payment network. Nium is a payments infrastructure provider: rather than serving consumers directly, it supplies the “pipes” that banks and fintechs use to move money between countries and currencies. For customers, the result is meant to be a foreign currency transfer that can be completed inside the app, with the fee and exchange rate shown before sending.
The bank describes the exchange rates as competitive but has not published figures, and reports say delivery time depends on the destination and the transaction terms. Its IT and digital director, Bambang Andri Irawan, framed the launch as part of building the bank’s foundation for global financial connectivity, while Nium’s Asia Pacific executive vice president, Yogesh Sangle, pointed to speed, reliability and transparency as the focus.
According to Budiman, the first five currencies were picked based on what existing customers were already asking for, and the service will be widened in stages.
What it means for Malaysians
For now, nothing changes on the Malaysian side: you cannot yet receive ringgit through this feature. But the plan is worth noting for several groups.
- Families and businesses with Indonesian links: a ringgit option in a mainstream banking app would add one more choice alongside banks, money transfer operators and e-wallets, which usually means more pressure on fees and exchange rate margins.
- SMEs and traders: small exporters and service providers who invoice Indonesian clients could find it easier to get paid if those clients can send ringgit directly from their phones.
- Banks and remittance firms in Malaysia: the move shows how regional banking groups are using fintech partners like Nium to launch cross-border features quickly, rather than building every corridor themselves.
The regional angle
Malaysia and Indonesia are already linked for retail payments through cross-border QR, which lets travellers scan and pay at shops in either country. Bank-to-bank remittances are a different piece of the puzzle, covering larger, account-to-account transfers rather than small purchases. A Malaysian banking group adding the ringgit to its Indonesian app would fit the wider ASEAN push to make cross-border payments cheaper, faster and more transparent.
What to watch
- Whether Maybank Indonesia confirms a date for adding the ringgit, and which other currencies come next.
- What fees apply once the US$2.50 promotional rate ends in December 2026.
- Whether other regional banks follow with similar fintech-powered remittance features for the Malaysia corridor.
Read more: ASEAN Cross-Border QR Payment Network Hits Record $716 Million and How Malaysia’s Payment System Works.
Sources: The Star / Bernama (October 2026); Berita Harian (October 2026); ANTARA News (October 2026); Medcom.id (October 2026).
