Maybank Lets Singapore Firms Hold Ringgit and Pay Malaysian Suppliers From Singapore
Maybank has started letting eligible Singapore-based companies open a ringgit corporate current account in Singapore, so they can receive, hold and pay out Malaysian ringgit without converting money at the last minute. The move comes a week after OCBC began letting retail customers in Singapore keep ringgit in their savings accounts, a sign that banks are chasing the fast-growing money flows across the Causeway.
Key facts
- Maybank announced on 29 October 2026 that eligible Singapore corporate clients can now receive, hold and transact in ringgit through a ringgit (MYR) corporate current account, and says it is the first bank in Singapore to offer this.
- The account is for non-financial companies that are not registered in Malaysia and already hold a Maybank Singapore-dollar corporate current account, subject to the bank’s approval.
- Maybank’s product page lists no initial deposit, no minimum balance and no monthly fee. The account does not pay interest.
- It can be used for “permitted” payments to residents in Malaysia, such as supplier and trade payments, and for buying and holding ringgit ahead of payments that are due.
- Separately, OCBC let customers hold up to RM50,000 in its Global Savings and Premier Global Savings accounts from 23 October.
What changes for businesses
Until now, a Singapore company paying a Malaysian supplier usually had to do a spot foreign exchange (FX) conversion each time a bill fell due. It would convert Singapore dollars into ringgit and then send the money to the beneficiary in Malaysia. The other route was to open and fund a non-resident account, which takes more paperwork.
With a ringgit account sitting next to its Singapore-dollar account, a company can buy ringgit when it likes the exchange rate, keep the balance, and pay suppliers when invoices arrive. Maybank says companies can view balances through its Business Internet Banking and Maybank2E platforms. Its fee table shows no remittance commission and no “commission in lieu of exchange”. Processing and agent-bank charges on transfers to Maybank Malaysia are waived until further notice. Transfers to other Malaysian banks may carry processing fees plus an agent-bank charge of RM22 per transaction.
The word “permitted” matters. Malaysia’s foreign exchange policy, set by the central bank, Bank Negara Malaysia (BNM), limits how non-residents can use the ringgit. So the account is built around specific business flows, including trade payments, eligible dividends and interest, and approved asset purchases. Maybank says it may ask for supporting documents.
Maybank Singapore country CEO Alvin Lee said the bank continues “to see growing demand for cross-border banking, payments and treasury solutions”. He linked the product to rising activity between the two countries and the Johor-Singapore Special Economic Zone (JS-SEZ).
What it means for Malaysians
- Exporters and suppliers: Malaysian SMEs selling to Singapore buyers could find it easier to be paid in ringgit, which removes their own currency risk on the deal.
- Johor businesses: Firms in or near the JS-SEZ that deal with Singapore partners every day could see faster, more predictable payments as more Singapore companies keep ringgit on hand.
- Banks: Singapore lenders are now competing directly for ringgit flows. OCBC says Malaysia accounts for one in three overseas transactions made by its customers. Malaysian banks with a Singapore presence will be under pressure to match on fees and convenience.
- Consumers: The OCBC product shows the retail side of the trend. Ringgit balances there earn interest and can be spent with a linked debit card without foreign currency transaction fees.
What to watch
- Whether other banks in Singapore, including Malaysian groups such as CIMB and RHB, launch similar ringgit corporate accounts.
- Any further easing of BNM’s foreign exchange rules for JS-SEZ businesses, which would widen what these accounts can be used for.
- Demand once the Johor Bahru-Singapore RTS Link opens and cross-border traffic grows.
Read more: How Malaysia’s payment system works · ASEAN’s cross-border QR links
Sources: The Business Times (October 2026) · Maybank Singapore, MYR Current Account (October 2026) · Fintech News Singapore (October 2026) · The Rakyat Post (October 2026)
