Maybank Singapore to offer offshore Yuan deposits in 2Q11

EXCLUSIVE: MayBank (Malayan Bank) Singapore will join the race amongst banks to offer Yuan-denominated financial products amid growing appetite for the Chinese currency.

“We are looking at offering offshore Yuan deposits by the second quarter of this year,” Priscilla Loke, Maybank’s head of corporate affairs told Singapore Business Review

“Growth is primarily seen in deposits as investors take a view of a strengthening Chinese Yuan,” she added.

Among Banks that have already launched Yuan-denominated products early this year are ICBC, OCBC, DBS, UOB and the local branch of global banking giant HSBC.

Malayan Banking Bhd is Malaysia's biggest lender by assets. Maybank is now offering trade settlement services in Chinese currency in line with the Chinese Government's programme for cross-border trade transactions. The types of trade settlements allowed under the programme include: Open account transactions involving trade remittances via telegraphic transfer; Documentary Collections and Letter of Credit transactions.

Aside from Malaysia, Yuan Trade Settlement at Maybank is also available at their overseas branches in Vietnam, Cambodia, Brunei, Singapore, Philippines, Indonesia, Hong Kong, and Maybank International (Labuan) Limited.

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