OCBC Banks Expands World Transfer Service To 67 Currencies
KUALA LUMPUR, Oct 6 (Bernama) -- OCBC Bank (Malaysia) Bhd has expanded its cross-border payment service, OCBC World Transfer, to support transactions in 67 currencies, up from 26 previously.
The bank said the enhanced service enables businesses to make payments directly in currencies including the Vietnamese dong, South Korean won and United Arab Emirates dirham, supporting trade, procurement and other commercial activities in key growth markets.
“The expansion comes as the international business activities of OCBC’s customers continue to diversify.
“While China, Singapore and Hong Kong remain among the bank’s key overseas payment destinations, customers are increasingly transacting across a broader range of markets,” the bank said in a statement today.
It said the wider currency offering allows businesses to pay overseas suppliers in their preferred local currencies, thus reducing foreign exchange friction, streamlining payment processes and supporting stronger supplier relationships.
OCBC Bank head of wholesale banking, Jeffrey Teoh said the trend was reflected in customers’ activities, with digital overseas transfers growing 50 per cent year-on-year and extending to a broader range of markets.
“By expanding the number of currencies available through OCBC World Transfer, we are making it easier for businesses to pay and be paid across more countries.
“Together with our regional network across ASEAN and Greater China, we are well-positioned to support customers as they deepen existing trade relationships and pursue new opportunities overseas,” he added.
Teoh said businesses were expanding beyond traditional trade corridors as they source from new supplier markets, enter new customer segments and manage increasingly complex cross-border payment requirements.
Meanwhile, the banking group said the OCBC Network Transfer service enables customers to send funds to OCBC beneficiaries in six currencies at preferential pricing, with the full amount received by the beneficiary.
“Together with OCBC World Transfer, these solutions form part of OCBC’s broader digital banking ecosystem available through OCBC Velocity, which enables companies to manage their accounts and foreign currency positions, perform foreign exchange conversions, manage collections and access trade-related banking services through a single platform,” it added.
The bank said more than 90 per cent of its cross-border payments are now conducted through OCBC Velocity, underscoring the growing adoption of digital banking solutions among businesses.
-- BERNAMA