OCBC Bank (Malaysia) Bhd has expanded the number of currencies supported by its OCBC World Transfer service to 67 from 26, allowing businesses to make cross-border payments in a wider range of local currencies.
The enhancement adds currencies including the Vietnamese Dong, South Korean Won and United Arab Emirates Dirham, reflecting growing payment activity across ASEAN, North Asia and the Middle East.
OCBC Bank head of wholesale banking Jeffrey Teoh said customers are increasingly transacting beyond traditional markets such as China, Singapore and Hong Kong as businesses diversify suppliers and enter new markets.
“The expanded currency coverage allows companies to pay overseas suppliers directly in their preferred local currencies, reducing the need for additional foreign exchange conversions,” Teoh added, while highlighting that digital overseas transfers by the bank’s customers grew 50% year-on-year, alongside an increase in the number of markets businesses are transacting with.
The latest enhancement forms part of OCBC’s broader effort to handle foreign currency payments, account management, foreign exchange conversions, collections and trade-related transactions through its digital banking platform.
