KUALA LUMPUR, Feb 4 — Maybank is offering trade financing in ringgit for customers across China through its branches in Beijing and Shanghai, which includes letters of credit, financing of imports, exports and currency swaps.

Maybank in a statement today said other Chinese banks may also apply to be the bank’s appointed agent to offer ringgit financing to any of their customers across China.

The new service makes Maybank as the first bank to offer such a facility in the country.

Maybank Global Head of Transaction Banking John Wong said the new service reinforced Maybank’s position as the key go-to Malaysian bank for businesses in China as it was the only Malaysian bank appointed by People’s Bank of China (PBOC) as a market maker for ringgit/renminbi.

“It provides a new liquid currency with hedging options, helps minimises foreign exchange exposures and more importantly, enable both parties to benefit from better trade terms and a reduced supply chain costs, all of which are in line with Maybank’s mission to humanise financial services,” Wong added.

He also said that Malaysia was China’s third largest trade partner in Asia with an upward trend reaching US$106 billion (RM353.5 billion) in 2013 compared with US$94.0 billion in 2012.

“This new capability would help entrench Maybank’s leadership in trade finance in Malaysia where it enjoys a market share of over 26 per cent currently,” he added.

Maybank has been actively expanding its regional presence and today it has a global network of over 2,200 offices and more than 800 correspondent banks that enable it to tap on globalisation opportunities and shifting trade flows. — Bernama