Malaysian banking group Maybank expands its suite of services in China with the launch of a Ringgit trade financing scheme.

Maybank, the Malaysian banking group, has launched a new Ringgit trade financing service in China.

In a statement, the Kuala Lumpur-headquartered bank, said it is the first bank to offer such a service, where customers are able to leverage on various trade financing and hedging instruments available in MYR. This covers letters of credit, financing of imports, exports, currency swaps and other related services. 

Maybank is the only Malaysian bank that can maintain MYR-denominated accounts at the Maybank Shanghai branch. Its trade finance business currently enjoys a market share of at least 26 per cent. More products are expected to be introduced in 2014, particularly in the area of supply chain financing, which supports open account trades.