Malayan Banking Bhd (Maybank) is offering letters of credit (L/Cs) and other trade financing denominated in ringgit to its customers in China.

Trade financing in the Malaysian currency is available through its branches in Beijing and Shanghai.

Access to finance

Maybank says it is the first bank to offer ringgit denominated L/C and other trading financing to its customers in China.

As well as L/Cs, customers would be able to access several types of financing for imports and exports, as well as currency swaps and hedging instruments in ringgit.

Other banks

Other Chinese banks may also apply to be Maybank's appointed agent to offer ringgit financing to any of their customers across China.

This would effectively enable Chinese financial institutions to leverage Maybank's network in Malaysia, the bank said in a statement.

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