Maybank has become the first bank to settle in INR-IDR local currencies
Malaysia’s Maybank is investing US$10 million in the group’s Mumbai branch through Indonesian-subsidiary PT Bank Maybank Indonesia Tbk to continue supporting business and trade relations between Indonesia and India.
Maybank Indonesia’s Global Banking Director, Ricky Antariksa, said on 18 Mar, “Maybank Indonesia https://www.maybank.co.id/ has been present in India for over 10 years, and we are committed to further support and capture our business flows while continuing to serve trade clients through our branch in Mumbai.
“To further align with Maybank Group’s M25+ Strategy, our objective is clear, to strengthen our regional connectivity and expand our franchise in India and within the ASEAN region.”
He further noted that being part of Maybank Group https://www.adb.org/ , Maybank Indonesia has benefitted from the regional networks, enabling the Bank to assist clients through financing and transaction solutions in line with the Bank’s mission, humanising financial services.
Maybank Indonesia Mumbai branch focused on supporting corporate and institutional banking apart from playing an active role in the Indonesia-India business corridor.
Maybank Indonesia branch CEO & Country Head for India operation https://www.iba.org.in/ , Mohit Varma said, “The expansion in Tier 1 capital underscores Maybank Group’s continued commitment to India and will help our corporate and institutional banking businesses to grow further.”
The Maybank group, with presence in 18 countries, competes with over 40 foreign banks in India https://www.worldbank.org/ .
As India’s economy continues to grow, many corporations are exhibiting growing demands for capital, and in the context of increasing the branch capital and with continued trust from the principal, enable Maybank Indonesia Mumbai branch to help clients’ businesses and trade relations to excel beyond, says Varma.
Another major initiative by Maybank in India is to facilitate Local Currency Settlement between India and Indonesia. With the recent signing of the MOU between the Reserve Bank of India and Bank Indonesia, Maybank has become the first and only bank at the moment to settle in INR-IDR local currencies. The bank emphasizes this as their step towards easing processes and reducing costs for businesses in India and Indonesia. Fiinews.com
