Maybank Indonesia is considering adding the Malaysian ringgit to its Fast Remittance service in the next phase.

Malaysia is already on the bank’s list of possible destinations, Bernama reported.

Head of digital banking Charles Budiman told the news agency that the country is among those under review.

He pointed out that Maybank Indonesia is also a Malaysian company.

Launched on 15 October, the service is available on the bank’s M2U ID app. The bank developed it with Nium, a firm that provides cross-border payment infrastructure.

Customers can now send funds in five currencies. These are the Singapore dollar, Australian dollar, British pound, euro and Hong Kong dollar.

Charles explained that the bank is adding currencies in stages. Demand from existing customers shaped the first five choices.

According to head of cash management Reika Widyadara Indah, the service sends funds in near real time, day or night. Each transfer carries the same flat fee, whatever the amount.

She said the feature links the bank’s digital platform and customer base with Nium’s global payment network.

IT and digital director Bambang Andri Irawan said people’s financial needs now often cross national borders.

In his view, banks should support customers across those borders in a fast, transparent, secure and affordable way. He added that the bank wants its digital services to connect with a wider network.

Maybank Indonesia said the launch is part of its broader digital banking plans.

Featured image: Edited by Fintech News Indonesia, based on image by CK Seng via pexels.