CIMB Singapore has introduced CIMB FX Online, a digital foreign exchange platform aimed at supporting small and medium-sized enterprises (SMEs) in Singapore with their cross-border transactions. The platform promises guaranteed best exchange rates for Singapore Dollar to Malaysian Ringgit, Indonesian Rupiah, and Thailand Baht, alongside real-time FX pricing and zero FX fees for the first transfer, enhancing transparency and cost-effectiveness for businesses.
The launch of CIMB FX Online addresses common challenges faced by SMEs, such as high costs and frequent delays in overseas payments. The platform allows non-CIMB customers to make a one-time FX booking without needing a CIMB business account, providing flexibility and ease of use. Existing CIMB Business Current Account holders can also transact directly within the business banking portal.
Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, stated, “CIMB FX Online underscores our commitment to helping SMEs thrive across markets with a more transparent and cost-effective way to manage regional transactions.”
Key features of the platform include instant FX booking, zero FX fees for the first transfer, and a wide currency selection, all accessible through a secure and intuitive interface. The platform is designed to provide SMEs with the tools needed to manage their finances confidently as they expand internationally.
CIMB’s initiative reflects its dedication to empowering SMEs with innovative solutions, reinforcing its position as a leading banking group in ASEAN. The platform is part of CIMB’s broader strategy to support sustainable finance and economic growth across the region.
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