Kuala Lampur:OCBC Bank (Malaysia) Bhd has broadened its OCBC World Transfer service to facilitate cross-border payments in 67 currencies, a significant increase from the previous 26. This enhancement allows businesses to conduct transactions directly in currencies such as the Vietnamese dong, South Korean won, and United Arab Emirates dirham, aiding in trade, procurement, and commercial activities in important growth markets.

According to BERNAMA News Agency, The expansion is a response to the diversification of OCBC's customers' international business activities. While China, Singapore, and Hong Kong remain key destinations for the bank's overseas payments, there is a notable increase in transactions across a wider array of markets. This broadened currency offering helps businesses pay overseas suppliers in their preferred local currencies, minimizing foreign exchange issues, simplifying payment processes, and fostering stronger supplier relationships.

Jeffrey Teoh, OCBC Bank's head of wholesale banking, noted that digital overseas transfers have grown by 50 percent year-on-year, extending to a broader range of markets. By increasing the number of currencies available through OCBC World Transfer, the bank aims to simplify cross-border payments for businesses. With its regional network across ASEAN and Greater China, OCBC is strategically positioned to support customers in deepening existing trade relationships and exploring new international opportunities.

Teoh further highlighted that businesses are moving beyond traditional trade corridors, sourcing from new supplier markets, entering new customer segments, and managing more complex cross-border payment needs.

Additionally, OCBC's Network Transfer service offers customers the ability to send funds to OCBC beneficiaries in six currencies at preferential rates, ensuring the full amount is received by the beneficiary. Together with OCBC World Transfer, these services are part of the bank's digital banking ecosystem, OCBC Velocity, which allows companies to manage their accounts and foreign currency positions, perform foreign exchange conversions, manage collections, and access trade-related banking services on a single platform. Over 90 percent of OCBC's cross-border payments are now executed through OCBC Velocity, highlighting the increasing adoption of digital banking by businesses.