OCBC Bank Malaysia Berhad (OCBC Malaysia) is a subsidiary of OCBC Bank, one of the largest financial institutions in South East Asia. Established in 1932, OCBC Malaysia has a rich history of providing comprehensive banking services to individuals, businesses and corporations in Malaysia. The bank offers a wide range of financial products and services tailored to meet the diverse needs of its customers, including personal banking, business banking, wealth management, treasury and investment banking.
With a strong presence in Malaysia, OCBC Malaysia has a network of branches and ATMs strategically located across the country. The bank also leverages technology to provide convenient and secure digital banking services, allowing customers to access their accounts and perform transactions anytime, anywhere.
As a trusted and reputable financial institution, OCBC Malaysia’s commitment to customer service is evidenced through its recent award win at the Global Retail Banking Innovation Awards 2024, hosted by The Digital Banker in Singapore, where it was recognised for offering the Best FX Trading Platform.
Increasing digital adoption
The bank has been successful in building a capability that addresses customers’ investment needs by allowing them to transact in up to 10 major foreign currencies with 24/7 access to live market rates and accessible to anyone with a conversion limit as low as RM10.
The introduction of this Online FX feature in OCBC aims to provide customers with a convenient and efficient platform for foreign exchange transactions. This initiative offers live FX rates and instant currency conversion, available 24/7. Customers can take advantage of favourable rates at any time, with the exchange happening instantly within their OCBC accounts.
This allows them to use the funds for investments or telegraphic transfers without the need for over-the-counter transactions. The initiative encourages customers to migrate to the online platform, eliminating the long queue times, operational cost and risk. The feature has benefits for the bank as well, with this process relieving branch and operations officers from performing an FX transaction, and eliminating the risk of booking errors. In addition, relationship managers are also able to increase their focus on meaningful interactions and sales with clients.
The overall strategy for Online FX is to provide a self-service option for customers to perform their foreign exchange transactions. In the future, OCBC plans to introduce additional features such as foreign exchange account opening, charts and alerts to further enhance the platform and encourage increased usage.
