Mr Melvyn Low, our Head of Global Transaction Banking, spoke about this with BNY Mellon’s Global Head of Client Insight and Innovation Mr Fabian Khoshbakht at Singapore Fintech Festival today, as part of MAS’ Project Guardian showcase.įind out more at our dedicated onstage presentation on 17th November (Friday), 11:15 – 11:30 AM at the Technology Stage. Nine months 2023 net profit up 32 to new high of S5.40 billion.

Park your cash in the FD account and you get back your initial deposit (principal) along with interest of 3.65 per annum (p.a.) or an Effective Interest Rate (EIR) of 1.82 after 6 months. We have collaborated with BNY Mellon on a proof-of-concept to improve correspondent banking, using blockchain technologies to: 1) Increase the settlement speed and cost competitiveness of forex payments, and 2) Establish mutual 24/7 operations to support institutional clients globally. For example, let's say you want to apply for a 6-Month FD with a minimum deposit of RM5,000 at 3.65 per annum (p.a.). Some traditional constraints to this include diverging operating hours, fragmented banking capabilities by jurisdiction, and inefficient processes. Flex Account Earn high interest rates of up to 2.20 a year without being locked-in. Correspondent banking, where banks tap on banks in other jurisdictions to facilitate cross-border payments and transactions, is an integral part of the global financial system. Earn interest rates of up to 3.25 a year when you deposit, pay and spend.