OCBC Bank Malaysia lauded at Malaysia Technology Excellence Awards for Online FX

It has garnered RM4.6m in transactions three months after its launch.

Banking and financial services corporation OCBC Bank Malaysia has been recognised as the winner of the Digital - Banking category at the Malaysia Technology Excellence Awards 2024 for its Online FX capability, which provides customers with the flexibility in making timely conversions.

OCBC Bank Malaysia has built the Online FX capability to enable 24/7 access to live market rates for customers. It has made the capability accessible to customers with minimum conversions of as low as RM10 and allows them to buy and sell up to 10 major foreign currencies.

The capability rides on its FXCORE system, which allows OCBC’s mobile banking application to provide live rates and facilitate the booking of transactions. With that, foreign exchange conversions are done instantly and customers will get their foreign currency into their account immediately.

The bank also checks and calculates customers’ foreign exchange limits to ensure that customers transact within Bank Negara Malaysia’s Foreign Exchange Policy Notices limits. This process educates the customers on the regulations around Bank Negara Malaysia’s Foreign Exchange Policy Notices and allows customers to perform their foreign exchange hassle-free.

Within only three months of its launch, OCBC Bank Malaysia’s Online FX capability achieved RM4.6m in transactions.

“We believe that OCBC Malaysia has built a capability that addresses our customers’ investment needs – for the purpose of buying currency for their investments, telegraphic transfers or to simply take advantage of favourable market movements,” the company said.

Malaysia Technology Excellence Awards recognises exceptional companies at the forefront of technological innovation and digital transformation in Malaysia’s rapidly growing economy.

The Malaysia Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].