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F

Factoring

A short-term trade financing for SMIs involved in selling their products/services on credit terms. Factoring involves the outright purchase of clients' credit sales invoices to acceptance private and public sector customers. Client obtains cash advances of up to 80% against the net invoice value factored

Financial Process Exchange (FPX)

A common Internet-based Online Payment Gateway system to facilitate payment between participating financial institutions for any business-to-business (B2B) and business-to-customers (B2C) transactions

Floor stocking

A short-term credit facility to finance the purchase of motor vehicles stock by dealers. It involves the financing of vehicle stocks from the appointed dealers upon presentation of the Sola of Exchange. After the clearance of excise duty by the custom through the Electronic Excise System (ESS), the manufacturer/distributor will forward the financing documents (required for vehicles registration) for the vehicle to Maybank. Upon redemption of the Sola, the financing document will be released to the dealer to facilitate the registration of the vehicle with the Road and Transport Department in the name of the hirer

Foreign Currency Account (FCA)

A current account offered by Maybank that's available in more than 10 major currencies

Foreign Exchange Contract (FEC)

An agreement between a customer and the Bank to exchange a specific quantum of foreign currency at a pre-determined rate of exchange at a specified future date. It is mainly used by exporters and importers to hedge against the fluctuations in exchange rates

Foreign Worker Telegraphic Transfer

Electronic Funds Transfer system for foreign workers in Malaysia to send money home, or for Malaysians to remit funds to Philippines, Indonesia and Bangladesh

Forex Booth/Bureau de Change

Selected Maybank branches that offer the sale and purchase of foreign currencies and other travel-related financial services

Forward Exchange Contract

An agreement to buy or sell currencies at a future date (more than 2 trading days) at a predetermined price. An FEC can be either at premium (i.e. higher than spot rate) or at discount (lower than spot rate), depending on the interest differential between the two currencies. It is generally used to offset or hedge against future rate exposure on receivables or payables in other currencies

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