Critical for Malaysia to have efficient cross-border payment to support trade – BNM governor

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KUALA LUMPUR: It is crucial for a small and extremely open economic system equivalent to Malaysia to have an efficient cross-border payment service to support trade and commerce with its neighbouring international locations in addition to all international locations worldwide.

Bank Negara Malaysia (BNM) Governor Tan Sri Nor Shamsiah Mohd Yunus stated the central financial institution is now pursuing a number of efforts on many fronts equivalent to by linking DuitNow, its quick payment system, with ASEAN neighbours.

“This is a no brainer. Within Malaysia, DuitNow has enabled hundreds of thousands of people and companies to switch cash immediately and seamlessly. So think about if we might do the identical for the entire area to make cross-border funds cheaper, quicker, extra clear and accessible to all 600 million plus of us within the area. The financial affect could be important.

“ASEAN economies are extremely built-in, with intra-ASEAN trade accounting for the biggest share of the whole trade in ASEAN. So take into consideration how this will convey a couple of change to assist folks and companies in trade and journey,” she stated.

Nor Shamsiah stated this throughout the informal discuss session 1 on the Digital Economy and Finance Festival organised by Bank Indonesia themed, “Faster, Cheaper, More Transparent and More Inclusive Cross-border Payment to Promote Regional Economic Recovery”.

Also collaborating within the session have been Bank Indonesia governor Perry Warjiyo, Monetary Authority of Singapore managing director Ravi Menon, Bangko Sentral ng Pilipinas governor Felipe Medalla, and Bank of Thailand’s deputy governor Ronadol Numnonda. – Bernama



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