Malaysia, Thailand to improve banks' supervision, coordination

Governor of Bank Negara Malaysia, Muhammad bin Ibrahim and Governor Bank of Thailand, Veerathai Santiprabhob today signed a MoU on banking supervision and financial development cooperation in Cebu Island, Philippines.

KUALA LUMPUR: The central banks of Malaysia and Thailand signed a Memorandum of Understanding (MoU) to enhance the supervision of banks operating in both countries as well as to improve coordination in key areas.

In a joint statement, the central banks of both countries said on Thursday the MoU served as a solid foundation for effective supervision of the banking institutions operating in both countries, as well as a basis for closer coordination in the areas key to ensuring sustainable financial development.

Bank Negara Governor Datuk Muhammad Ibrahim and Bank of Thailand Governor Veerathai Santiprabhob signed the MoU on Banking Supervision and Financial Development Cooperation on Thursday.  

“To support deepening regional integration and expanding trade and investment linkages between the two countries, cross border banking activities have increasingly significant roles in the financial system.

“In recognition of these important financial developments, the MoU reflects enhanced cooperation between the two authorities to ensure financial stability and sustainable financial development,” it said.

The banks added that the MoU also provided a strong basis for further development of effective supervisory systems in accordance with principles set out in the Basel Core Principles for Effective Banking Supervision. 

The MoU outlines various areas of supervisory and developmental cooperation, including cross-border and on-site supervision, market conduct supervision, consumer protection, financial inclusion, financial literacy as well as combatting financial crimes activities.

Subscribe now for a chance to win your dream holiday!

Monthly Plan


Annual Plan


Billed as RM148.00/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Wall Street set for mixed open, CrowdStrike slumps after global outage
Trading of Grand Central Enterprises' shares suspended pending announcement
AirAsia: No flight cancellations despite system disruptions
Genting Plantations to acquire 152 hectares in Indonesia for RM593mil for property development
Malaysia's digital banks not affected by Microsoft glitch
Ringgit up against major currencies, takes breather vs greenback
MCE secures RM19.6mil contract from Perodua for EV components
Optimax signs MoU with Health Ministry for school eye care
Air travel hit by global cyber outage
UEM Sunrise appoints Amran Hafiz Affifudin as director

Others Also Read