Central banks of Malaysia, Cambodia plan link-up for ATMs

The proposed policy, it said, set out the legal obligations, requirements and standards that digital currency exchangers, which will be defined under the First Schedule of the AMLA, must carry out as reporting institutions.

KUALA LUMPUR: Bank Negara Malaysia and the National Bank of Cambodia will explore a plan to set up a link between the national automated teller machine (ATM) networks in both countries.

In a joint statement issued on Friday following a bilateral meeting in Siem Reap, they said  such a link would facilitate efficient cross-border ATM cash withdrawals and retail payments. 

During the meeting, they discussed matters of mutual interest including regional central banking cooperation, the progress and achievements of bilateral technical cooperation, recent economic and financial development, fintech regulation and development and central bank governance and structure. 

The meeting was jointly led by Governor Tan Sri Muhammad Ibrahim from Bank Negara and Governor Chea Chanto from the National Bank of Cambodia.  

Capitalising on the fintech momentum, both governors further reaffirmed the commitment to support the regional development and adoption of fintech in enhancing innovation, efficiency and effectiveness of the financial services sector. 

“In particular, both central banks agreed to enhance collaboration on the application of technology in financial inclusion,” the statement said.
 
The meeting reinforced the long-standing tradition of cooperation, following the signing of two MoU between the central banks in 2010. Both central banks have subsequently engaged in various technical cooperation in the area of human capital development and cross-border banking supervision. 

At the end of the meeting, both institutions identified areas for future cooperation to further enhance the development of the financial sector towards the sustainable economic growth of Malaysia and Cambodia.