Labuan FSA director-general Danial Mah Abdullah(pic) said the appointment was part of efforts to enhance Labuan International Business and Financial Centre
LABUAN: The Labuan Financial Services Authority (Labuan FSA) has appointed Bank of China (M) Bhd (BOCM) as a yuan settlement bank, bringing efficient, seamless and cost-effective real-time settlement of yuan-denominated transactions to financial institutions and entities.
The appointment is an extension of the BOCM’s yuan settlement service in the Real-time Electronic Transfer of Funds and Settlement System (Rentas) offered in Malaysia since 2012, in collaboration with Rentas operator, Payments Network Malaysia Sdn Bhd (PayNet).
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