KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and Bank of China (Malaysia) Bhd (BOC Malaysia) have inked a memorandum of understanding (MoU) to explore solutions that simplify financial flows between Malaysia and China.
The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu.
The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China’s expertise in international settlement and renminbi clearing.
Tay said the MoU represents a step forward in both countries’ broader strategy to enhance settlement solutions and strengthen financial collaboration.
"By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China," he said in a statement today.
Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable.
"We see this as a vital step toward realising greater financial interoperability and inclusion across the region,” he added.
The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia. - Bernama
