Conclusion of Negotiations between Bank Negara Malaysia and Bangko Sentral ng Pilipinas under the ASEAN Banking Integration FrameworkRef No : 04/17/02 06 Apr 2017 Embargo : For immediate release
Bank Negara Malaysia and Bangko Sentral ng Pilipinas signed a Declaration of Conclusion of Negotiations under the ASEAN Banking Integration Framework (ABIF) today. The Declaration was signed by Governor Muhammad bin Ibrahim of Bank Negara Malaysia and Governor Amando M. Tetangco, Jr. of Bangko Sentral ng Pilipinas at the sidelines of the 3rd ASEAN Finance Ministers’ and Governors’ Meeting in Mactan, Cebu Island, Philippines.
Building upon the Heads of Agreement signed on 14 March 2016, this Declaration marks the completion of negotiations between Bank Negara Malaysia and Bangko Sentral ng Pilipinas. The negotiations cover among others, the number of Qualified ASEAN Banks (QABs) to operate in each other’s countries, form of presence and operational flexibilities in the scope of banking activities, branches and other forms of delivery channels. These commitments form part of the ASEAN Framework Agreement on Services to be inscribed in the respective countries’ Schedules of Specific Commitments, and will come into effect upon each country’s domestic approval and ratification process.
This is Bank Negara Malaysia’s second ABIF arrangement following the bilateral agreement with Otoritas Jasa Keuangan in August 2016, signifying Malaysia’s continuous commitment in deepening ASEAN financial integration. With the conclusion of the negotiations, both Bank Negara Malaysia and Bangko Sentral ng Pilipinas look forward to the presence of each other’s QABs to facilitate regional cross-border trade and investment.
Bank Negara Malaysia
06 Apr 2017
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