Signing of a Memorandum of Understanding between Bank Negara Malaysia and Bank of Thailand on Banking Supervision and Financial Development CooperationRef No : 04/17/01 06 Apr 2017 Embargo : For immediate release
Mr. Muhammad bin Ibrahim, Governor of Bank Negara Malaysia, and Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand, today signed a Memorandum of Understanding (MoU) on Banking Supervision and Financial Development Cooperation. The MoU serves as a solid foundation for effective supervision of banking institutions operating in both countries as well as a basis for closer coordination in areas key to ensuring sustainable financial development.
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 also provides 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.
Bank Negara Malaysia
Bank of Thailand
6 April 2017
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