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Payment Systems

Co-operative oversight arrangements

Cross-border cooperation

BNM has established cooperative oversight arrangements with the Hong Kong Monetary Authority (HKMA) on the oversight of the RENTAS - USD CHATS Payment versus Payment (PvP) and Delivery versus Payment (DvP) links. The thrust of the cooperative oversight are as follows:

  1. Confidentiality of and reciprocity for any information exchanged between BNM and HKMA; and
  2. BNM and HKMA would alert each other in advance on issues of concern and of public relations value or of media interest.

Cooperation with relevant authorities

BNM has also entered into an MoU with the Securities Commission on the oversight of payment and settlement systems to ensure the respective authorities mandates are achieved. The MoU covers the framework of cooperation between BNM and SC in the performance of the regulatory responsibilities in relation to any system for the clearing, transfer or settlement of securities. This includes:

  1. Exchange of information;
  2. Confidentiality and use of information;
  3. Supervisory and investigation of clearing houses; and
  4. Coordination and consultation.