KUALA LUMPUR – Banking institutions from Malaysia and Thailand are invited to indicate their interest to be accorded with the Qualified ASEAN bank (QAB) status in the two countries.
This is pursuant to a bilateral arrangement under the ASEAN Banking Integration Framework (ABIF) between Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT).
According to a joint statement by BNM and BOT on September 14, QABs are envisioned to facilitate greater intra-ASEAN trade and investment in the region, in accordance with the ASEAN Economic Community Blueprint 2025 that aims to create an integrated and highly cohesive ASEAN economy.
The statement said the bilateral arrangement and its commitments form part of the ASEAN Framework Agreement on Services (AFAS), and both central banks reckoned that the bilateral arrangement is a significant milestone in the journey towards ASEAN financial integration as envisioned under the ABIF initiative.
Recently, the BOT and BNM had also launched the Cross-Border QR Payment Linkage between Thailand and Malaysia, it said.
BNM Governor Datuk Nor Shamsiah Mohd Yunus said the bilateral arrangement signified the strengthening of economic ties between Malaysia and Thailand — set to benefit the people of both countries as they will be able to enjoy better banking convenience and access to a wider range of banking products.