Economy

Indonesia and Malaysia Expand Bank Access to Each Other’s Markets – Reuters

JAKARTA – Indonesia’s financial regulator and Malaysia’s central bank have entered into an agreement to enhance banking access between the two countries.

The pact was formally signed by Muliaman Hadad, chairman of Indonesia’s Financial Services Authority (OJK), and Muhammad Ibrahim, governor of Bank Negara Malaysia, during a ceremony held at the state palace in Jakarta, as reported by the OJK in a statement released on Monday.

According to the statement, the primary objective of the agreement is to address the existing disparities in market access and banking operations between the two nations. This will be accomplished through the establishment of banks that meet specific criteria in each jurisdiction, adhering to the principle of reciprocity.

Currently, Malaysian banks like CIMB and Maybank operate within Indonesia, while Indonesia’s state-controlled lender, PT Bank Mandiri Tbk, has announced plans to expand its presence in the region, including Malaysia.

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