Latest news with #LocalCurrencyTransactionFramework
The Sun
5 days ago
- Business
- The Sun
Malaysia, Indonesia, Thailand expand local currency transaction framework
KUALA LUMPUR: Bank Negara Malaysia (BNM), Bank Indonesia (BI), and the Bank of Thailand (BOT) have expanded the Local Currency Transaction Framework (LCTF) by appointing additional qualified commercial banks. These banks, known as Appointed Cross-Currency Dealers (ACCDs), will support cross-border trade and investment settlements. The move follows enhancements announced earlier this year. 'This expanded ACCD network will strengthen customer outreach, enhance market access to local currency liquidity, and provide businesses with better cross-border transaction options,' BNM stated. Under the Malaysia-Indonesia LCTF, five Malaysian banks and four Indonesian banks have been appointed. The Malaysian banks include AmBank (M) Bhd, Bank of China (Malaysia) Bhd, OCBC Bank Malaysia Bhd, Standard Chartered Bank Malaysia Bhd, and Sumitomo Mitsui Banking Corporation Malaysia Bhd. The Indonesian banks are PT Bank Danamon Indonesia Tbk, PT Bank OCBC NISP Tbk, PT Bank Pembangunan Daerah Jawa Timur Tbk, and Bank of China (Hong Kong) Ltd (Jakarta Branch). For the Malaysia-Thailand LCTF, five Malaysian banks and one Thai bank were selected. The Thai participant is Bank of China (Thai) Public Company Ltd. Meanwhile, PT Bank OCBC NISP Tbk and Bank of China (Hong Kong) Ltd (Jakarta Branch) represent Indonesia in the Indonesia-Thailand LCTF, alongside Thailand's Bank of China (Thai) Public Company Ltd. BNM, BI, and BOT reaffirmed their commitment to fostering trade and investment growth through financial collaboration. The full list of appointed banks is available on BNM's website. - Bernama
The Star
5 days ago
- Business
- The Star
Bank Negara, BI and BOT widen local currency transaction framework
KUALA LUMPUR: Bank Negara Malaysia, Bank Indonesia (BI) and the Bank of Thailand (BOT) have appointed additional qualified commercial banks as Appointed Cross-Currency Dealers (ACCDs) under the Local Currency Transaction Framework (LCTF). In a statement, Bank Negara said these banks will facilitate cross-border trade and investment settlements in local currencies between the respective countries. The central bank added that this initiative follows a series of enhancements to the LCTF announced on Feb 17, 2025. 'The expanded ACCD network will strengthen customer outreach, enhance market access to local currency liquidity, and provide businesses with more options for cross-border transactions between Malaysia, Indonesia and Thailand,' it said. 'Bank Negara, BI and BOT remain committed to supporting trade and investment growth through closer financial collaboration under the LCTF.' Among the newly appointed banks are AmBank (M) Bhd, Bank of China (Malaysia) Bhd, OCBC Bank Malaysia Bhd, Standard Chartered Bank Malaysia Bhd and Sumitomo Mitsui Banking Corporation Malaysia Bhd. The expanded list of ACCDs covers local currency pairings between the Malaysian ringgit (MYR), Indonesian rupiah (IDR) and Thai baht (THB). The newly appointed banks are listed below: CLICK TO ENLARGE
