Bank Negara Malaysia and Bank of Thailand have inked a memorandum of understanding (MoU) to strengthen supervision of banking institutions in the two jurisdictions and cooperate in financial development.

The agreement will focus on a range of area such as cross-border and on-site supervision, market conduct supervision, consumer protection, financial inclusion, financial literacy and financial crime prevention.

Bank Negara noted that cross border banking operations are currently playing a key role in the financial landscape, especially in the wake of increasing regional integration and trade connections between the two countries.

“In recognition of these important financial developments, the MoU reflects enhanced cooperation between the two authorities to ensure financial stability and sustainable financial development,” the Malaysian central bank said.

The agreement also aims to foster further development of supervisory systems in line with the principles in the Basel Core Principles for Effective Banking Supervision.

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