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Malaysia needs efficient cross-border payment service to support trade

Small economies like Malaysia need to have an efficient cross-border payment service to support trade with countries around the world. This was the pronouncement of Bank Negara Malaysia (BNM) Governor Tan Sri Nor Shamsiah Mohd Yunus during a casual talk session at the Digital Economy and Finance Festival organised by Bank Indonesia. She added that the central bank is now pursuing multiple efforts on many fronts. These include linking the country’s fast payment system, DuitNow, with ASEAN neighbours. Intra-ASEAN trade accounts for the largest share of the total trade in ASEAN and Nor Shamsiah said the economic impact of a better cross-border payment system would be significant.

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