For­eign banks join MEPS

The Pak Banker - - Company& -

PETALING JAYA: Five ma­jor for­eign banks in Malaysia have joined the Malaysian Elec­tronic Pay­ment Sys­tem ( MEPS) au­to­mated teller ma­chine (ATM) net­work, which un­til re­cently had been the do­main of lo­cal banks.

Ef­fec­tive next year, HSBC Bank Malaysia Bhd, OCBC Bank (M) Bhd, United Over­seas Bank ( M) Bhd (UOB), Stan­dard Char­tered Bank Malaysia Bhd (StanChart) and Citibank Bhd will form part of the MEPs fam­ily, en­abling cus­tomers to use the ATM fa­cil­i­ties on a wider scale. StanChart and Citibank had ear­lier an­nounced their de­ci­sions last week.

The agree­ment links the banks to the MEPS ser­vice which pro­vides in­ter­bank cash with­drawals and bal­ance en­quiries at more than 10,000 ATMs na­tion­wide.

How­ever, the banks will launch the ser­vice in­di­vid­u­ally over time as soon as their re­spec­tive sys­tems are fully op­er­a­tional. Cur­rently, there are 14 for­eign banks in Malaysia.

This devel­op­ment is in line with rec­om­men­da­tions in the Fi­nan­cial Sec­tor Master­plan to al­low in­cum­bent for­eign banks to set up a shared ATM net­work and in­tro­duce new for­eign com­pe­ti­tion.

Given the in­ten­si­fy­ing de­gree of global com­pe­ti­tion and greater as­sim­i­la­tion into the global arena, the bank­ing sec­tor has to be pre­pared for greater lib­er­al­i­sa­tion.

HSBC gen­eral man­ager (per­sonal fi­nan­cial ser­vices) Lim Eng Seong said through this part­ner­ship, the bank hoped to ex­pand its reach to a larger and more di­verse mar­ket seg­ment.

"We aim to raise the bar in cus­tomer ex­pe­ri­ence. Thanks to Bank Ne­gara's var­i­ous lib­er­al­i­sa­tion ini­tia­tives, cus­tomers of lo­cally in­cor­po­rated for­eign banks now have a wider ac­cess to their bank­ing needs," he said in the joint state­ment yes­ter­day.

OCBC head of con­sumer fi­nan­cial ser­vices Charles Sik said the com­bined cus­tomer base of the four banks would ex­pand the na­tional elec­tronic pay­ments so­lu­tions ser­vice in Malaysia to be one of the most con­ve­nient in this part of the world. -PB News

HAWAII: US Pres­i­dent Barack Obama and his daugh­ter Malia eat 'shave ice' with fam­ily friends out­side of Is­land Snow while they are on Christ­mas vacation in Kailua. -Ap

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.