Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Memorandum of Understanding between Bank Negara Malaysia and the Hong Kong Monetary Authority

Bank Negara Malaysia and the Hong Kong Monetary Authority jointly announced today (Thursday) the signing of a Memorandum of Understanding (MOU) for the establishment of a large-value payment-system link between Malaysia and Hong Kong.

The two central banks will establish a link between the Ringgit real time gross settlement system in Malaysia (the RENTAS system) and the US dollar real time gross settlement system in Hong Kong (USD RTGS system). This link, scheduled to be completed in 2006, is the first cross-border payment-versus-payment (PvP) link between two real time gross settlement systems for two different currencies in this region.

The link enables the reduction of foreign exchange (FX) settlement risk through the implementation of a PvP mechanism during Malaysia and Hong Kong business hours. Under this mechanism, the delivery of a currency in a FX trade is conditional upon the delivery of the other currency in the trade, thus reducing the risk of non-delivery of any currency through real time settlement in the same time zone.

The establishment of the payment system link between Bank Negara Malaysia and the Hong Kong Monetary Authority will increase the efficiency and safety of payment systems in Malaysia and in the region, in particular the management of FX settlement risk exposure for the FX transactions involving the US dollar and Malaysian Ringgit (USD/MYR). Besides the reduction of the settlement risk, banks in Malaysia are expected to gain operational efficiency in executing the settlement of the FX transactions and the ability to provide an assurance to their counterparties of their ability to settle FX transactions.

 

For further enquiries, please contact:

Bank Negara Malaysia
Johari Mesar, Deputy Director (Payment Systems) at (603) 2691 6105

Hong Kong Monetary Authority
Jasmin Fung, Manager (Press), at (852) 2878 8246 or
Kevin Ip, Manager (Press), at (852) 2878 1687

Bank Negara Malaysia
Hong Kong Monetary Authority

8 December 2005

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery