Payments Network Malaysia Sdn Bhd (PayNet), Malaysia’s national payments network, has signed a memorandum of understanding (MoU) with Bank of China (Malaysia) Berhad (BOC Malaysia) to explore seamless, real-time payment and settlement solutions that simplify financial flows between Malaysia and China.

PayNet said in a statement on Tuesday that as trade and economic activity between the two countries grow, the collaboration aims to enhance cross-border transaction efficiency by leveraging PayNet’s robust domestic infrastructure and Bank of China’s deep expertise in international settlement and RMB clearing.

The move reflects a shared ambition to strengthen financial connectivity, support inclusive growth, and make cross-border payments more efficient for businesses and consumers alike.

“Enhancing ease in payments is critical as cross-border trade accelerates,” said Farhan Ahmad, Group Chief Executive Officer of PayNet.

“This partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable,

“We see this as a vital step toward realizing greater financial interoperability and inclusion across the region,” he added.

Alvin Tay, Deputy Chief Executive Officer of BOC Malaysia, said, the MoU represents a step forward in our broader strategy to enhance settlement solutions and deepen financial collaboration within the region.

“By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China,” he added.

According to the statement, this partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia.

Both organizations will continue to explore joint initiatives, including potential pilot projects, to operationalize the collaboration.

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