Central Banking

Malaysia, Hong Kong launch payment link

Bank Negara Malaysia (BNM) and the Hong Kong Monetary Authority launched a new cross-border payment-vs-payment link between Hong Kong's US dollar real time gross settlement (RTGS) system and Malaysia's ringgit RTGS system, the BNM said Monday 13 November.

The link, which began operations Monday, will eliminate settlement risks in foreign exchange transactions between the US dollars and Malaysian ringgit by ensuring the simultaneous delivery of US dollars in Hong Kong and ringgit in Malaysia, t