KL to amend foreign bank laws<\/p>\n
KUALA LUMPUR (AFP): Malaysia Saturday announced it was
\namending the laws so as to allow foreign-owned financial
\ninstitutions to operate in the country, a move that was
\nimmediately welcomed by China.<\/p>\n
Malaysia's Deputy Finance Minister Wong See Wah said the
\ninstitutions would have to get written approvals from the Finance
\nMinister under the proposed changes to the Banking and Financial
\nInstitutions Act, 1989.<\/p>\n
\"The amendments have been approved by cabinet last week and
\nwill be presented at the current parliament session,\" Wong was
\nquoted by Bernama news agency as saying. However, he did not give
\ndetails of the amendments.<\/p>\n
Wong was speaking to reporters after witnessing the signing of
\nan agreement between Malaysia's Hai-O Enterprise Bhd. and China's
\nHi-Tech Industries Import and Export Corp. to set up a joint-
\nventure company.<\/p>\n
China's Economic and Trade Counselor in Kuala Lumpur, Zhu
\nXiachuan, who was present at the ceremony, described the move to
\nallow foreign banks to operate in Malaysia as positive.<\/p>\n
\"We appreciate this quick action by the government as this
\nwill enable the Bank of China to open its branch here fast,\" Zhu
\nsaid.<\/p>\n
Malaysia's top bank, Malaysian Banking Bhd. as well as Public
\nBank Bhd. have representative offices in China.<\/p>\n
The Banking and Financial Institutions Act, 1989 -- which
\nreplaced the Banking Act 1973 and the Finance Companies Act 1969
\n-- had required all branches of foreign financial institutions to
\nbe locally incorporated within five years after it came into
\neffect.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-to-amend-foreign-bank-laws-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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