RI, KL banks tie up

RI, KL banks tie up

JAKARTA (JP): Bank of Commerce (M) Berhad of Malaysia and PT Bank Danamon of Indonesia have signed a memorandum of understanding in Kuala Lumpur to establish an arrangement for cross-border remittance of funds between the two countries.

Under the agreement, signed earlier this week and arranged by Schroders Malaysia (L) Berhad and PT Schroders Indonesia, the two banks launched a joint product named Primaberkat, aimed at making it easier for Indonesian workers in Malaysia to transfer their money home to Indonesia.

The two banks said in a joint statement sent to The Jakarta Post yesterday that the number of Indonesian workers in Malaysia currently stands at one million. (kod)