The Securities Commision (SC) of Malaysia announced on Monday that it has signed a memorandum of understanding (MOU) with the Ministry of Finance of the People’s Republic of China. The agreement will facilitate cross-border regulatory cooperation on accounting and audit matters.
According to the statement from the Malaysian regulator, the signing was witnessed by the Prime Minister of Malaysia YAB Tun Dr. Mahathir Mohamad and the Premier of the People’s Republic of China His Excellency Li Keqiang.
The Minister of Finance of the People’s Republic of China Liu Kun and SC Chairman Tan Sri Ranjit Ajit Singh signed the memorandum. The agreement aims to enhance cross-border access.
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Commenting on the memorandum, Ranjit said: “the signing of the MOU will enable both countries to benefit in areas of mutual interest relating to accounting and auditing. The MOU reflects the commitment of the SC and MOF China for regulatory cooperation to facilitate cross-border access.”
Malaysia Strengthens Ties with China
Malaysia’s Prime Minister Mahathir is currently on a five-day visit to China. One of the aims of the visit is to renegotiate billions of dollars of China-led investment projects in Malaysia. This is because many of the projects were endorsed by the previous Prime Minister, Najib Razak, who is currently being investigated for corruption.
So far during his visit, Mahathir and Premier Li Keqiang signed agreements on currency swaps and plans to increase exports from Malaysia. Following the meetings, in a joint statement, the two countries pledged to “adopt a strategic and long-term vision” and to “enhance political mutual trust and practical cooperation on the basis of equality, mutual respect and mutual benefit.”
Malaysia’s SC is no stranger to striking deals with outside countries to foster positive financial environments. Last year, Finance Magnates reported that regulators in Singapore and Malaysia began to build bridges to assist fintech companies in expanding abroad. This is because the Monetary Authority of Singapore (MAS) and the SC entered into a cooperation agreement to promote innovation in financial services in their respective markets.