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Eleven financial institutions are now members of MyClear's RMB Settlement Services

Eleven financial institutions have joined Malaysian Electronic Clearing Corporation Sdn Bhd’s (MyClear) Renminbi settlement services in RENTAS. The service will enable trade settlement in Renmimbi between businesses in Malaysia and China, as well as Renmimbi funds transfer via the electronic transfer of funds and securities system (RENTAS).

In 2011, Bank Negara Malaysia (BNM) appointed MyClear and Bank of China (Malaysia) Berhad (BOCM) to jointly formulate a new Renminbi settlement in the real-time electronic transfer of funds & securities (RENTAS) system. The service is now operated by MyClear, a wholly-owned subsidiary of Bank Negara Malaysia (BNM) and BOCM has been appointed by BNM as the Onshore Settlement Institution for Renminbi in RENTAS.

The 11 financial institutions are Malayan Banking Berhad, CIMB Bank Berhad, Public Bank Berhad, Hong Leong Bank Berhad, RHB Bank Berhad, AmBank (M) Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, Hong Leong Investment Bank Berhad and OSK Investment Bank Berhad.

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