Malaysia signs bank access pacts with Thailand, Philippines

Kuala Lumpur

MALAYSIA's central bank said on Monday it has signed agreements with its counterparts in Thailand and the Philippines on market access and operational flexibility for lenders, as the Asean countries move towards an integrated banking market.

The Association of Southeast Asian Nations (Asean) established an Asean Economic Community at a summit in Kuala Lumpur in November, aiming to promote the flow of trade, capital and professional labour in a single market of 625 million people with combined economic output of US$2.6 trillion.