Malaysia’s New RENTAS System adopts SWIFT connectivity and global standards
Bank Negara Malaysia, and its wholly-owned subsidiary MyClear, announced on 19 September the launch of the New RENTAS
Bank Negara Malaysia, and its wholly-owned subsidiary MyClear, (Real-time Gross Settlement and Debt Estimating Depository). RENTAS, first implemented in July 1999, enables the transfer and settlement of high value interbank funds and scripless securities transactions.
The new system will offer comprehensive multi-currency settlement and debt securities depository including Ringgit, USD and RMB, bringing additional leverage to the country to grow its role an offshore RMB centre. Equipped with the latest standards and connecting to SWIFT, Malaysia now also has the technology and reach to play a larger role on a global scale.
MyClear initiated a multi-year programme in 2010 to modernise Malaysia’s payment infrastructure, engaging with SWIFT as its infrastructure provider in 2014. The multi-year effort behind the New RENTAS initiative is driven towards internationalising and modernising Malaysia’s financial markets infrastructures to support the settlement of wholesale payments and securities denominated in international currencies. In line with these objectives, Bank Negara Malaysia decided to use SWIFT’s messaging standards and international network to improve accessibility and interconnectivity of Malaysia’s financial markets. Adoption of SWIFT will also facilitate the integration of RENTAS with other regional large value payments systems and allow seamless, safe and cost-efficient cross border transactions.
SWIFT remains highly committed to support the development of the Asia Pacific region and of Malaysia in particular. Earlier this year at the Malaysia Business Forum, Alain Raes, Chief Executive APAC & EMEA, confirmed the importance of Malaysia for SWIFT as SWIFT currently has 330 people operating in Kuala Lumpur, a number made to grow to 600 in the next two years, making Kuala Lumpur SWIFT’s second biggest office worldwide.