Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Dec 8): Perbadanan Insurans Deposit Malaysia (PIDM) has recently signed two separate memoranda of understanding (MoUs) with the Federal Deposit Insurance Corporation (FDIC) of the United States and the Korea Deposit Insurance Corporation (KDIC).

This forms part of the corporation’s continuous efforts to extend mutual cooperation and collaboration with its international counterparts.

The MoUs will facilitate the sharing and exchange of information, and mutual collaboration between the Corporation and its U.S. and Korean counterparts respectively. The MoU with KDIC is a renewal of that previously signed by the two parties in 2013.

“Cross border arrangements for the sharing of information and cooperation will enhance our ability to fulfil our respective mandates effectively and efficiently”, said Rafiz Azuan Abdullah, Executive General Manager of PIDM.

“Given the increasingly interlinked, highly globalised and complex environment that we operate in, international cooperation and mutual collaboration is of prime importance”, he added.

PIDM administers the national Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia and is the resolution authority in respect of its member institutions. 

FDIC is an independent United States federal supervisory authority, while KDIC is an independent government legislated entity which operates an integrated deposit insurance system.

To date, PIDM has established bilateral cooperation with several other deposit insurers in the world, which includes the Philippines Deposit Insurance Corporation (PDIC) and the Central Deposit Insurance Corporation (CDIC) Taiwan. 

PIDM also has a tripartite arrangement with the Deposit Protection Agency (DPA), Thailand and the Indonesia Deposit Insurance Corporation (IDIC).

      Print
      Text Size
      Share