Malaysia's PIDM Signs MoUs With US, South Korea To Enhance Operational Readiness

KUALA LUMPUR, Dec 8 (Bernama) -- The Malaysia Deposit Insurance Corporation (PIDM) has signed two separate Memorandums of Understanding (MoUs) with the United States Federal Deposit Insurance Corporation (FDIC) and Korea Deposit Insurance Corporation (KDIC). In a statement Thursday, Executive General Manager Rafiz Azuan Abdullah said the MoUs are part of the corporation's continuous efforts at extending mutual cooperation and collaboration with international counterparts. "The formalisation of or collaboration with these jurisdictions is also part of PIDM's continuous efforts at enhancing our capability and operational readiness. "The cooperation and sharing of information between the countries will enhance the ability to fulfill our respective mandates effectively and efficiently," he added. He said given the increasingly interlinked, highly globalised and complex environment that PIDM operates in, international cooperation and mutual collaboration is of prime importance. The MoUs will provide the players with an opportunity to share knowledge, expertise and experiences through various study visits, secondments, trainings and seminars. The FDIC is an independent United States federal supervisory authority and is the resolution authority for insured depository institutions and covered financial companies. KDIC is an independent government legislated entity which operates an integrated deposit insurance system (commercial banks, insurance companies, savings banks, and securities companies) and is a resolution authority for troubled financial institutions. The MoU between PIDM and KDIC is a renewal, with the initial signing in 2013. --BERNAMA