BANKING SECTOR SHOULD INTRODUCE MORE INNOVATIVE PRODUCTS TO STIMULATE TRADE

KUALA LUMPUR, Oct 20 (Bernama) -- The banking sector should step up efforts in
introducing more creative and innovative products to stimulate trade and
commerce, says International Trade and Industry Minister Mustapa Mohamed.

He said this is in line with the government's initiatives emphasising private
sector-led growth while ensuring Malaysia continues to be a investor-friendly
nation.

"We are certainly on the right track now as various initiatives such as the New
Economic Model and Economic Transformation Programme are in place to stimulate
economic growth.

"It is thus important for the banking sector to remain competitive, going forward.

"With more innovative and creative products in the banking sector, it will put
Malaysia in the forefront of attracting more investments locally and globally,"
he told reporters after launching the partnership between RHB Bank Bhd and
PayPal in introducing two new innovative payment services.

PayPal is a global leader in online payment solutions with more than 87 million
accounts in 190 markets and 24 currencies worldwide.

RHB and PayPal have signed an exclusive agreement to provide the bank's
customers with two new innovative payment services in Malaysia.

The two services are an online "Top-Up" to a PayPal account and online money
transfer via PayPal's global payment platform.

Mustapa hoped the partnership is the beginning of many more initiatives to
emerge in the banking sector.

"We also hope it will result in greater trade between Malaysia and its
partners," he added.
-- BERNAMA