Under the terms of the MoU, UBA and ABM will also explore opportunities and organize activities to share experiences between the members of both Associations.

The MoU was signed by UBA’s General Director S. Abdullaev and ABM’s Executive Director Chuah Mei Lin at the ABM office in UBN Tower following discussions and presentations by the two Associations and member banks of ABM.

ABM’s Executive Director Chuah Mei Lin said both parties will also mutually exchange pertinent general information and explore opportunities to advance regional cooperation.

“We are delighted to welcome UBA to Malaysia and as the representative of the 22 commercials banks in the country, ABM is prepared to assist our colleagues from Uzbekistan in any way we can,” Chuah said after the signing ceremony.

UBA’s Abdullaev said he hoped the MoU concluded today is a first step towards reinforcing better relationship between the banks of both countries as Uzbekistan strives to expand its knowledge and understanding of Malaysia’s banking infrastructure and practices.

The Uzbekistan delegation begins a two-day visit to Malaysia on 25 August and is scheduled to meet other key local banks.

UBA was formed in 1995 and is a voluntary alliance of 23 commercial banks in Uzbekistan and helps ensure the conformity of the local banking sector to international standards with the aim of a subsequent integration of these banks into the global financial system.