Five foreign banks in Malaysia have joined the Malaysian Electronic Payment System Sdn. Bhd., more commonly called the MEPS ATM network, network officials announced Dec. 28.
Joining this month are HSBC Bank Malaysia Bhd., OCBC Bank (M) Bhd., United Overseas Bank (M) Bhd., Standard Chartered Bank Malaysia Bhd. and Citibank.
The Malaysian Electronic Payment System is a payment consortium owned equally, and initially, by 12 local banks and is the country’s premier ATM network. Before the addition of the new banks it had 22 members, including the founding partner banks.
The agreement will add the ATMs of the five foreign banks, increasing the total number of machines connected to the network to about 11,000 from 10,253 previously. Participants’ cardholders may use the machines to make interbank cash withdrawals, balance inquiries, funds transfers and mobile prepaid top-ups across the network.
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