KUALA LUMPUR: MaxMoney Sdn Bhd has inked a new remittance agreement with Nepal-based Himalayan Bank Ltd to work closely, transparently and leverage on both parties scale and platform capabilities to provide better money transfer services between Malaysia and Nepal.
Both company has also signed a settlement agreement in October last year to amicably end the long-standing transaction dispute.
The agreements was signed by Himalayan Bank chief executive officer Ashok SJB Rana and MaxMoney chief executive officer managing director Abd Hamid here recently to resume cross-border remittance services in the Malaysia-Nepal corridor.
"These agreements marks a new business collaboration between MaxMoney and Himalaya Bank as we foresee better money services business between Malaysia and Nepal via our two entities," Abd Hamid told The New Straits Times.
In addition to the agreements, the Central Bank of Nepal- Nepal Rastra Bank, had on 20 January this year, released MaxMoney's withholding transaction notice to allow the company to conduct remittance business with financial institutions in Nepal.
Himalayan Bank had entered into a remittance agreement with MaxMoney to remit money from Malaysia to Nepal back in 2008.
In 2018, MaxMoney allegedly found discrepancies in payments by Himalaya Bank and found tampering and forgery of fund transfer control number (PIN).
Both MaxMoney and Himalayan Bank has been consulting respective central banks and stakeholders in reaching a amicable solution to the dispute since then.
"We are glad to reach a positive solution with Himalayan Bank to end our disagreement and we now putting this behind us and moving ahead with new growth opportunities," Abd Hamid said.