BNM’s decision to maintain OPR expected, says AmBank


BANK Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3% was expected as the country had witnessed inflows from investors, particularly in the bond market during the first half of the year, according to AMMB Holdings Bhd (AmBank) group CEO Datuk Sulaiman Mohd Tahir (picture).

“They have made adjustments less than three months ago and momentum has picked up on businesses and investments.

“The main question is whether it (OPR) warrants further reduction, I think it’s something that we may not want to do,” he said during the launch of the AmBank-UnionPay Platinum Credit Card yesterday.

Sulaiman said the economy has seen improvement in various segments. The BNM cut the OPR by 25 basis points in May.

Meanwhile, UnionPay International South-East Asia GM Wenhui Yang said the partnership forged with AmBank is a part of its expansion plan in Malaysia and its commitment to provide products and services that are relevant to locals.

“Cardholders will appreciate the convenient, fast and secure UnionPay transactions, together with great rewards, travel, dining and lifestyle privileges in popular international travel destinations like Hong Kong, Japan, Thailand and domestically in Malaysia,” he said to reporters.

AmBank MD of retail banking Jade Lee said the group is excited to partner the China-based organisation as UnionPay has set up a strong issuing business for its partners in Malaysia.

“In addition, we are working together to have an all-year-long Four Seasons campaign, whereby in every quarter, we will be sending an AmBank UnionPay cardholder to popular overseas destinations according to the season,” Lee said.

The Four Seasons campaign will see opportunities for cardholders to win exclusive overseas travel packages for each season starting from spring, when they spend using the card from Oct 1 to Dec 31, 2019.

Existing AmBank customers can apply for their new AmBank UnionPay credit card directly via AmOnline or its virtual assistance on the AmOnline mobile app.

UnionPay is a global payment network that serves the world’s largest cardholder base.

To date, it has issued 7.5 billion UnionPay cards in 52 countries, with 2.9 million automated teller machines accepting its cards across 174 countries and regions.