KUALA LUMPUR (April 24):  Amanah Raya Bhd has signed a Memorandum of Understanding (MOU) with the Public Trustee of the Republic of Singapore to improve efforts for Malaysians to claim uncollected assets in Singapore.

In a press statement on Friday, AmanahRaya said the MOU sets up a joint effort to find and contact people in Malaysia who may be entitled to assets that are currently under the Public Trustee of Singapore, especially for those whose last known address was in Singapore.

The assets include unclaimed monies managed by the Public Trustee of Singapore, such as funds without a named beneficiary under the Central Provident Fund Act 1953, as well as other assets left behind by deceased individuals.

AmanahRaya said more Malaysians are working and living in Singapore, leading to more cross-border cases involving unclaimed assets.

However, distance and differences in procedures between the two countries can prove to be difficult to track down beneficiaries, leaving assets unclaimed.

AmanahRaya’s role would involve identifying and reaching out to the rightful beneficiaries, said the Malaysian public trustee.

“This initiative helps reduce administrative complexity and supports the timely disbursement of assets to rightful beneficiaries,” said AmanahRaya acting group managing director Jack Yap Ngee Heong in the statement.

Yap said the collaboration provides a clearer process for tracing beneficiaries, sharing information and distribution assets.

AmanahRaya added that the initiative reflects closer economic links between Malaysia and Singapore, and it said it plans to continue improving its services to support Malaysians with cross-border matters.