KUCHING: Maybank and Bank of Hangzhou of China have taken a significant step in strengthening their financial ties through the signing of a Memorandum of Understanding (MoU) aimed at enhancing customer services and supporting cross-border business initiatives.
In a statement by Maybank, it explained that this collaboration coincides with the upcoming 50 th anniversary of diplomatic relations between China and Malaysia, highlighting the commitment of both institutions to fostering closer economic ties.
It added that the collaboration was formalised following the recent signing of a Letter of Intent (LOI) by Kuala Lumpur City Hall (DBKL) with the Hangzhou Municipal People’s Government for the ‘Smartup City Connect’ initiative.
“The collaboration will focus on enhancing cross-border business and advancing digital innovation. This partnership aims to facilitate services such as cross-border financing, interbank cooperation within China, and the clearing of Southeast Asian currencies, while also connecting Chinese enterprises to a broader business ecosystem in the region.
“Additionally, both banks will explore opportunities in digital banking, including data governance, analytics, and Fintech product innovation, fostering joint product development, knowledge sharing, and talent development initiatives to enrich customer offerings in both markets,” it said.
It added that this strategic cooperation not only signifies the establishment of a more stable and closer partnership between Maybank and Bank of Hangzhou but also represents an important milestone in their joint efforts to support the ‘Belt and Road’ Initiative and empower high-level openness through capital collaboration.
Moreover, it said, it will further promote friendly relations between Hangzhou and Kuala Lumpur, as well as strengthen the broader China-Malaysia relationship.
For the record, the signing ceremony took place at the third Global Digital Trade Expo where Maybank group chief strategy and transformation officer Siew Chan Cheong, and Bank of Hangzhou president Yu Liming signed the MoU on behalf of both parties.
Commenting on the collaboration, Yu said that the collaboration highlights the strong ties between their nation and commitment to the ‘Belt and Road’ Initiative.
“This collaboration aligns with the Global Digital Trade Conference’s goals of fostering international cooperation and enhancing global digital trade.
“We look forward to impactful outcomes that will advance economic and trade relations between our countries,” he said.
Meanwhile, Maybank president and group chief executive officer Datuk Khairussaleh Ramli said that the collaboration would create a lot of opportunities for both banks by leveraging their strengths of extensive footprint and experience in Asean.
“We aim to provide comprehensive financial services as a one stop centre to support the Chinese enterprises expanding into Southeast Asia,” he said.
