Maybank is enhancing its cross-border financing business initiatives as the financial institution has signed a memorandum of understanding (MoU) with the Bank of Hangzhou of China.
The signing ceremony for this strategic collaboration took place at the third Global Digital Trade Expo, underscoring the importance of innovation and collaboration in today’s financial landscape.
The MoU was signed by Maybank Group Chief Strategy and Transformation Officer Dr Siew Chan Cheong and Bank of Hangzhou President Yu Liming.
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,” Maybank said.
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.
Commenting on the collaboration, Maybank President and Group Chief Executive Officer Datuk Khairussaleh Ramli said the collaboration would create a lot of opportunities to both banks by leveraging the banks’ respective strengths of extensive footprint and experience in ASEAN.
“We aim to provide comprehensive financial services as one stop centre to support the Chinese enterprises expanding into Southeast Asia,” he added while stressing 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.
“It will further promote friendly relations between Hangzhou and Kuala Lumpur, as well as strengthen the broader China-Malaysia relationship,” he said.
