Maybank & Bank of Hangzhou to enhance cross border financing with AI
By Gloria Mathias
Maybank and the Bank of Hangzhou of China have signed a Memorandum of Understanding (MoU) to enhance customer services and support cross-border business initiatives.
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.
Yu Liming, President of the Bank of Hangzhou, shared, “We are excited to announce our strategic partnership with Maybank, highlighting the strong ties between our nations and our 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.”
Dato Khairussaleh Ramli, President and Group CEO of Maybank, said, “This collaboration would create many opportunities for both banks by leveraging our extensive footprint and experience in ASEAN. We aim to provide comprehensive financial services as a one-stop centre to support Chinese enterprises expanding into Southeast Asia.”
Dr Siew Chan Cheong, Group Chief Strategy and Transformation Officer of Maybank stated, “We are excited to embark on this journey with the Bank of Hangzhou, expanding our financial products and services for our customers while driving economic growth in the region. Together, we will be involved in co-developing AI and digital offerings to facilitate the “going global and bringing in” of businesses from both countries.”
This strategic cooperation signifies the establishment of a more stable and closer partnership between Maybank and the Bank of Hangzhou and 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 and strengthen the broader China-Malaysia relationship.
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