Malayan Banking Berhad (Maybank) has announced a collaboration with Chinese lender Bank of Hangzhou to improve cross-border financing and advance artificial intelligence (AI) and digital innovation.
Maybank said in a statement that the duo has 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. This collaboration coincides with the upcoming 50th anniversary of diplomatic relations between China and Malaysia, highlighting the commitment of both institutions to fostering closer economic ties.
The collaboration was formalized 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. 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, said the strategic partnership highlighted the strong ties between the two nations and their 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”, Yu added.
Khairussaleh Ramli, President and Group Chief Executive Officer of Maybank, said this collaboration would create a lot of opportunities to both banks by leveraging their strengths of extensive footprint and experience in ASEAN. “We aim to provide comprehensive financial services as a one-stop center to support the Chinese enterprises expanding into Southeast Asia”, he added.
Dr. Siew Chan Cheong, Group Chief Strategy and Transformation Officer of Maybank stated this partnership will expand their financial products and services for their customers while driving economic growth in the region. “Together, we will be involved in the co-development of AI and digital offerings to facilitate the ‘going global and bringing in’ of businesses from both countries”, he added.
According to the statement, 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. The bank intends to support Chinese initiatives seeking to expand into Southeast Asia, particularly in Malaysia and Indonesia. Maybank is Malaysia’s largest banking group by market capitalization and total assets, with key operations in Malaysia, Singapore, and Indonesia.