Bank of Hangzhou partners Malaysia’s Maybank to support cross-border businesses in China
Bank of Hangzhou, a $275 billion-asset commercial bank in China, has come together with Kuala Lumpur-headquartered Maybank to support Chinese enterprises expanding into Southeast Asia.
Bank of Hangzhou signs MoU with Maybank
The partnership will focus on “enhancing cross-border business and advancing digital innovation”, according to a statement issued by Maybank.
This includes facilitating services such as cross-border financing, Southeast Asian currency clearing, and wider interbank cooperation within China.
The pair will lead efforts to enhance cross-market customer offerings through a collaborative exploration of digital banking opportunities.
Maybank’s statement cites data governance, AI, analytics, fintech product innovation, talent development and knowledge sharing as key areas of interest.
“Together, we will be involved in co-development of AI and digital offerings to facilitate the ‘going global and bringing in’ of businesses from both countries,” comments Siew Chan Cheong, group chief strategy and transformation officer of Maybank.
Dato’ Khairussaleh Ramli, president and group CEO of Maybank, adds: “This collaboration would create a lot of opportunities to both banks by leveraging our 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.”
Founded in 1960, Maybank currently operates as one of the largest full-service financial services firms in Southeast Asia, serving customers across Malaysia, Singapore, Indonesia and the Philippines.
