Bank of Hangzhou, Maybank Partner to Boost Trade and Digital Innovation

Bank of Hangzhou, a commercial bank in China with assets totaling $275 billion, has partnered with Maybank, headquartered in Kuala Lumpur, to assist Chinese companies entering the Southeast Asian market. The collaboration aims to "enhancing cross-border business and advancing digital innovation”, as stated by Maybank. 

This encompasses providing services like cross-border financing, currency clearing in Southeast Asia, and greater interbank collaboration within China. The duo will spearhead initiatives to improve cross-market customer services by jointly exploring digital banking possibilities. Maybank’s announcement highlights data governance, artificial intelligence, analytics, fintech product innovation, talent development, and knowledge sharing as primary areas of focus.

“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.”

Established in 1960, Maybank is now one of the largest comprehensive financial service companies in Southeast Asia, catering to clients in Malaysia, Singapore, Indonesia, and the Philippines.