KUALA LUMPUR: OCBC Bank (Malaysia) Bhd has partnered with the Malaysia Chinese Restaurant Association (MCRA) to support over 100 of its China-based enterprises that operate in Malaysian food and beverage industry.
A memorandum of understanding (MoU) was signed between both parties where OCBC Bank will provide its banking solutions to enable the growth aspirations of the enterprises.
Established in 2018, MCRA promotes the internationalisation of Chinese dining brands and facilitates more catering business activities in Malaysia.
The non-profit, self-regulating social organisation is officially registered with Malaysia's Registrar of Societies and has overseas branches in several provinces of China including Sichuan, Hubei, Henan and Shanxi.
MCRA president-general Gao HaoYun said the collaboration will help its members to streamline their banking processes beyond financing to include cash management and foreign exchange management solutions.
The partnership, he said, comes at a crucial time as many of the members are looking to simplify processes and embrace digitalisation.
He said the F&B industry is valued at an estimated US$13 billion.
OCBC head of China business Leong Pei Pei said the collaboration aligns with the bank's quest to bring its award-winning financial solutions to China-based F&B companies seeking to grow in Malaysia.
"The robust F&B industry is making its way back following the setbacks of the recent pandemic, and we are looking to support the many small and medium size players in their journey toward starting, growing or accelerating their presence in the industry here," she added.