KUALA LUMPUR: CIMB Bank Bhd and Shanghai Pudong Development Bank Co Ltd have signed a Letter of Intent (LoI) to solidify their partnership in enhancing the cross-border expansion of Chinese businesses into Asean.
The two banks aim to provide a wide range of financial services and solutions to facilitate trade, investment and business growth across the region.
The collaboration, which was formalised during the launch of Shanghai Pudong's cross-border financial services at the China International Import Expo (CIIE) in Shanghai, underscores the shared commitment of both institutions to bolster economic ties and foreign investments between China and Asean.
The LoI outlines key areas of cooperation, including trade settlement and finance, investment consulting services, debt capital markets, treasury and markets, and global payment solutions.
CIMB Group chief executive officer of group wholesale banking Chu Kok Wei said in the context of the 50th anniversary of Malaysia-China diplomatic relations, it is proud to play a pivotal role in supporting Chinese businesses as they enter Asean.
"With our extensive regional presence and industry expertise, CIMB is well-positioned to facilitate seamless cross-border expansion and help clients achieve their ambitions," he added.
Shanghai Pudong deputy president Kang Jie echoed the sentiment.
"Our collaboration with CIMB will enable us to help clients unlock this potential through robust financial solutions, igniting greater trade and investment flows in the years ahead."
The partnership comes at a strategic time.
As China-Asean cooperation continues to flourish especially with Malaysia set to assume the Asean chairmanship in 2025, the region is poised for significant initiatives that will further enhance its position as a global trade and investment hub.