Maybank has announced its partnership with the Bank of Hangzhou to enhance cross-border financing, advancing artificial intelligence (AI), and digital innovation. Following this announcement, the financial institutions have taken an important step in the process of strengthening their financial ties by signing a Memorandum of Understanding (MoU), which is aimed at optimising customer experiences through secure services and supporting cross-border business initiatives.

In addition, both Maybank partners Bank of Hangzhou are expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well. More information on the Maybank x Bank of Hangzhou partnership Throughout this strategic deal, the companies also aim to improve cross-border business and financing, while also advancing digital innovation. Furthermore, they will prioritise facilitating tools such as cross-border financing, interbank cooperation within China, and focus on the clearing of Southeast Asian currencies, while connecting Chinese enterprises to a broader business ecosystem in the region as well.

Both financial institutions are expected to explore opportunities in digital banking, including analytics, data governance, and fintech product optimisation, while also fostering joint product development, knowledge sharing, and talent development strategies. These procedures are set to enrich customer offerings in both markets, while accelerating their growth in the overall financial landscape as well. The collaboration was formalised 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.

In addition, it also aligns with the Global Digital Trade Conference’s goals of fostering international cooperation and enhancing global digital trade, while also creating a lot of opportunities for both banks by leveraging their strengths of extensive footprint and experience in ASEAN. Source: Link .