KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) and Industrial and Commercial Bank of China (Malaysia) Bhd (ICBC Malaysia) have entered into a strategic partnership to facilitate Malaysian exports and business expansion into China.
The two parties exchanged a memorandum of understanding (MoU) at the fifth Global Digital Trade Expo in Hangzhou, China.
Under the partnership, MATRADE and ICBC Malaysia will combine their networks and financial capabilities to facilitate cross-border business opportunities and connect Malaysian suppliers and service providers with Chinese business partners.
The collaboration will also support Malaysian small and medium enterprises seeking to expand their products and services into China and other markets, including Asean.
ICBC Malaysia will provide financial solutions to support MATRADE's trade initiatives, including the Malaysia-China Gateway Initiative, covering trade financing and market-entry support.
The bank will also promote the use of the Chinese yuan (RMB) for trade and investment settlements between Malaysia and China, as well as provide RMB settlement, trade finance and foreign exchange hedging solutions.
MATRADE chief executive officer Datuk Indera Abu Bakar Yusof said access to both markets and financial infrastructure was important for Malaysian companies expanding into China.
“Partnering with ICBC Malaysia aligns directly with our strategy to help Malaysian enterprises navigate international growth securely, build resilient trade connections, and establish a lasting footprint across regional markets,” he said in a statement.
Meanwhile, ICBC Malaysia managing director and chief executive officer Geng Hao said the bank would leverage its network in China and internationally to support Malaysian companies entering growth markets and connecting with Chinese business partners.
MATRADE and ICBC Malaysia said they would work on joint initiatives to broaden market access and facilitate trade for Malaysian companies.
