EXIM Bank acting president and CEO Nurbayu Kasim Chang said the move will promote transactions and foster financial integration between the two nations.
“This MoU is a testament to Malaysia and China’s strong and sustaining relationship.
“As we celebrate 50 years of diplomatic ties, the MoU aims to enhance cooperation between the ICBC Group entities globally and EXIM Bank to foster bilateral trade and investments, including the ICBC Business Matchmaker (BMM) platform,” she said at the MoU exchange ceremony.
The MoU also outlines a framework for strategic collaboration to promote mutual benefits and deepen financial ties between the two institutions.
Nurbayu said EXIM Bank is looking forward to collaborating with EXIM China, which will offer renminbi financing around the end of this year.
“This will be announced soon and it is one of the key initiatives we are undertaking,” she said.
On the Incentive Scheme for Exporter’s Sustainability (SIP2), Nurbayu said EXIM Bank has approved over RM150 million in financing for 20 micro, small, and medium-sized enterprises (MSMEs) and corporate exporters to date.
She said the target is to achieve RM1 billion under the SIP2 programme by the end of 2025 or 2026.
Nurbayu said SIP2 is an incentive programme announced in Budget 2023 which comes with a profit subsidy that will empower Malaysian businesses particularly those expanding overseas.
ICBC Malaysia managing director and CEO Xie Shaoxiong said the MoU reflects the bank’s commitment to fostering economic growth and strengthening its bilateral financial ties.
“We look forward to a prosperous partnership that will contribute to the development of both countries,” he said.
The ceremony was witnessed by investment, trade and industry minister Tengku Zafrul Aziz, EXIM Bank chairman Charon Wardini Mokhzani, senior representatives from both banks, key governmental figures, and business leaders from both countries.
Tengku Zafrul said the MoU represents a significant step in enhancing the financial cooperation between Malaysia and China.