Kuala Lumpur, Malaysia – 20 June 2024 – The Export-Import Bank of Malaysia Berhad (EXIM Bank Malaysia), and the Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia), held a witnessing ceremony for their Memorandum of Understanding (MoU) to foster and enhance bilateral financial relations. This momentous event is part of the celebration of the 50th anniversary of diplomatic relations between Malaysia and China.

The MoU witnessing ceremony was attended by the Malaysian Minister of Investment, Trade and Industry (MITI) Senator Tengku Datuk Seri Utama Zafrul Aziz, EXIM Bank Malaysia’s Chairman Dato’ Charon Wardini Mokhzani, senior representatives from both banks, key governmental figures and business leaders from both countries. The MoU outlines a framework for strategic collaboration to promote mutual benefits and deepen financial ties between the two institutions.

EXIM Bank Malaysia’s Acting President and Chief Executive Officer, Nurbayu Kasim Chang said: “This MoU is testament to the strong and sustaining relationship between Malaysia and China. As we celebrate 50 years of diplomatic ties, the MoU aims to enhance cooperation between ICBC Group entities globally and EXIM Bank Malaysia to foster bilateral trade and investments, including the ICBC Business Matchmaker (BMM) Platform. Both banks will also jointly promote the use of the Chinese Yuan as a trade and investment settlement currency between Malaysia and China, promoting transactions and fostering financial integration.”

ICBC Malaysia’s Managing Director/Chief Executive Officer, Xie Shaoxiong added: “We are honoured to collaborate with EXIM Bank Malaysia in this historic year. This MoU reflects our commitment to fostering economic growth and strengthening our bilateral financial ties. We look forward to a prosperous partnership that will contribute to the development of both countries.”

MITI Minister Senator Tengku Datuk Seri Utama Zafrul Aziz, who witnessed the ceremony, stated: “The MoU between MEXIM and ICBC Malaysia represents a significant step in enhancing the financial cooperation between Malaysia and China. It is a proud moment as we commemorate 50 years of strong diplomatic relations and look forward to further strengthening our economic ties.”

The primary objective of this MoU is to engage in collaborative efforts that are beneficial to both EXIM Bank Malaysia and ICBC Bank and will further enhance trade and financial ties between Malaysia and China. Both banks will jointly promote China-Malaysia trade development and investment cooperation and co-organise and participate in economic, trade, and investment forums, conferences, and exhibitions in both Malaysia and China.

Among the key highlights includes leveraging the extensive network of ICBC Group entities and its associates, such as the Standard Bank Group, for opportunities for Malaysian business communities to expand into Africa. This is part of EXIM Bank’s initiative under its Malaysia Global Connect (MGC) programme, where it seeks to strengthen Malaysia’s presence in international markets through targeted trade promotion activities, capacity building and market access support. The MGC programme has conducted a number of cross-border initiatives with MATRADE and a network of global Exim banks.

In addition, the MoU encourages the exchange of trade development information, market research and outlook and economic statistics to empower the business community for informed decision-making and strategic planning.

EXIM Bank is also empowering Malaysian businesses to gain entry into non-traditional market with the offering of Incentive Scheme for Exporters’ Sustainability or Skim Insentif Pemampanan Pengeksport programme (SIP2), which was introduced by the Government to encourage businesses to seize international opportunities. The scheme offers profit subsidy for Malaysian exporters and entrepreneurs to stay competitive in the global market. To date, EXIM Bank has approved financing over RM150 million under SIP2 to the Micro Small Medium Enterprise (MSME) and corporate exporters. Through incentivising financing rates, the Government aimed to create more exporters and further contribute to Malaysian export, which surpassed RM1 trillion in 2023.

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About EXIM Bank of Malaysia Berhad

The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures.  EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.

About Industrial and Commercial Bank of China Malaysia

Industrial and Commercial Bank of China Malaysia (ICBC Malaysia), a wholly owned subsidiary of Industrial and Commercial Bank of China Limited having its registered office at Level 10, Menara Maxis, Kuala Lumpur City Center, 50088 Kuala Lumpur，was incorporated on 28 January, 2010 and officially commenced its business on 28 April, 2010. As a full banking license financial institution, coupled with the deepening relationship between China and Malaysia, the Bank is actively and will continue to provide high quality financial services at all aspects to its customers, be that of trade, cross-border enterprises/investors, financial institutions and retail.