CIMB collaborates with China CITIC Bank to strengthen China-ASEAN financial connectivity

KUALA LUMPUR, June 10 (Bernama) -- CIMB Bank Berhad (“CIMB Bank” or “CIMB”) has recently signed a Letter of Intent (“LOI”) with China CITIC Bank Corporation Limited (“China CITIC Bank”) to strengthen financial connectivity between China and ASEAN, particularly in Malaysia and Indonesia, by facilitating bilateral trade, cross-border financing and investment flows across the region. The partnership, which leverages China CITIC Bank’s robust onshore network in China and CIMB’s extensive ASEAN footprint, will support these objectives by providing clients of both banks with more seamless access to a comprehensive suite of banking solutions spanning trade transactions, payments and cross-border financing to support their operational and expansion needs.  

The partnership will also support Chinese Yuan Renminbi (“RMB”) and foreign currency payment and clearing capabilities, including potential access to China’s Cross-Border Interbank Payment System (“CIPS”), interbank RMB funding arrangements and offshore lending into ASEAN markets, further strengthening financial linkages across the China-ASEAN corridor.