OCBC Bank Malaysia Bhd inked a memorandum of understanding with the Malaysia Chinese Restaurant Association or MCRA in an effort to formalize its strategic partnership. It aims to offer banking and financial services support to more than 100 China-based F&B companies operating in Malaysia.
Established in 2018, MCRA focuses on the internationalization of Chinese dining brands and on supporting catering businesses in Malaysia. The association also has branches in several Chinese provinces, namely Sichuan, Hubei, Henan, and Shanxi. According to MCRA President-General Gao Hao Yun, this partnership with OCBC Bank will significantly benefit its members through streamlined banking processes, from financing to cash management and foreign exchange services.
Gao said that through this partnership, MCRA members will be able to tap on the financial solutions from OCBC that have won various awards, especially its award-winning cash management and foreign exchange management services. Many are looking at simplifying their operations and going digital. The food and beverage industry in Malaysia, where the members are located, has a value of about US$13 billion (RM58 billion).
Gao has underlined that OCBC’s specific China Business unit would provide much needed connectivity over linguistic and cultural divide in regard to the businesses crossing from China to Malaysian markets. So, the dedicated resources including financial services in relation to this venture, local insights over the business environment, regulatory context and other sources of growth.
According to Leong Pei, the Head of China Business at OCBC Bank, this partnership serves well with the bank’s strategy to provide holistic financial solutions for F&B enterprises based in China to expand their businesses into Malaysia. OCBC Bank Managing Director and Head of Emerging Business Chan Kok Leong reiterates the bank’s commitment to SMEs, especially from China, by providing financing solutions tailored to their needs and digital tools to make banking easier.
This further enhances OCBC Bank’s continuous commitment to SME growth both for China-based and local SMEs, as well as providing them with the resources required to succeed in an increasingly digital and globalized marketplace.
