Malaysia-China looks to explore ventures in digital bank, digital finance

by AZALEA AZUAR / pic source:

MALAYSIA and China are looking into possible cooperation, focusing on the digital economy and digital finance in the post-pandemic era in a joint meeting between Asia Digital Bank and Malaysia-China Business Council (MCBC).

Malaysia’s Special Envoy to China and MCBC chairman Datuk Seri Tiong King Sing (picture) said the discussion was held between Asia Digital Bank Ltd Liu Xuming and Malaysia Jiangsu Entrepreneurs Business Association (MJEBA) secretary general Sun Keqiang during a visit at MCBC office.

Tiong underscored how the rapid recovery of China’s economy after the pandemic has brought massive development opportunities for Malaysia during the meeting.

He believes there is room for exchange and cooperation between the two countries in different fields with broad prospects and this is where China’s vaccines would help Malaysia to overcome this pandemic soon.

“I hope to work together with Asia Digital Bank and MJEBA to deepen the cooperation between Malaysia and China, further enhance the friendship between the people and enterprises of the two countries and achieve common development and prosperity,” he said in a statement.

Meanwhile, Liu noted that China and Malaysia had a good relationship and have successfully achieved fruitful cooperation in recent years in the fields of economic, trade, investment and human resources exchanges.

“In the fight against the pandemic, China and Malaysia are helping each other to overcome the difficulties.

“The pandemic has accelerated the arrival of the digital era, and in recent years the government agencies of both countries have introduced a number of new policies to support the integration and development of the digital economy and traditional industries,” he said.

Hence, Asia Digital Bank is looking to assist the Malaysian government by leveraging its own resources in digital finance while helping Malaysian companies to grow and innovate in this field.

Both parties also shared on how to improve their cooperation in the field of tourism, agriculture, aquaculture, transportation, infrastructure and construction in the future.

Additionally, they would also be clarifying their cooperation ideas after the meeting as well as further defining the cooperation programme and giving full play to the resource advantages of both sides.

The two parties are looking forward to improving Malaysia’s economic recovery and developing a new model of financial development after the pandemic.

Asia Digital Bank was launched by Nanjing Zijin Investment Group Co Ltd, a China state-owned enterprise, and established in Labuan, Malaysia. It was officially granted a digital banking licence by the Labuan Financial Services Authority in November 2020 and held its online launching ceremony on May 26, 2021.