China Merchants Bank has signed a letter of intent with Malaysia’s CIMB to scale cross-border payments, trade finance, settlements, and investment banking services between China, Malaysia, and ASEAN countries.
The focus is on CIMB’s regional network and its position in Southeast Asia. For the Chinese bank, this is a way to deepen its presence in the region through a local player and accelerate financial flows between markets. Currently, it is a framework agreement: the parameters, volumes, and timelines for launching specific products have not been disclosed.