KUALA LUMPUR, June 22 — One Belt One Road Association Malaysia (PMOBOR) today signed a Memorandum of Understanding with China Construction Bank (Malaysia) Bhd (CCBM) to facilitate the participation of business enterprises in the 127th Canton Fair 2020.
PMOBOR president Datuk Iskandar Sarudin said through the MoU, CCBM would provide financial services to PMOBOR members, share financial information analysis related to financial markets, the economy and investments as well as utilisation of fintech platform with PMOBOR.
He also said PMOBOR would promote CCB’s Match Plus Programme to members through cloud conferences and exhibitions related to trade and the economy among business communities in Malaysia, China, and other Belt and Road Initiative (BRI) member countries.
“This collaboration would give an advantage to Malaysian SMEs to enable them to start a business with partners in China besides promoting PMOBOR’s activities with SMEs of other countries especially those participating at the Canton Fair 2020.
“On the other hand, CCBM is taking this opportunity to be the platform for business enterprises to participate in the virtual online trade fair for the first time in history 63 years after this fair was established,” he said during the virtual signing ceremony here today.
The MoU, he said. would run for a period of six months and would likely be renewed by both parties.
Besides the fair, Iskandar said the event is also to commemorate the 46th anniversary of the establishment of diplomatic relations between Malaysia and China, which is celebrated on May 31 each year.
Meanwhile, CCBM chief executive officer/ China Construction Bank Corporation Labuan Branch principal officer Felix Feng Qi said the import and export Canton Fair 2020 uses cloud technology to feature goods on its website and mobile application (app), allowing over 600,000 merchants from over 100 participating countries to experience the new online trade and network.
“We will use the Canton Fair to help promote Malaysian SMEs and introduce Chinese businesses while helping to enhance the Malaysia-China and ASEAN-China trade relationship.
“We have innovated new payment methods based on blockchain technology, which will significantly reduce the time to complete cross-border payments in seconds compared with one to days previously,” said Feng.
He added that the payment method is offered free for all Malaysian SMEs in the effort to push Malaysia to become the hub for the ASEAN market.