Tencent Signs Memorandum of Understanding with China Construction Bank Corporation Labuan Branch in Malaysia

Fostering digital banking development and digitalization of enterprises in Malaysia

KUALA LUMPUR, Malaysia, May 27, 2020 /PRNewswire/ -- Tencent, a leading provider of Internet value-added services in China, today announced the signing of a Memorandum of Understanding (MoU) with China Construction Bank Corporation Labuan Branch (CCB Labuan) in Malaysia, boosting the digital banking development of CCB Labuan while promoting digitalization among local enterprises in Malaysia with Tencent Cloud's secure, reliable and high-performance services.

In line with the collaboration, Tencent will leverage its robust and reliable financial cloud technology and mobile payment capability, while CCB Labuan will contribute its extensive business influence and network in the Malaysian financial market.

Flying Wu, General Manager, Tencent International Business Group, said, "Digital transformation is inevitable especially during these trying times when nearly every aspect of our daily lives has gone online. We are proud to collaborate with CCB Labuan to facilitate and be part of this transformation among local businesses in Malaysia, demonstrating our commitment to the Malaysian market. With our technological capability, operational expertise and product innovations such as our cloud and WeChat ecosystem, we look forward to joining hands with CCB Labuan to support the digital development in Malaysia."

Felix Feng Qi, Principal Officer of CCB Labuan said, "As a leading financial institution in Malaysia, we are grateful for our collaboration with Tencent, through which we will leverage our resources and expertise to offer digital banking solutions that would benefit our customers. Through the MoU, we are now able to incorporate partners and ecosystem resources of WeChat Pay Malaysia, backed by WeChat, one of the world's largest social communication platforms, to achieve interconnection among business and individual accounts. We truly look forward to more collaboration with Tencent, together fostering a more digital future in Malaysia."

Tencent and CCB Labuan will explore cooperation opportunities between Tencent's products such as Tencent Cloud, including ERP system for SMEs and video conferencing tool; WeChat, including WeChat Pay, etc.; and CCB Labuan's services, including Blockchain settlement and cross-border SMART match-making platforms, among others.

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