OCBC taps Beijing’s ZGC to capture Chinese tech interest in Asean

[SINGAPORE] OCBC is partnering Beijing state-owned enterprise ZGC International as it aims to secure banking business from high-growth Chinese technology companies expanding into Asean.

ZGC manages overseas assets and provides cross-border services to help these firms expand globally.

The partnership, signed in Singapore on Friday (Jul 31), grants Singapore’s second-largest lender direct access to ZGC’s network of more than 14,000 technology companies.

These firms are situated in technology parks and innovation clusters across major Chinese cities, including Beijing, Guangzhou, Shandong and Tianjin.

The move comes about a month after China implemented stricter outbound investment rules on Jul 1, which tightened national security reviews for cross-border capital and technology flows. Partnering with a state-owned entity such as ZGC could thus offer OCBC a pre-vetted pipeline of companies aligned with these new compliance standards.

It also aligns with the lender’s broader corporate strategy to capitalise on shifting trade and investment flows between Greater China and Asean, said OCBC.

This comes after the bank saw a 50 per cent year-on-year jump in 2025 for the number of new Chinese companies it assisted in establishing an Asean presence, rising from a 30 per cent growth rate in 2024.

Targeting high-growth sectors

The collaboration will bypass broad outreach to specifically target firms in artificial intelligence, life sciences and health, software services and advanced manufacturing.

The bank’s goal is to identify promising Chinese tech companies and provide them with the necessary market access, business networks and financial solutions to scale across Asean, said Roy Tan, head of enterprise banking international at OCBC.

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He added that the foundation for the partnership was laid a year ago when OCBC presented its tech-focused banking capabilities to ZGC’s senior team in Kuala Lumpur.

Active engagements of Chinese tech companies are already underway. In June this year, OCBC hosted a matchmaking event at the ZGC Beijing Software Park, connecting with 25 AI and advanced manufacturing firms. Both parties have committed to a recurring schedule of joint events, technology park visits and overseas business delegations.

The agreement was signed by Elaine Heng, OCBC’s head of global commercial banking, and Lu Peng, deputy general manager of ZGC International.

The signing ceremony was also attended by representatives from the Economic Development Board, Singapore Chinese Chamber of Commerce & Industry, Business China and CapitaLand Investment , highlighting a coordinated, state-level effort to anchor Chinese corporate expansion in Singapore.