Malaysian Rating Corporation Berhad (MARC) and China Chengxin International Credit Rating Co., Ltd (CCXI), one of China’s leading credit rating agencies, formalised a strategic partnership through the signing of a Memorandum of Cooperation (MoC) at MARC’s headquarters in Kuala Lumpur on 23 July 2025. The MoC signifies a shared commitment to strengthening cross-border collaboration in credit rating, macroeconomic research, and sustainable finance initiatives between Malaysia and China.
The MoC aims to enhance transparency, promote best practices in credit assessment, and foster joint research and development of analytical tools as well as environmental, social, and governance (ESG) and green finance methodologies. It also opens the door for joint conferences, knowledge sharing, and closer cooperation on credit assessments of Chinese enterprises in Malaysia, and Malaysian entities in China and Hong Kong.
The ceremony was attended by senior leadership from both organisations. Representing MARC were:
- Arshad Mohamed Ismail, Group Chief Executive Officer
- Mohammad Farish Mohd Noor, Chief Financial Officer
- Badrul Hisham Zawawi, Chief Commercial Officer
- Hafiza Abdul Rashid, Chief Rating Officer, MARC Ratings Berhad
- Taufiq Kamal, Deputy Chief Rating Officer, MARC Ratings Berhad
Representing CCXI were:
- Dr Yue Zhigang, Chief Executive Officer
- Christine Zhang, Managing Director
- Yi Cheng, Senior Analyst
- Dr Charles Yang, Chief Executive Officer, China Chengxin Green Finance Institute (CCXGFI)
- Eric Xue, Business Development Director, CCXGFI
The collaboration sets the foundation for shared networks, mutual market access, and joint product development between the two institutions. It also aims to reduce the informational gap between national rating practices, encourage investor confidence, and enhance global recognition of regional credit rating standards.
Arshad Mohamed Ismail, Group CEO of MARC, stated that the partnership represents a strategic evolution for MARC, broadening its international presence and aligning with global trends in sustainable finance. “This partnership marks a significant milestone for MARC as we strengthen our international ties and deepen cooperation with one of China’s most respected rating agencies,” he said. “It reflects our ambition to position MARC as a connector between ASEAN and key financial markets such as China. We believe credit rating agencies can play a more proactive role in supporting capital formation and risk transparency across borders. Through this collaboration, we aim to co-create methodologies that are locally grounded yet globally relevant, particularly in areas such as Islamic and sustainable finance, and ESG.”
He added that MARC looks forward to “cultivating long-term knowledge exchange, research innovation, and joint thought leadership that benefit the broader financial ecosystem.”
Dr Yue Zhigang, CEO of CCXI, stated that the MoC marks a significant step towards establishing a more interconnected and trusted credit rating environment in Asia. “We are honoured to establish this partnership with MARC, a highly respected institution in Malaysia’s credit rating landscape,” he said. “The signing of this MoC is a strategic step forward in expanding our presence and relevance within the ASEAN region. In today’s increasingly interconnected financial markets, closer cooperation between rating agencies is essential — not only for knowledge sharing, but also for ensuring consistent credit benchmarks that investors can trust.”
Leveraging Malaysia's economic and growth potential, coupled with deepened China-Malaysia bilateral ties and close trade and investment exchanges, there is vast room for rating cooperation between the two sides. As Chinese enterprises expand into Southeast Asian markets — particularly Malaysia — such collaboration will help them secure local financing and effectively mitigate exchange rate fluctuation risks.
Dr Yue also emphasised the importance of collaboration in sustainability and ESG. “By joining forces with MARC and China Chengxin Green Finance Institute (CCXGFI), we aim to accelerate the development of ESG frameworks, green finance solutions, and independent rating methodologies that support sustainable growth across borders,” he said.
Under the MoC, a joint working group will be formed to implement the cooperation framework, identify priority initiatives, and develop joint programmes. These include macroeconomic and sectoral research, credit assessment innovations, and collaborative engagements in the Islamic capital market, as well as sustainability-linked instruments.
