OCBC and ZGC International partner to support the expansion of Chinese technology companies in ASEAN

OCBC’s Head of Global Commercial Banking Ms Elaine Heng (left) and ZGC International’s Deputy General Manager Mr Lu Peng (right) signed the strategic cooperation agreement.

At a glance

• OCBC has signed a strategic cooperation agreement with ZGC International to support high-growth Chinese technology companies in their regional expansion
• Partnership will give OCBC direct access to ZGC’s network of technology parks and innovation clusters across key Chinese cities, and both parties have committed to facilitate regular engagements annually
• AI, life sciences, software services and advanced manufacturing identified as sectors with the strongest cross border opportunities in ASEAN

Singapore, 3 August 2026 – OCBC has inked a strategic cooperation agreement with ZGC International, a Beijing state-owned enterprise that supports high-growth Chinese technology companies in their expansion across ASEAN. This is in line with OCBC’s corporate strategy, The Next Frontier, which has an Asia Shift targeted at capturing ASEAN-Greater China trade and investment flows and focusing on Asia as a growth engine.

Bringing together ZGC’s in-depth innovation ecosystem with OCBC’s well- extensive international footprint, the strategic cooperation will generate significant opportunities for OCBC to capture the increasing trade and investment flows of Chinese corporates into ASEAN. Efforts will focus on artificial intelligence, life sciences, software services and advanced manufacturing – sectors in which OCBC sees strong cross border opportunities in ASEAN, and which are also key focus areas for ZGC. In 2025, the number of new Chinese companies that OCBC supported to establish a presence in ASEAN rose by 50% year-on-year, up from 30% growth in 2024.

The strategic cooperation will give OCBC direct access to ZGC's network of technology parks and innovation clusters representing over 14,000 technology companies across key Chinese cities including Beijing, Tianjin, Hebei, Shandong, Guangxi, and Guangzhou. This will connect OCBC with high-growth Chinese technology companies that are planning to expand to ASEAN. Both OCBC and ZGC have also committed to facilitate regular engagements spanning joint events, technology park visits, one-on-one business matchmaking sessions and overseas business delegations.

Engagements are already underway and generating momentum – one such event at the ZGC Beijing Software Park took place in June 2026, where OCBC engaged 25 attendees from AI and advanced manufacturing companies.

The cooperation agreement was signed at OCBC Centre on 31 July 2026. The signatories were Mr Lu Peng, Deputy GM, ZGC International, and Ms Elaine Heng, Head of Global Commercial Banking, OCBC. Also present at the ceremony were representatives from the Singapore Economic Development Board, Singapore Chinese Chamber of Commerce & Industry and Business China, and CapitaLand Investment – OCBC’s strategic partners in supporting Chinese corporates in their internationalisation journey across ASEAN.