KUALA LUMPUR (May 28): Malaysian Rating Corporation Bhd (MARC) has signed a memorandum of understanding (MOU) with Saigon Phat Thinh Ratings Joint Stock Company (Saigon Ratings).

In a statement on Tuesday, the rating agency said that the strategic partnership aims to foster mutually beneficial collaborations between MARC’s subsidiary MARC Ratings Bhd, and Saigon Ratings, promoting common interests and enhancing credit rating practices in the region.

Saigon Ratings provides credit rating services to domestic issuers, including financial institutions such as commercial banks, securities companies, investment funds, insurance companies (both life and non-life) and financial companies.

Additionally, Saigon Ratings evaluates corporate systems and debt instruments, including bonds, loans, project finance, green bonds, and environmental, social and governance (ESG) assessments.

MARC group chief executive officer Datuk Jamaludin Nasir said the collaboration will open doors for both parties to work together to expand existing networks and develop the regional credit-rating landscape.

“We hope to pursue initiatives that will bring sustainable impact to the financial industry,” he said.

Meanwhile, Phung Xuan Minh, chairman of Saigon Ratings, said the cooperation between Saigon Ratings and MARC was of great importance.

“Based on the MOU signed by both parties, MARC and Saigon Ratings will jointly explore, cooperate extensively, and take advantage of business development opportunities in the Vietnamese financial market, which is very young, yet has much potential and long-term development prospects,” he said.

MARC said the MOU will allow it and Saigon Ratings to leverage each other’s strengths and expertise in brand presence, credit rating knowledge, and local business environment proficiency.

It said the partnership aims to capitalise on synergies and opportunities to develop and implement innovative credit rating solutions tailored to meet the evolving needs of customers and stakeholders.

Additionally, there is potential to explore joint efforts in areas beyond credit ratings, MARC said.