PENANG - Bank of China Malaysia (BoCM) on Thursday launched its first mobile application in Malaysia in a bid to better develop its retail banking business in the country.

The bank also announced that a new branch in Malacca will start business within the year.

BoCM chief executive officer Wang Hongwei said on Thursday that Bank of China, which currently has 10 branches in Malaysia, is committed to long-term development in Malaysia.

Wang made the remarks at the opening ceremony of BoCM's Penang branch at new location, highlighting that Bank of China (Hong Kong), the parent company of BoCM, is very confident about its business in the country.

The new branch in the northwestern state of Penang is also BoC's first smart bank branch among Southeast Asian countries, where state-of-the-art equipment can facilitate paperless and speedy transactions, according to Wang.

Lim Guan Eng, chief minister of Penang, at the ceremony, also acknowledged BoCM's active role in the state, saying the smart bank will not only benefit local customers, but also help enhance the whole standards of local banking sector.