Chaos Cloth for 5.3 includes the addition of an Experimental ML Cloth Data Generation process. Instead of using an external DCC to simulate cloth and generate an alembic file which is then imported, by using Chaos Cloth and the new Panel Cloth Node Graph Editor, cloth simulation can directly be generated as a geometry cache inside Unreal Engine. The cache can then be added to your existing ML Deformer setup.
https://dev.epicgames.com/community/learning/tutorials/PdRX/unreal-engine-ml-cloth-generation