Maybank pioneers first pilot single family office in Forest City
KUALA LUMPUR: Malayan Banking Bhd (Maybank), together with its client ONE KL Management Sdn Bhd (ONE KL), has secured the first pilot single family office establishment under the Malaysian Single Family Office scheme in the Forest City Special Financial Zone (FCSFZ).
ONE KL is the family office of Tan Sri Chua Ma Yu's CMY Capital.
Maybank said the collaboration signals the group's commitment to support the development of the Johor-Singapore Special Economic Zone (JS-SEZ), of which the FCSFZ is a key pillar.
Maybank group chief executive officer for community financial services, Syed Ahmad Taufik Albar, said the JS-SEZ and the FCSFZ are emerging as a compelling destination for regional wealth solutions, and it is cost-effective, well-regulated and strategically located.
"As the JS-SEZ develops, we anticipate a rise in cross-border flows, and Maybank is committed to being the strategic banking partner of clients operating in the JS-SEZ. To support this, Maybank has established a dedicated JS-SEZ Desk offering end-to-end banking and value-added services as well as connecting clients with the relevant authorities,' he said in a statement.
The banking group said family offices have gained significant traction in Malaysia and Singapore, fuelled by the rapid growth of the region's ultra-high-net-worth population.
Meanwhile, CMY Capital's Chua said the bank's deep expertise, regional network, and understanding of their unique needs gave them the confidence to be part of this pioneering initiative. "Their commitment to supporting long-term growth of the zone also makes them a strong partner,' he added. - Bernama
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