Chua Ma Yu's family office set up in Forest City
FILE PHOTO: Prospective buyers look at a model of the development at the Country Gardens' Forest City showroom in Johor Bahru, Malaysia February 21, 2017. REUTERS/Edgar Su/File Photo
KUALA LUMPUR: Malayan Banking Bhd (Maybank) and tycoon Tan Sri Chua Ma Yu are pioneering the first pilot single family office establishment under the Malaysian single family office scheme in the Forest City Special Financial Zone (FCSFZ).
Chua is the co-founder of today's RHB Bank.
In a statement, Maybank said the collaboration with its client ONE KL Management Sdn Bhd (ONE KL) – the family office of CMY Capital founded by Chua, signalled its 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 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 yesterday.
It added that family offices have gained significant traction in Malaysia and Singapore, fuelled by the rapid growth of the region's ultra-high-net-worth population.
Maybank cited McKinsey & Company's findings that the wealth pool of affluent and mass-affluent individuals in Asia is projected to reach US$4.7 trillion by 2026, up from US$2.7 trillion in 2021.
The bank's deep expertise, regional network, and understanding of our unique needs gave us 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,' CMY Capital's Chua said.
On Apr 23, the Securities Commission Malaysia gave the greenlight to CMY Capital and Yow Kee Family Office for Malaysia's new single family office tax incentive scheme.
The two were among the 19 companies from Malaysia, Singapore and Thailand that have shown interest in the scheme.
Yow Kee Family Office is owned by the family of David Chong, a lawyer and businessman.
Single family offices will enjoy zero tax rate on their investment returns under the scheme, which was unveiled last September. It only applies to companies that set up the offices in the FCSFZ.
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