logo
Chua Ma Yu's family office set up in Forest City

Chua Ma Yu's family office set up in Forest City

The Star06-05-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Ringgit opens higher against greenback as US-China trade talks resume
Ringgit opens higher against greenback as US-China trade talks resume

Daily Express

time36 minutes ago

  • Daily Express

Ringgit opens higher against greenback as US-China trade talks resume

Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 By: Bernama Text Size: At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Kuala Lumpur: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

Ringgit opens higher against greenback as US-China trade talks resume
Ringgit opens higher against greenback as US-China trade talks resume

The Star

time44 minutes ago

  • The Star

Ringgit opens higher against greenback as US-China trade talks resume

KUALA LUMPUR: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. "US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's "Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. "While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. - Bernama

Ringgit opens higher against greenback as US-China trade talks resume
Ringgit opens higher against greenback as US-China trade talks resume

The Sun

timean hour ago

  • The Sun

Ringgit opens higher against greenback as US-China trade talks resume

KUALA LUMPUR: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store