CIMB commits RM10bil to boost Johor Singapore Special Economic Zone
From left: Victor Lee Meng Teck, CEO, growth markets, CIMB Group; Novan Amirudin, group CEO; Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry, Malaysia; Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Singapore; Datuk Onn Hafiz Ghazi, Menteri Besar of Johor; Gurdip Singh Sidhu, CEO, CIMB Bank; and Ahmad Shazli Kamarulzaman, co-CEO, group commercial and transaction banking, CIMB Group, at the CIMB showcase within the Johor-Singapore Special Economic Zone joint business and investment forum, in Johor Bahru
KUALA LUMPUR: CIMB Group Holdings Bhd (CIMB) has committed RM10 billion in funding facilities to drive economic integration and unlock cross-border opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ).
In conjunction with the initiative, CIMB also introduced its ASEAN Financial Passport, a one-stop approach to empower businesses with a seamless cross-border banking experience, delivering end-to-end support, including local regulatory knowledge expertise across every stage of growth.
In a statement today, CIMB said it is strategically positioned to catalyse growth across corporates and small and medium-sized enterprises (SMEs), while accelerating investment inflows to support the transformative bilateral initiative.
"As a bank with presence in multiple markets, CIMB's holistic proposition connects clients to a robust value chain ecosystem, facilitating linkages between investors, government agencies, regulators and other key stakeholders to enable swift market entry and operational setup.
"This includes expediting onboarding via green lane account opening with simplified process for Malaysia-Singapore clients, as well as bespoke banking solutions such as SMEBizReady, GreenBizReady, HalalBizReady and cross-border remittance, tailored to meet diverse operational and expansion needs,' it added.
CIMB Group chief executive officer Datuk Novan Amirudin said the JS-SEZ represents a transformative move in regional economic collaboration, deepening connectivity and unlocking new avenues for sustainable growth between Malaysia and Singapore while strengthening the region's resilience against global uncertainties.
"As a leading ASEAN-focused financial institution, we are committed to our purpose of advancing customers and society by capitalising the immense potential of the JS-SEZ through our integrated cross-border banking solutions, strategic advisory, and extensive ecosystem of partnerships,' he said.
To support the initiative, CIMB has set up a dedicated team of 30 experienced bankers in Singapore and Malaysia to help clients across the region - including Indonesia, Thailand, China and Hong Kong - to capture opportunities arising from JS-SEZ, it said.
CIMB has an extensive presence in Johor with 28 branches, of which six branches have dedicated capabilities and expertise to support growth in JS-SEZ.
Additionally, the bank regularly conducts high-impact initiatives, including foreign and domestic direct investment partnerships as well as familiarisation visits to Johor, providing businesses with valuable market intelligence and direct access to key stakeholders. - Bernama
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