Latest news with #ChuKokWei
Business Times
22-07-2025
- Business
- Business Times
Timing of JS-SEZ a lot more promising than some previous attempts: CIMB
[KUALA LUMPUR] The timing of the Johor-Singapore Special Economic Zone (JS-SEZ) is 'a lot more conducive' today than some of the previous attempts to do something similar, said Chu Kok Wei, CEO of group wholesale banking at CIMB. Chu said there are not many good global examples of successful cross border special economic zones, 'simply because you need good timing' for them to succeed. 'In partnership, it's very easy for us to say, we must be win-win on both sides, but it's often not easy to really craft out a win-win proposition,' Chu said at a panel on Monday (Jul 21). The panel was part of CIMB's media day held in Kuala Lumpur. Also with him on the panel were Haniz Nazlan, CEO of group consumer banking, and Lawrence Loh, co-CEO of group commercial & transaction banking. From a cost perspective, Chu noted that the cost divergence between Singapore and Malaysia has become a lot bigger, especially after the Covid-19 pandemic. It has reached a point where it is no longer just a cost issue, but a capacity constraint, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's not about how much you can pay; the supply is just not there.' Attracting foreign investment While Johor might not be the cheapest state in Malaysia to operate in, the cost differential continues to make a viable business case between Malaysia and Singapore, he said. Furthermore, Chu noted the SEZ is not just about relocating from the industrial zones of Singapore into Johor, but also attracting foreign direct investments (FDI) from around the world. 'Geopolitical developments globally have prompted a lot of FDI inflows into Asean, and naturally, the SEZ becomes one of the attractive potential destinations for that,' he said. A bright spot would be outbound flows from China flowing into the special financial zone within the JS-SEZ, he added. Meanwhile, Chu is optimistic that most activities in the JS-SEZ today are from private sector business enterprises, since private sector players are more inclined towards optimal decision-making than public sector players. In April, CIMB announced that it would commit RM10 billion (S$3 billion) in funding facilities to drive economic integration and unlock cross-border opportunities in the JS-SEZ. In a separate session, CIMB group CEO Novan Amirudin said the commitment will cover all market segments – apart from data centres, which is the sector that is currently receiving one of the largest FDI. He noted other opportunities, including family offices in the special financial zone, real estate development, and people movement after completion of the Rapid Transit System link.
The Sun
01-06-2025
- Business
- The Sun
U Mobile appoints CIMB as coordinator, lead arranger of up to RM4b financing for 5G rollout
PETALING JAYA: U Mobile has appointed CIMB as the company's loan coordinator and mandated lead arranger to facilitate and arrange financing of up to RM4 billion to support the nationwide deployment of its cutting-edge 5G network infrastructure. As part of the arrangement, CIMB intends to participate in the financing of at least RM1.5 billion with the balance to be syndicated among other financial institutions. The appointment was formalised at a signing ceremony in Kuala Lumpur on Friday. The financing will fund U Mobile's capital expenditure (capex) to accelerate the rollout of its Next Gen 5G network, which aims to achieve 80% coverage of populated areas by July 2026. The agreement was signed by U Mobile CEO Wong Heang Tuck and CIMB Group CEO of wholesale banking Chu Kok Wei, witnessed by U Mobile chief financial officer Sandy Tsang and CIMB head of corporate and public sector coverage Denise Wong. 'U Mobile is pleased to deepen our partnership with CIMB through this significant arrangement. CIMB shares our commitment to driving Malaysia's digital economy forward through connectivity and innovation,' Heang Tuck said in a statement. 'Partnering with a strong financial institution like CIMB demonstrates our ability in executing our capex programme efficiently. Their confidence in our financial discipline and growth trajectory reinforces our ability to deliver an enterprise-grade 5G network that is fast, scalable, and impactful for both businesses and consumers,' he added. Chu said, 'CIMB is pleased to partner with U Mobile on this strategic initiative to accelerate 5G coverage across Malaysia. This next-generation network will be a key catalyst not only in boosting social connectivity and economic inclusion across Malaysia, but positions Malaysia as a key enabler of Asean's digital economy. 'As a key financial institution in Malaysia and the region, we are grateful for the opportunity to continue leveraging our financial expertise, entrenched experience and strong business networks to spur U Mobile's growth in its national ambitions and Malaysia's broader digital transformation.' This milestone underscores U Mobile's continued momentum as the nation's newest 5G network provider, spurring digital connectivity and innovation, solidifying Malaysia's digital ambitions.
