Latest news with #FCSFZ
The Star
05-05-2025
- Business
- The Star
Maybank pioneers first pilot single family office in Forest City
Maybank group chief executive officer of community financial services Syed Ahmad Taufik Albar 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
New Straits Times
28-04-2025
- Business
- New Straits Times
New global mediation and arbitration hub to take root in Forest City
KUALA LUMPUR: Singapore's Beihai Asia International Arbitration Centre (BAIAC) and Country Garden Pacificview Sdn Bhd (CGPV) are set to jointly launch an international mediation and arbitration platform in Forest City, Johor. The two parties have signed a Memorandum of Understanding (MoU), further solidifying their shared commitment to promoting international arbitration as the preferred means of resolving cross-border disputes. The new platform, tentatively named the FCSFZ–BAIAC International ADR Platform, located within the Forest City Special Financial Zone (FCSFZ) and the Johor-Singapore Special Economic Zone (JSSEZ), is expected to enhance Forest City's growing reputation as a vital hub for international business and investment. Professor Steve Ngo, President of BAIAC, noted that this partnership is a significant step in strengthening Southeast Asia's infrastructure for international commercial dispute resolution, particularly boosting the trade ties between Singapore and Johor. "We are proud to work with CGPV to bring this vision to life in Forest City," he said in a statement. Johor-based CGPV, the master developer of Forest City, is driving the transformation of the area into a thriving economic zone centred on finance, trade, commerce, education, and tourism. BAIAC, a regional arbitration centre, offers efficient and impartial arbitration and mediation services, with a focus on Asia, particularly China-Asean relations. Under the terms of the MoU, BAIAC will contribute its expertise in arbitration and mediation to establish the platform, offer reduced fees for cases handled within the FCSFZ, and help promote the platform through its extensive networks. CGPV will provide essential logistical and promotional support, including facilities, accommodations, and visibility within Forest City. Both parties will also collaborate on organising conferences, workshops, and seminars aimed at promoting international dispute resolution practices in the region. Kevin Li Geng, chief financial officer of CGPV, said, "We believe this partnership will further position Forest City as a key destination for international business and investment. Providing accessible and reliable dispute resolution options will greatly benefit our community and stakeholders." Additionally, in support of this initiative, BAIAC has recently established BAIAC Arbitration Mediation PLT in Malaysia, led by Dr Liew Eng Seong. This new entity will play a key role in supporting BAIAC's activities in Johor, marking a milestone in expanding BAIAC's regional presence and strengthening institutional collaboration in alternative dispute resolution throughout Southeast Asia.
