CIMB Group Holdings Berhad has pledged $2.27b (RM10b) to enhance economic integration in the Johor-Singapore Special Economic Zone (JS-SEZ). This significant investment aims to unlock cross-border opportunities and facilitate seamless business operations between Malaysia and Singapore. The initiative includes the introduction of the ASEAN Financial Passport, designed to provide businesses with comprehensive cross-border banking solutions.
The JS-SEZ is poised to become a transformative hub for regional economic collaboration, offering a seamless ecosystem for businesses and talent. CIMB’s commitment is expected to catalyse growth for corporates and small and medium-sized enterprises (SMEs), whilst also accelerating investment inflows. The bank’s strategic positioning enables it to connect clients with a robust value chain ecosystem, facilitating swift market entry and operational setup.
Novan Amirudin, Group CEO of CIMB Group, highlighted the initiative’s potential to deepen regional integration and enhance production efficiency. “The JS-SEZ represents a transformative move in regional economic collaboration, deepening connectivity and unlocking new avenues for sustainable growth,” he stated.
CIMB has established a dedicated team of 30 experienced bankers across Singapore and Malaysia to expedite market entry for clients. The bank operates 28 branches in Johor, with six dedicated to supporting growth in the JS-SEZ. Additionally, CIMB is exploring branches near the Johor-Singapore Rapid Transit System Link checkpoints to better serve customers.
Beyond banking, CIMB offers value-added services such as sustainability advisory and integrated payroll solutions, aiming to streamline operations and meet emerging environmental, social, and governance requirements. These efforts underscore CIMB’s role as a regional growth partner, advocating for cross-border business expansion.
($1.00 = RM4.41)
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