Malaysia’s largest lender Malayan Banking facilitated as much as MYR2.35 billion (US$545 million or $709.6 million) in client investments into the Johor-Singapore Special Economic Zone (JS-SEZ) as part of efforts to promote the region.
Maybank facilitated the submission of letter of intents by Singapore-headquartered clients Alpine Renewables and Edible Oils, Centurion Corp and Thomson Medical Groupinto the SEZ, according to a statement Monday.
Leaders of Singapore and Malaysia in January launched the zone that links the border region of both countries.
The SEZ is nearly twice the size of China’s Shenzhen — the city bordering Hong Kong whose success Malaysia is hoping to emulate with the SEZ.
Maybank also said it signed a letter of intent with the Economy Ministry that outlines interests in joint efforts to promote the SEZ.
The bank would facilitate financing for critical new technologies and infrastructure development, and provide trade finance solutions, investment guarantees and credit facilities to attract foreign direct investments.
