CIMB Group Holdings has announced a landmark commitment of RM10 billion in funding facilities to drive economic integration and unlock cross-border opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ).
CIMB, tapping on its Asean footprint, has launched its Asean Financial Passport, offering clients a one-stop, seamless cross-border banking experience, delivering end-to-end support, including local regulatory knowledge expertise across every stage of growth.
Novan Amirudin, group CEO of CIMB Group says the JS-SEZ is 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.
"This initiative fosters deeper regional integration by creating a seamless ecosystem for businesses and talent, as well as enabling efficient movement of goods, optimising costs and enhancing production efficiency for businesses. With clear complementary strengths, improved connectivity and highly structured bilateral coordination, we believe that JS-SEZ is set up for success," he says.
"We look forward to collaborating with various stakeholders and clients to deliver meaningful outcomes, while propelling Asean’s long-term economic and environmental aspirations,” he adds.
To this end, CIMB has set up a dedicated team comprising 30 experienced bankers in Singapore and Malaysia to accelerate market entry for clients across Malaysia, Indonesia, Singapore, Thailand, Mainland China and Hong Kong SAR to capture opportunities arising from JS-SEZ.
See also: Maybank targets JS-SEZ cross-border flows, steps up push in Asean and Hong Kong
CIMB now runs 28 branches in Johor, of which six branches have dedicated capabilities and expertise to support growth in JS-SEZ.
CIMB is also exploring branches around the Johor-Singapore Rapid Transit System Link (RTS) checkpoints to better serve customers.
(From left) Victor Lee Meng Teck, CEO, growth markets and Novan Amirudin, group CEO, of CIMB Group; Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry Malaysia (MITI); Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Singapore; Dato’ Onn Hafiz Ghazi, Menteri Besar of Johor; Gurdip Singh Sidhu, CEO, CIMB Bank; Ahmad Shazli Kamarulzaman, co-CEO, group commercial & transaction Banking, CIMB Group. / Photo: CIMB Group
