United Overseas Bank (UOB) has launched a “green lane” with Invest Johor, the Malaysian state’s investment agency, to fast-track investments into the Johor-Singapore Special Economic Zone (JS-SEZ).
The “green lane”, which was launched at a Johor business mission held at Sunway Hotel Big Box on Feb 19, is one of the results of the memorandum of understanding (MOU) signed at the 2024 Asean conference in August last year. The business mission is organised by the Singapore Business Federation (SBF) and jointly supported by UOB, Rajah & Tann and RSM Singapore.
Under the agreement with Invest Johor, UOB will conduct the pre-qualification assessment for its customers’ applications for Johor’s “super lane” approval, according to the criteria set out by Invest Johor.
According to Johor Menteri Besar Dato’ Onn Hafiz Ghazi, the Johor Super Lane, which was announced under the Johor Budget 2025, is meant to “streamline processes and enhance the ease of doing business in Johor”.
UOB has also introduced a “fast lane” account opening service for its Singaporean customers looking to expand into the JS-SEZ. In addition, the bank has established dedicated JS-SEZ desks in Johor and Singapore to support its customers on financial solutions, account opening and market entry.
At the ceremony, UOB introduced its first client under the “green lane”, Gold Peak Technology Group, a Hong Kong-listed battery technology and energy storage solutions provider. Michael Lam, Gold Peak Technology Group’s executive director and managing director presented a letter of intent (LOI) to Invest Johor’s CEO Natazha Hariss. Gold Peak’s proposed investment in the JS-SEZ is estimated to be RM670 million ($202.4 million) involving the establishment of a state of-the-art manufacturing and a research and development facility producing batteries with next-generation technologies.
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The ceremony was witnessed by Dato’ Onn Hafiz, Lee Ting Han, Johor State EXCO member for investment, trade, consumer affairs and human resources; Ng Wei Wei, UOB Malaysia’s CEO; Victor Lo, chairman of Gold Peak, Malaysia and Sam Cheong, head of group foreign direct investment advisory, UOB.
“Since the signing of the JS-SEZ, we have witnessed remarkable progress in strengthening cross-border trade and investment opportunities. Our partnership with UOB has gained strong momentum, reinforcing our shared vision of creating a seamless and thriving investment ecosystem within the JS-SEZ. This collaboration is a testament to our commitment to turning vision into action,” says Dato’ Onn Hafiz.
In a separately-issued release by the Singapore Business Federation, Lim Ming Yan, chairman of the Singapore Business Federation says the JS-SEZ “provides a timely opportunity for companies to innovate, forge new partnerships and build stronger regional connections.”
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”Through initiatives such as this business mission, we help to facilitate meaningful discussions between businesses and policymakers to shape the future of cross-border collaboration and investment and support enterprises in seizing growth opportunities in Malaysia and beyond. SBF is uniquely positioned as a nexus between businesses and the government(s) to facilitate these discussions and provide business recommendations to help shape the business future,” he adds.
The investment by Gold Peak Technology Group is also “another milestone” that aligns with Johor’s commitment to realising the Maju Johor 2030 vision, he adds.
"Since signing the MOU with Invest Johor six months ago, UOB has been working hard to deliver on its commitments. We have brought in investments into targeted sectors, streamlined processes to fast-track investments into JS-SEZ, as well as worked with the Johor government and MIDA to launch a video to promote JS-SEZ,” says Ng.
“We are proud to have played a significant role in bringing this potential investment from Gold Peak Technology Group. This LOI is significant as it reflects a growing interest and confidence among investors in the potential of the JS-SEZ,” she adds.
“We are very honoured to become UOB’s first client under the Green Lane. Gold Peak Technology Group, a leading global battery manufacturer, is committed to sustainability as a core principle of our operations. We strive to be at the forefront of the industry in green production. Sustainable energy solutions represent a key business initiative, and we are actively investing in research and development to advance innovative technologies in this area,” says Lam.
“As we are re-balancing our manufacturing capabilities in the region, the Johor Singapore SEZ presents a strategic opportunity for us to expand our footprint in Southeast Asia,” he adds.
