Singapore businesses to get boost in Malaysia forays under pact
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The MOU signed between SCCCI and Maybank Singapore was witnessed by (back row, from left) SCCCI president Kho Choon Keng, Minister of State for Trade and Industry Gan Siow Huang and Mr Chong Wee Yeat, head of global banking at Maybank Singapore.
PHOTO: SINGAPORE CHINESE CHAMBER OF COMMERCE & INDUSTRY
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- Maybank and SCCCI signed a memorandum to boost business collaboration and investment in South-east Asia and the Johor-Singapore Special Economic Zone.
- Maybank will offer tailored financial solutions, and facilitate networking and workshops along with SCCCI.
- The signing was witnessed by MOS Gan Siow Huang.
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SINGAPORE – Businesses in Singapore will benefit from workshops, faster opening of bank accounts and more under an agreement aimed at boosting cross-border collaborations with an eye on the Johor-Singapore Special Economic Zone (JS-SEZ).
The memorandum of understanding inked on July 17 between Maybank, Malaysia’s largest lender by assets, and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) is also looking to tap opportunities across South-east Asia.
The region is projected to become the world’s fourth-largest economy by 2030, with a combined gross domestic product of US$4.5 trillion (S$5.8 trillion).
SCCCI and Maybank said they will hold meetings, workshops and networking events to promote development, investment and trade, with a focus on the JS-SEZ.
Maybank will provide tailored solutions for businesses, including faster onboarding of accounts. It will also support programmes on topics like sustainability and syariah-compliant investments.
“This collaboration not only demonstrates a long-term commitment to Singapore businesses, but also marks a more active role for both parties in the new regional development landscape,” said Mr Chong Wee Yeat, head of global banking at Maybank Singapore.
Mr Kho Choon Keng, president of SCCCI, which has 5,000 corporate members and more than 150 trade association members, said the agreement will help businesses expand into international markets with confidence and efficiency.
“Singapore has understood the importance of international opportunities since its founding. Today, in this uncertain environment, we should continue to open our minds and broaden our horizons to international development,” he said.
Minister of State for Trade and Industry Gan Siow Huang, who witnessed the signing of the pact at the SCCCI building at Hill Street, said the Government will continue to support businesses that are dealing with an uncertain external environment.
She pointed to the Business Adaptation Grant, which was announced by the Singapore Economic Resilience Taskforce last week.
The grant, which is meant to help businesses adjust to a new tariff landscape, will be launched by October. It will be capped at $100,000 per company and require co-funding.
The JS-SEZ is expected to create 20,000 skilled jobs for people on both sides of the Causeway. The zone for business and investment in Malaysia covers the Iskandar Development Region.
It is already expected to draw investments from Singapore-based clients of Maybank.
The lender had estimated that these clients would contribute as much as RM2.35 billion (S$711.4 million) in investment
