PETALING JAYA: CIMB Group Holdings Bhd yesterday 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).
Leveraging its strong Asean footprint and comprehensive suite of financial solutions, CIMB launched its Asean Financial Passport, offering a one-stop approach to empower businesses with seamless cross-border banking experience, delivering end-to-end support, including local regulatory knowledge expertise across every stage of growth.
The group said in a statement that it is strategically positioned to catalyse growth across corporates and small and medium enterprises, while accelerating investment inflows in support of the transformative bilateral initiative.
CIMB Group CEO Novan Amirudin said: “The JS-SEZ represents 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.”
As a leading Asean-focused financial institution, he added, they are committed to their purpose of advancing customers and society, by capitalising the immense potential of the JS-SEZ through their integrated cross-border banking solutions, strategic advisory and extensive ecosystem of partnerships, backed by their strong on-ground presence in both Johor and Singapore.
In this heightened uncertain environment, Novan said, CIMB is committed to being a source of strength for their clients, as they have always been, in both good and challenging times, to help them navigate this evolving landscape.
“We look forward to collaborating with various stakeholders and clients to deliver meaningful outcomes, while propelling Asean’s long-term economic and environmental aspirations.”
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 to capture opportunities arising from JS-SEZ.
With its extensive presence in Johor, CIMB currently operates 28 branches, of which six branches have dedicated capabilities and expertise to support growth in JS-SEZ. The bank is also exploring branches around the Johor-Singapore Rapid Transit System Link checkpoints to better serve customers.
In addition, CIMB regularly conducts high-impact initiatives including foreign direct investment and domestic direct investment partnerships as well as familiarisation visits to Johor for its clients from Asean. These provide businesses with valuable market intelligence and direct access to key stakeholders, including networking forums that connect investors with relevant stakeholders to encourage meaningful dialogues.
Complementing this, the bank also organises targeted seminars on economic and industry outlook; legal; tax and regulatory framework; business set up processes; and financing to equip businesses with practical tools and insights needed to navigate the JS-SEZ effectively.
Beyond core banking offerings, the bank provides value-added services such as sustainability advisory and integrated employee payroll solutions through CIMB@WORK, aimed at helping businesses streamline operations whilst meeting emerging environmental, social and governance requirements. These initiatives are part of an ongoing effort by CIMB as a regional growth partner to amplify its advocacy for cross-border business growth.
