Maybank and the Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to expand access to the Johor-Singapore Special Economic Zone (JS-SEZ) and foster growth for manufacturers across Singapore, Malaysia, and ASEAN. The agreement was witnessed by Johor’s Chief Minister, Dato’ Onn Hafiz Ghazi, during a dialogue event co-organised by Maybank and SMF.
The partnership aims to leverage Maybank’s regional banking network and SMF’s extensive ecosystem to facilitate investment and expansion opportunities. Maybank is set to support businesses with approximately RM22b (S$6.9b) in financing, focusing on digital infrastructure, manufacturing, and small and medium enterprises (SMEs).
Dato’ Onn Hafiz Ghazi highlighted the JS-SEZ’s success in attracting RM126.9b (S$40b) in foreign direct investments since its inception. He emphasised the importance of strategic partnerships in driving long-term economic growth and job creation. The JS-SEZ Masterplan aims to expedite investment approvals and develop high-value industries.
Lennon Tan, President of SMF, noted the significance of manufacturing to Singapore’s GDP and employment, stressing the need for companies to expand beyond local borders. The JS-SEZ offers a “twinning model” for businesses to maintain headquarters in Singapore whilst utilising Malaysia’s resources.
Alvin Lee, CEO of Maybank Singapore, expressed confidence in the partnership’s potential to support SMEs and align with Maybank’s ROAR30 strategy, which targets RM300b (S$94b) in sustainable finance across ASEAN. The collaboration is expected to enhance the competitiveness of Singapore’s manufacturing sector and contribute to the country’s Manufacturing 2030 vision.
