Maybank pledges strong support for Johor-Singapore economic zone

SINGAPORE: Maybank has pledged to enhance its support for economic activities in Johor and Singapore following the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement.

The financial institution aims to position itself as the preferred partner for cross-border transactions between the two states, facilitating growth and strengthening regional economic ties.

In a statement, Maybank’s president and CEO, Dato’ Khairussaleh Ramli, emphasized the significance of the JS-SEZ in boosting employment, increasing intra-regional trade, and enhancing economic resilience.

“This agreement provides a unique opportunity to strengthen the region’s economic bloc while offering businesses the tools to expand and thrive,” he said.

Mr Ramli highlighted that Maybank’s enhanced financial services, including advisory support and expedited loan processing for investment financing, will enable businesses to capitalize on the opportunities presented by the JS-SEZ.

These services aim to facilitate cross-border trade and investments, supporting industries such as data centres, semiconductors, logistics, wealth management, and manufacturing.

The bank also revealed plans for collaborative efforts to attract investments from Singapore, further boosting key sectors and fostering economic development in the region.

Mr Ramli pointed to a notable increase in cross-border transactions, highlighting the growing economic integration between Johor and Singapore.

“In 2024, we observed a 60% increase in cross-border transaction volumes, from 229,900 at the end of 2023 to 336,700. This growth reflects the strengthening economic relationship between the two regions,” he noted.

As the JS-SEZ initiative moves forward, Maybank anticipates robust growth in cross-border payments, positioning the region as a key player in Southeast Asia’s economic landscape.