Kuala Lumpur: CIMB Group Holdings Bhd (CIMB) has committed RM10 billion in funding facilities to drive economic integration and unlock cross-border opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ).
According to BERNAMA News Agency, CIMB introduced its ASEAN Financial Passport in conjunction with the initiative. This passport is a one-stop approach designed to empower businesses with a seamless cross-border banking experience, providing end-to-end support, including local regulatory knowledge expertise across every stage of growth.
CIMB stated that it is strategically positioned to catalyse growth across corporates and small and medium-sized enterprises (SMEs), while also accelerating investment inflows to support the transformative bilateral initiative. The bank's holistic proposition aims to connect clients to a robust value chain ecosystem, facilitating linkages between investors, government agencies, regulators, and other key stakeholders for swift market entry and operational setup.
The bank highlighted that this initiative includes expediting onboarding via green lane account opening with a simplified process for Malaysia-Singapore clients. Additionally, bespoke banking solutions such as SMEBizReady, GreenBizReady, HalalBizReady, and cross-border remittance are tailored to meet diverse operational and expansion needs.
CIMB Group chief executive officer Novan Amirudin remarked that the JS-SEZ represents a transformative move in regional economic collaboration, enhancing connectivity and unlocking new avenues for sustainable growth between Malaysia and Singapore. This initiative aims to strengthen the region's resilience against global uncertainties.
Novan Amirudin emphasized CIMB's commitment as a leading ASEAN-focused financial institution. The bank aims to advance customers and society by leveraging the immense potential of the JS-SEZ through its integrated cross-border banking solutions, strategic advisory, and extensive ecosystem of partnerships.
To support the initiative, CIMB has established a dedicated team of 30 experienced bankers in Singapore and Malaysia. This team will assist clients across the region, including those in Indonesia, Thailand, China, and Hong Kong, to capture opportunities arising from the JS-SEZ.
CIMB currently has an extensive presence in Johor with 28 branches, six of which have dedicated capabilities and expertise to support growth in the JS-SEZ. Additionally, the bank regularly conducts high-impact initiatives, including foreign and domestic direct investment partnerships and familiarisation visits to Johor. These initiatives provide businesses with valuable market intelligence and direct access to key stakeholders.