Maybank to support Johor-Singapore economic zone

It aims on becoming the preferred financial institution for Malaysia-Singapore transactions.

Maybank said it will further support global economic activities in Johor and Singapore following the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement, with the aim of becoming the preferred financial institution for transactions between the two states.

Maybank’s president and chief executive officer Dato’ Khairussaleh Ramli, said that the agreement presents more employment opportunities, boosting intra-regional trade, as well as enhancing the region’s resilience as an economic bloc.

“Businesses will be able to capitalise on Maybank’s advisory services and enhanced credit facilities including express processing of loans for investment financing and cross-border trade and investment,” Ramli said.

He added that the company’s support also includes joint efforts to attract investments from Singapore and aims to enable key industries to thrive such as data centres, semiconductors, wealth management, logistics, and manufacturing.

“When the JS-SEZ commences, we can expect robust growth in cross-border payments. We observed a healthy cross-border transactions volume increase close to 60%, from 229,900 as of end 2023 to 336,700 in 2024 from inward and outward transactions within Malaysia and Singapore via Maybank Overseas Transfer,” Ramli noted.