OCBC has set up a dedicated team in Singapore and Malaysia to support SME customers to capture opportunities arising from the planned Johor-Singapore Special Economic Zone.
The Johor-Singapore Special Economic Zone (JS-SEZ) is poised to be a catalyst for Johor’s economic prospects. The announcement of the JS-SEZ alone has buoyed investments into the construction and property sectors, aided by progress made on physical infrastructure such as the Rapid Transit System.
New bridge between Singapore and Johor Bahru (image: finews.asia)
Johor's strategic location with access to ports, its proximity to Singapore's established manufacturing hub, a manageable cost of living, and a track record of prudent economic policies position it strongly for the upcoming development of the JS-SEZ.
Starting with 25 Experienced Bankers
For the start, Singapore-based bank OCBC has set up two dedicated teams comprising 25 experienced bankers with an average of over ten years of experience supporting SMEs across the region with their business aspirations. These bankers will provide advisory services to help the SMEs start and grow their businesses, as well as connect them with suitable partners in the special economic zone.
OCBC expects to expand the number of teams beyond Singapore and Malaysia in the future, according to a media release sent on Thursday.
Deep History in Johor
Leong Pei Pei, Head of China Business, OCBC Malaysia; Vinothan Tulisinathzan, Director of MIDA Singapore; Jeffrey Teoh, Head of Wholesale Banking, OCBC Malaysia; YB Lee Ting Han, Johor State EXCO Member for Investment, Trade, Consumer Affairs & Human Resources; Mohamad Reduan Bin Mohd Zabri, Director of MIDA Johor; Roy Tan, Head of Enterprise Banking International, Global Commercial Banking, OCBC (from left, image: OCBC)
The OCBC Group has a deep history in Johor. OCBC Malaysia established its first branch in the state more than 100 years ago in 1917 and now operates eight branches in Johor, including in Johor Bahru, Skudai, Kulaijaya, and Taman Molek, which are all situated within the JS-SEZ.
Its network across the country spans 38 branches, seven of which are Islamic branches operated under its Islamic subsidiary OCBC Al-Amin Bank Berhad (OCBC Al-Amin).
Proven Track Record
OCBC has a proven track record of helping SMEs to establish operations in Malaysia. The Bank expects to have supported about 260 new mid-sized enterprises from the region, mainly from the services, construction, manufacturing and wholesale and retail trade sectors, to set up their businesses in Malaysia in 2024 alone.
Given the growing interest in the JS-SEZ, OCBC expects this number to increase by 20 percent in 2025.
Many Inquiries
«Though details of the JS-SEZ have not been shared, we have already received many inquiries from SMEs across the region to set up shop there. By setting up dedicated teams on both sides of the Causeway, we are well placed to support this growing interest of regional SMEs in entering the Johor and wider Malaysia market,» Tan Teck Long, Head of Global Wholesale Banking, OCBC, said.
«Recent geopolitical developments, the continued rise of ASEAN for supply chain diversity and resilience, and the significant growth of foreign direct investments into Malaysia these two years will further amplify the potential of the JS-SEZ,» he added.
Familiarisation Visits to Forest City
On 11 December 2024, OCBC co-organized with the Malaysian Investment Development Authority (MIDA) familiarisation visits to Forest City and the integrated industrial and commercial hub of EcoWorld Business Park in Johor Bahru, for 28 Singapore and Chinese mid-sized enterprises in the manufacturing sector.
A roundtable discussion was also organized, where MIDA shared about the investment opportunities and business landscape in Malaysia. Wiwynn Technology Service Malaysia and Huirui Polymers also spoke about their experiences doing business in Malaysia.
