Maybank CEO: «JS-SEZ Can Bring Meaningful Outcomes»

Maybank will look to tap opportunities from the newly formed Johor-Singapore Special Economic Zone with the aim of being «the preferred financial institution for Malaysia-Singapore financial transactions and solutions».

On January 7, the highly anticipated signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement was completed at the 11th Malaysia-Singapore Leaders’ Retreat. The two countries aim to create 20,000 jobs while bringing 50 businesses in five years and 100 businesses in 10 years to the freshly formed economic zone.

According to Maybank in a statement, it will support economic activities centered in Johor and Singapore with the «aim of being the preferred financial institution for Malaysia-Singapore financial transactions and solutions».

«In efforts to promote JS-SEZ becoming a high-performing economic zone, Maybank is committed to actively play a part in ensuring ease of doing business in Malaysia and Singapore,» commented Maybank president and group CEO Dato' Khairussaleh Ramli. «[W]e firmly believe that the JS-SEZ can collectively bring meaningful outcomes to all stakeholders and the ASEAN community at large.»

Banking Footprint

Currently, Maybank has a sizeable footprint in Johor and Singapore. It has 37 branches, three premier centers, nine service centers and six commercial banking centers in the former alongside 18 branches and six premier lounges in the latter.

Moving forward, it plans to set up a «phygital branch» to offer personalized consultations virtually and banking services in Forest City, one of the nine flagship zones in Johor.

Potential Growth Areas

Maybank highlighted a flurry of financial services that could experience growth from the JS-SEZ opportunities. They include advisory services, credit facilities and cross-border capabilities across trade, investment, payments and account opening. It also highlighted the potential in Islamic banking services and sustainable finance.