Maybank Fosters Activities in Johor-Singapore Special Economic Zone

Maybank partners with ASME to support SMEs’ ambitions to expand in the Johor-Singapore Special Economic Zone and accelerate their sustainability journey.

Maybank Singapore (Maybank) has signed a Memorandum of Understanding (MOU) with the Association of Small and Medium Enterprises (ASME) to help small and medium-sized enterprises (SMEs) unlock new business opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) and across ASEAN while bolstering their sustainability capacity building for new growth avenue.

This partnership, announced on Thursday, signals a commitment to support companies in establishing operations in the JS-SEZ and seizing emerging business opportunities. Since the JS-SEZ was first announced in October 2023, Maybank has been engaging SME clients on its potential, leading to a 250 percent increase in inquiries and referrals about doing business in Johor in 2024 – highlighting strong business confidence in leveraging the opportunities offered by the JS-SEZ.

«With a strong presence and extensive network on both sides of the Causeway, and as the Bank with a footprint in the most number of ASEAN countries, we serve as a strategic bridge for businesses and the go-to Bank for companies looking to expand,» Maybank Singapore Country CEO, Alvin Lee, said. 

«With this MOU, we will intensify our efforts to level up SMEs’ competitive edge to thrive in an ever-evolving business landscape,» he added.

Under the MOU, Maybank will:

  • Facilitate market access and expansion for SMEs through streamlined onboarding processes, enabling faster account openings in Malaysia and Singapore, while providing dedicated advisory desks in Johor and Singapore to offer tailored support for businesses.
  • Develop financial solutions to drive SME growth within the JS-SEZ, including green lane financing in Malaysia for loans up to RM20 million for financing, secured against property or cash.
  • Equip SMEs with capacity-building programs focused on Environmental, Social, and Governance (ESG) through Maybank myimpact SME program, offering educational resources, training, and advisory services for SMEs to integrate sustainable practices into their operations to enhance their competitiveness and reputation.
  • Facilitate access to sustainable financing solutions through Maybank’s ESG-linked financial products, including enabling funding for green investments, supporting SMEs to adopt sustainable technologies or infrastructure to enhance their ESG performance, and providing financing with more flexible terms.
  • Empower SMEs to adopt ESG best practices through initiatives such as the complimentary ESG Readiness Assessment tool, which helps businesses identify their strengths, gaps and areas for improvement, enabling them to set realistic targets and strengthen their sustainability strategies.

«This collaboration with Maybank marks an exciting step in unlocking new growth avenues for our SMEs, enabling them to expand confidently into the JS-SEZ and beyond,» ASME President, Ang Yuit said.