Following the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement, Maybank, Southeast Asia’s fourth-largest bank by assets, has pledged to support global economic activities centered in Johor and Singapore. The bank aims to become the preferred financial institution for Malaysia-Singapore transactions and solutions.
Dato’ Khairussaleh Ramli, President & Group CEO of Maybank, highlighted that the JS-SEZ initiative will enhance economic integration, drive regional growth, and create more employment opportunities. “The JS-SEZ will catalyze greater economic participation, boost intra-regional trade, and fortify the region’s resilience as an economic bloc,” he said.
Maybank is committed to ensuring ease of doing business within the JS-SEZ. Leveraging its strong regional presence and financial expertise, the bank aims to deliver comprehensive solutions for diverse customer needs.
“With our robust network and deep understanding of the region, we believe the JS-SEZ can generate meaningful outcomes for stakeholders and the ASEAN community at large,” added Dato’ Khairussaleh.
Over the past few months, Maybank has been actively engaging stakeholders and investors through events and promotions featuring the Menteri Besar of Johor and federal ministers. Businesses can capitalize on Maybank’s one-stop support services, which include:
- Advisory services.
- Enhanced credit facilities with expedited loan processing for investment financing.
- Seamless cross-border trade and investment experiences via extensive physical and online touchpoints in Johor and Singapore.
The bank also aims to attract investments from Singapore while serving as a gateway for ASEAN expansion. Key industries identified for growth within the JS-SEZ include data centers, semiconductors, wealth management, logistics, and manufacturing.
Khairussaleh emphasised the potential of the Halal industry within the JS-SEZ, stating, “With our global Islamic banking expertise, Maybank is well-positioned to provide Syariah-compliant financial solutions and access to the Halal ecosystem and marketplace.”
Maybank has mobilized RM104.89 billion (S$32 billion) in sustainable finance from 2021 to September 2024, reflecting its commitment to sustainable and transition finance solutions. The bank’s vast regional footprint includes:
- 37 branches, 3 Maybank Premier Centres, 9 Maybank Service Centres, and 6 Commercial Banking Centres in Johor.
- A planned “phygital” branch at Forest City for personalized virtual consultations and banking services.
- 18 branches and 6 Maybank Premier Lounges in Singapore, the highest among foreign banks.
Maybank is also enhancing cross-border payment services. The bank offers QR payments and peer-to-peer (P2P) transfers via mobile numbers across Malaysia, Singapore, Indonesia, China, Thailand, South Korea, and Cambodia. Since May 2023, its cross-border QR payments have facilitated over 3 million transactions worth RM250 million.
The bank’s Maybank Overseas Transfer (MOT) service has also seen significant growth, with cross-border transactions between Malaysia and Singapore increasing by nearly 60%, from 229,900 in 2023 to 336,700 in 2024. Digital customer growth across Malaysia, Singapore, Indonesia, the Philippines, and Cambodia has reached over 9.9 million active users.
“As the JS-SEZ materializes and further facilitates the movement of people and goods, we anticipate robust growth in cross-border payments,” said Khairussaleh. “Maybank remains committed to driving cross-border convenience and fostering economic prosperity for the region.”
