Maybank and SMF pact eyes manufacturing growth in Johor-Singapore SEZ

This links SMF’s 5,000-plus members to Maybank’s regional network.

Maybank and the Singapore Manufacturing Federation (SMF) have signed a memorandum of understanding to help manufacturers explore investment and expansion opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ).

The agreement was signed at a dialogue with Johor Chief Minister Dato’ Onn Hafiz Ghazi, organised by Maybank and SMF with the Malaysian Investment Development Authority.

The chief minister briefed participants on the JS-SEZ Blueprint and Masterplan and the state’s plans to attract advanced manufacturing.

Under the agreement, SMF’s network of more than 5,000 manufacturers and suppliers will be linked with Maybank’s regional banking network. The two organisations said they will support business networking, knowledge-sharing, and capacity-building, including on sustainability and ESG-related supply-chain practices.

Maybank will also provide banking services covering sustainable finance, cash management, payments, trade and supply-chain financing, and cross-border financing.

The bank said it is currently facilitating about $6.9b (RM22b) in financing and investment interests related to opportunities in the JS-SEZ.

These include digital infrastructure, manufacturing, small and medium-sized enterprises, and companies expanding elsewhere in the region.

Johor said the JS-SEZ has attracted $40b (RM126.9b) in foreign direct investment since its formalisation.

The state government is developing the zone’s Blueprint and Masterplan, which are expected to include measures to speed up investment approvals, ease the movement of people and goods, and develop higher-value industries.

SMF president Lennon Tan said the zone could allow Singapore manufacturers to keep headquarters and other functions in Singapore whilst locating production in Johor.

He said SMF has engaged more than 700 participants interested in setting up or expanding operations in the JS-SEZ.

Maybank Singapore CEO Alvin Lee said the bank would use its ASEAN network to support companies operating between Singapore and Malaysia, particularly small and medium-sized enterprises.

The partnership is part of Maybank’s broader plans under its ROAR30 strategy, which includes targets to mobilise $94b (RM300b) in sustainable finance and $31b (RM100b) each for the new economy and SMEs across ASEAN.