Malayan Bank cooperates with SME Chamber of Commerce to help enterprises develop business opportunities in the New SAR

Maybank Singapore cooperates with the Singapore Chamber of Small and Medium Enterprises (ASME) to help SMEs explore new business opportunities in the New Economic Zone of the Johor Bahru and ASEAN as a whole, and accelerate the process of sustainable development.

The two sides signed a memorandum of understanding on Thursday (February 27). According to the agreement, Bank of Malaya will simplify the account opening process, accelerate the establishment of accounts for small and medium-sized enterprises in Singapore and Malaysia, and set up consulting service points in Johor and Singapore to provide customized support.

Bank of Malaysia will also launch specialized financial solutions, including providing green channel financing up to RM20 million (approximately SGD6 million) in Malaysia to help businesses in the SAR grow.

At the same time, it will provide environmental, social and governance (ESG) training and sustainable financial solutions for small and medium-sized enterprises to help enterprises develop and achieve sustainable development goals.

Bank of Malay pointed out that the number of consultations and recommendations it received in 2024 on business in Johor increased by 250%, indicating that companies are confident in the opportunities provided by the Johor New Special Zone.

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“Through this memorandum of understanding, we will increase our support to enhance the competitive advantage of SMEs and help them thrive in the changing business environment,” said Lee Hanying, President of Bank of Malaya (Singapore).

Hong Yu, president of the Singapore SME Chamber of Commerce, said: “This cooperation opens up new growth paths for SMEs, allowing them to confidently expand to the New SAR and the broader market.”