The SCCCI and Maybank will work together on initiatives aimed at promoting economic development, investment and trade with the JS-SEZ as a “strategic focal point”.

The Singapore Chinese Chamber of Commerce & Industry (SCCCI) and Maybank Singapore have entered into a landmark memorandum of understanding (MOU) on July 17. The signing of the MOU was witnessed by Gan Siow Huang, Minister of State for Foreign Affairs and Trade and Industry.

The MOU, which is expected to benefit some 5,000 SCCCI corporate members, is meant to strengthen cross-border business trade and drive investments across Southeast Asia with a focus on Singapore, Malaysia and the Johor-Singapore special economic zone (JS-SEZ), reads the joint release.

With Southeast Asia is poised to become the world’s fourth-largest economy by 2030 and the region having a projected combined GDP of US$4.5 trillion ($5.79 trillion), the region is said to offer “significant growth opportunities”, especially in the digital and green economy sectors.

Based on this, the SCCCI and Maybank will work together on initiatives aimed at promoting economic development, investment and trade with the JS-SEZ as a “strategic focal point”. Initiatives include jointly organising meetings, visits, conferences, workshops and networking events as well as introducing new measures to advance shared objectives.

Maybank will also contribute tailored solutions such as green lane financing, trade finance, cash management and environmental, social and governance (ESG)-linked products and facilitate faster account onboarding for businesses.

SCCCI members will also benefit from capacity-building programmes in areas such as sustainability, Halal advisory, and financial services, supported by dedicated advisory services from Maybank’s JS-SEZ desk.

“This strategic partnership between SCCCI and Maybank strengthens our members’ competitiveness for the future. In the face of an increasingly complex and rapidly changing business landscape, strong financial capabilities and deep regional insight are critical,” says Kho Choon Keng, president of SCCCI.

“With a dual-market advantage in Singapore and Malaysia and as one of the earliest proponents of the JS-SEZ, Maybank is committed to supporting businesses with a comprehensive suite of banking solutions, while identifying twinning opportunities for expansion into the zone,” adds Alvin Lee, CEO of Maybank Singapore. “Beyond deepening economic cooperation between Singapore and Malaysia, Maybank also brings the strength of its presence across all 10 Asean markets to support SCCCI members in pursuing regional growth ambitions.”