OCBC assigns 25 bankers to help firms expand in special economic zone

It is among a growing number of banks increasing their presence in the JSSEZ

- Kang Wan Chern

Some banks in Singapore and Malaysia are positioning themselves to capture new business opportunities that may emerge once a new special economic zone in Johor is launched in January.

OCBC on Dec 11 announced that it has assigned a team of 25 experienced bankers in Singapore and Johor to provide advisory services and financing support to customers from Singapore, Malaysia, Indonesia, China and Hong Kong who want to expand their businesses in the Johor-Singapore Special Economic Zone (JSSEZ).

The bank, which operates eight branches in Johor, has helped around 260 regional mid-sized firms from the services, construction, manufacturing, and wholesale and retail trade sectors set up their businesses in Malaysia in 2024. It expects this number to increase by 20 per cent in 2025 as a result of rising interest in the special economic zone, which will contribute to the bank's growth and expansion.

"Our play is about bringing investors from outside Asean directly into JSSEZ," said Mr Roy Tan, OCBC head of enterprise banking international, global commercial banking. "Being a regional bank allows us to handle queries, help clients set up their business and imports and exports. We stand a good chance to lead in these areas."