Malaysian lender Maybank has ambitious plans to grow in the key regional markets of Singapore and Indonesia.
Newly appointed Maybank Singapore chief executive Alvin Lee told The Straits Times in an exclusive interview: "The group wants overseas businesses like Singapore and Indonesia to contribute to a bigger percentage of group activity." Currently, Maybank is Malaysia's largest bank by assets and the fourth-largest in South-east Asia, with Singapore the biggest contributor to its overseas earnings.
Mr Lee, who took up his new role on Jan 1, sees the move to set up a Johor-Singapore Special Economic Zone (SEZ) as a good opportunity to further grow the bank's business.
Malaysia and Singapore signed a memorandum of understanding on Jan 11 to work on a Johor-Singapore SEZ, with the aim of enhancing cross-border flows of goods and people, as well as strengthening the business ecosystem.
"I understand that a lot of business approvals are not federal approvals; that the state itself can make quite a lot of approvals for this economic zone," said Mr Lee, who is 55.
"There are talks about passport-free travel, there is talk about making cargo clearance a lot easier, having more Mice (meetings, incentives, conferences and exhibitions) events between the two territories." That is all expected to boost investment and trade between the two states.
Malaysian Investment Development Authority data showed that Singapore was the second-largest foreign investor in Johor from January to June 2022, contributing to around 70 per cent of total foreign direct investment in its manufacturing sector.
This story is from the February 24, 2024 edition of The Straits Times.
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This story is from the February 24, 2024 edition of The Straits Times.
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