Singapore – OCBC has set up a dedicated team each in Singapore and Malaysia to support SME customers across its core markets of Singapore, Malaysia, Indonesia, Mainland China and Hong Kong SAR to capture opportunities arising from the planned Johor-Singapore Special Economic Zone (JS-SEZ). OCBC expects to expand the number of teams beyond Singapore and Malaysia in future.
To kickstart this initiative, two specialized teams of 25 seasoned bankers—each with an average of over a decade of experience supporting SMEs across the region—will spearhead efforts to assist businesses. These teams will offer advisory services to help SMEs launch and expand their operations while facilitating connections with appropriate partners within the special economic zone.
The JS-SEZ is set to become a significant driver of Johor’s economic growth. Its announcement has already spurred investment in the construction and property sectors, supported by ongoing advancements in infrastructure projects such as the Rapid Transit System. Johor’s strategic location, with its ports, proximity to Singapore’s established manufacturing hub, affordable living costs, and a track record of sound economic policies, positions it strongly for success as the JS-SEZ develops.
OCBC, in collaboration with the Malaysian Investment Development Authority (MIDA), organized a familiarization tour on December 11 to showcase key economic hubs in Johor Bahru. The visit included Forest City and the EcoWorld Business Park, an integrated industrial and commercial hub, and was attended by 28 mid-sized enterprises from Singapore and China operating in the manufacturing sector.
As part of the event, a roundtable discussion was held, where MIDA provided insights into Malaysia’s investment opportunities and business environment. Additionally, representatives from Wiwynn Technology Service Malaysia and Huirui Polymers Sdn Bhd shared their firsthand experiences of conducting business in Malaysia, offering valuable perspectives to the participants.
Tan Teck Long, head of global wholesale banking at OCBC, said, “Though details of the JS-SEZ have not been shared, we have already received many enquiries from SMEs across the region to set up shop there. By setting up dedicated teams on both sides of the Causeway, we are well placed to support this growing interest of regional SMEs in entering the Johor and wider Malaysia market.”
He added, “Recent geopolitical developments, the continued rise of ASEAN for supply chain diversity and resilience, and the significant growth of foreign direct investments into Malaysia these two years will further amplify the potential of the JS-SEZ.”
The bank expects to have supported about 260 new mid-sized enterprises from the region, mainly from the services, construction, manufacturing and wholesale and retail trade sectors, to set up their businesses in Malaysia in 2024 alone. Given the growing interest in the JS-SEZ, OCBC expects this number to increase by 20% in 2025.
