Support the SF New Economic Zone, OCBC Bank promises to add RM3 billion to financing by the end of this year

OCBC Bank issued a statement on Sunday (June 22) stating that on the basis of providing more than RM11 billion in financing to Johor companies, the bank hopes to further promote economic activities and cross-border investment in Johor and Johor New Economic Zones by providing at least RM3 billion in financing.

"We assist many foreign companies in setting up businesses in Malaysia, covering services, construction, manufacturing, wholesale and retail. We have also cooperated with key units such as Iskandar Special Economic Zone Development Authority (IRDA), Malaysia Investment Development Authority (MIDA) and other key units to promote economic and trade activities in the SF New Economic Zone.

OCBC Bank (OCBC) said it has provided more than RM11 billion (about RM3.3 billion) in financing for the Johor-Singapore Special Economic Zone (JS-SEZ) since the beginning of last year, and has promised to further provide at least RM3 billion in financing by the end of this year to support investment in various fields such as real estate, oil and gas, manufacturing and data centers.

"We will continue to bring more growth and innovation opportunities to enterprises and ecosystems with our international network, especially in Greater China."

Huang Bijuan revealed that OCBC currently has eight branches in Johor and 38 in Malaysia.

When reiterating its support for the Rome New Economic Zone, Huang Bijuan also said that banks have always adhered to an integrated strategy, namely, integrating the advantages of OCBC Bank, Great Eastern Holdings, Bank of Singapore, group leasing and wealth management, and assisting in promoting business growth and cross-border cooperation.

Great Oriental Life Insurance (Malaysia), CEO Guo Yaohui, also said that he is confident that he will contribute to the development of the Special Economic Zone with comprehensive life insurance, comprehensive insurance and Islamic insurance products.

"Relying on the group's deep historical origins in Johor, diversified financial service capabilities and regional integration network, OCBC Bank is confident that it will make positive contributions to the development of the Johor New Economic Zone and deepen the economic ties between Singapore and Malaysia."

OCBC Malaysia CEO Chen Chusheng also pointed out that before the official signing of the Johor New Economic Zone Agreement, OCBC Bank had actively taken a number of actions to show global investors the potential of the Johor New Economic Zone.

Huang Bijuan, president of OCBC Bank, revealed the news when leading several senior executives to visit Malaysia's Johor State Minister Ong Hafez.