OCBC Malaysia welcomes the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement by Malaysia and Singapore today, which outlines the journey ahead for an area that holds much promise for the future of the region.

(OCBC Malaysia comprises OCBC Bank (Malaysia) Berhad and its Islamic subsidiary OCBC Al-Amin Bank Berhad.)

We are excited about the opportunity to play our part in the development of Johor as an economic hub and gateway into the rest of ASEAN and as far as Greater China and beyond. We believe the JS-SEZ has the potential to be a magnet for international capital through the various initiatives that have been announced, such as the passport-free QR code clearance at Singapore’s land checkpoints with Malaysia, the Invest Malaysia Facilitation Centre – Johor (IMFC-J), technical and vocational education and training (TVET)-related initiatives and streamlined customs procedures for land intermodal transhipments.

We are particularly excited about the move to explore enhancing market access of financial institutions in both countries and the tax incentive packages for JS-SEZ.

OCBC Malaysia is part of the OCBC Group, the second largest banking group by assets in the Southeast Asia region, with a strong presence in ASEAN-Greater China. We have the necessary resources to enable those tapping into the potential of the Zone to realise their aspirations through the seamlessness of our network across the region, including our head office in Singapore and the Group’s offices in Greater China. This is augmented by our dedicated China Business Office in Malaysia.

We look forward to seeing more individuals and businesses enjoy the benefits of the forward-looking and convenient schemes we have put in place to support corporates, SMEs and individuals seeking to start, grow or accelerate their presence in and through the JS-SEZ.

Recognising the pivotal role that businesses play in driving economic growth and innovation, OCBC Bank is focused on delivering a seamless onboarding experience designed to meet the unique needs of businesses in the JS-SEZ. Our comprehensive suite of financial services and support mechanisms aims to facilitate a smooth entry and expansion for corporates and SMEs, ensuring they can navigate the complexities of the market with ease. Our goal is to create a nurturing ecosystem for businesses, enabling them to thrive in Malaysia’s vibrant economy. By offering convenient and efficient onboarding solutions, we seek to empower entrepreneurs to focus on what they do best, which is to develop their businesses and thus contribute to the local economy. SMEs may visit www.ocbc.com.my/jssez for more information about how to tap into the resources at their disposal through OCBC Bank.

On the retail front, for non-residents residing in Malaysia, we have established a dedicated team to ensure a seamless banking experience for those entering the Zone. We have launched a new webpage containing vital information to allow for quicker and smoother access to banking and financing assistance locally, including mortgage and wealth management services that go well beyond deposit rates, such as complimentary personal insurance, discounts on motor insurance, travel and home contents.

For further information, consumers may visit https://www.ocbc.com.my/welcome2malaysia

The setting up of the JS-SEZ allows for a more seamless cross-border experience and is aligned to the OCBC Group’s internationalisation strategy centred on the ASEAN-Greater China region.  Internally, as a Group, we are solidifying our commitment to be fully entrenched in this space.

OCBC Malaysia operates eight branches in Johor, including in Johor Bahru, Skudai, Kulai, and Taman Molek, all situated within the JS-SEZ. Since establishing our first branch in the state in 1917, we have remained dedicated to serving and supporting the local community. We look to harness this legacy together with our regional strength to help people and communities realise their aspirations.