OCBC Bank (Malaysia) Berhad (“OCBC Malaysia”) has reinforced its support of Sarawak’s long-term aspirations and sustainability-driven strategic initiatives through a Memorandum of Collaboration (“MoC”) signed with Invest Sarawak Sdn Bhd (“InvestSarawak”).

The exchange of MoC between OCBC Malaysia and InvestSarawak during the official launch of the Asia Pacific Green Hydrogen Conference and Exhibition 2024 (“APGH 2024”) unveiled a funding allocation of up to RM5 billion by the OCBC Group to promote sustainable economic development in Sarawak. The funding allocation will be earmarked to finance projects related to infrastructure development, renewable energy and technological advancement and will be availed either on a project basis or for corporate funding requirements benefiting state agencies, conglomerates, corporates, small medium enterprises and foreign investors.

OCBC Malaysia’s Chief Executive Officer, Mr Tan Chor Sen, said, “OCBC Malaysia’s unwavering support of Sarawak’s strategic initiatives through this funding allocation demonstrates our commitment to stimulate economic advancement, attracting investments, and driving sustainability. This collaboration sets the stage for a successful partnership that we are confident will contribute significantly to the overall development and progress of the State.”

MoC signed between OCBC Malaysia and InvestSarawak (L-R): Ms Tan Ai Chin, Managing Director, Senior Banker and Head of Investment Banking, OCBC Malaysia;  InvestSarawak’s Chief Executive Officer, Mr Timothy Ong Wye Ern and Mr Tan Chor Sen, Chief Executive Officer, OCBC Malaysia.

Ms Tan Ai Chin, Managing Director, Senior Banker and Head of Investment Banking, OCBC Malaysia, added, “OCBC Group’s commitment to realising Sarawak’s vision, aspirations and development goals extends beyond this funding allocation as we have been a steadfast partner in the State’s progress, including most recently through our participation as Exclusive Financial Institution Partner for APGH2024.

“Leveraging on the OCBC Group’s strong franchise, we will promote foreign direct investments and provide a full suite of sustainable finance product offerings and advisory support to facilitate holistic solutions throughout the entire business supply chain. These financing solutions are expected to stimulate the economic growth by supporting investment in frontier businesses and technologies, expand capabilities, and create job opportunities, propelling Sarawak’s journey towards a net zero economy.”

InvestSarawak’s Chief Executive Officer, Mr. Timothy Ong Wye Ern, said, “InvestSarawak is dedicated to allure investments whilst nourishing trade and talent development. This is in line with Sarawak's vision for 2030 and beyond, which calls for a dynamic society driven by data and innovation, supported by social inclusivity and sustainable growth. Hence, we welcome and value the collaboration with such an esteemed financial institution, which provides access to funding, facilitating investors in navigating the local investment terrain.”

The signing of the MoC between OCBC Malaysia and InvestSarawak, in the presence of the Premier of Sarawak The Right Honourable Datuk Pattingi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, is a significant milestone in the partnership between OCBC Malaysia and the Sarawak State towards achieving the common goal of fostering economic development and driving sustainability for a future that prioritises environmental preservation, sustainability and prosperity.

The signing of the MoC between OCBC Malaysia and InvestSarawak, in the presence of the Premier of Sarawak The Right Honourable Datuk Pattingi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg (centre, fifth from left). Holding the MoC documents are Mr Tan Chor Sen, Chief Executive Officer, OCBC Malaysia (third from left) and InvestSarawak’s Chief Executive Officer, Mr Timothy Ong Wye Ern (third from right).