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The Sun
4 days ago
- Business
- The Sun
SCCCI, Maybank in pact to drive investments in Southeast Asia, with focus on JS-SEZ
PETALING JAYA: Malaysia is set to benefit from a landmark memorandum of understanding (MoU) signed between the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and Maybank Singapore Ltd. The MoU aims to enhance cross-border business collaboration and stimulate investments across Southeast Asia, with a strategic focus on Singapore, Malaysia and the Johor-Singapore Special Economic Zone (JS-SEZ). Maybank Singapore CEO Alvin Lee Han Eng said with a dual-market advantage in Singapore and Malaysia, as one of the earliest proponents of the JS-SEZ, Maybank is committed to supporting businesses with a comprehensive suite of banking solutions, while identifying twinning opportunities for expansion into the zone. 'Beyond deepening economic cooperation between Singapore and Malaysia, Maybank also brings the strength of its presence across all 10 Asean markets to support SCCCI members in pursuing regional growth ambitions,' he said in a statement. The MoU signing was witnessed by Singapore's Minister of State for Foreign Affairs and Trade and Industry Gan Siow Huang. With Southeast Asia poised to become the world's fourth-largest economy by 2030 and a projected combined gross domestic product of US$4.5 trillion (RM19 trillion), the region offers significant growth opportunities, particularly in the digital and green economy sectors. In this regard, Malaysia positions itself as a key investment hub for Singaporean businesses due to its diversified economy. Against this backdrop, Singapore and Malaysia are working collaboratively to advance the JS-SEZ and other bilateral initiatives aimed at strengthening economic growth, improving connectivity, enhancing supply chain integration, and creating employment opportunities, therefore unlocking Southeast Asia's significant economic potential. Building on this momentum, SCCCI and Maybank will collaborate on initiatives aimed at promoting economic development, investment and trade, with the JS-SEZ as a strategic focal point. This will include jointly organising meetings, visits, conferences, workshops and networking events, while launching new initiatives to advance shared objectives. In addition, Maybank will provide tailored solutions including green lane financing, trade finance, cash management, and environmental, social and governance-linked products, and facilitate faster account onboarding for businesses. SCCCI members will also benefit from capacity-building programmes in areas such as sustainability, halal advisory, and financial services, supported by dedicated advisory services from Maybank's JS-SEZ Desk. The MoU is expected to benefit an estimated 5,000 SCCCI corporate members. SCCCI president Kho Choon Keng said this strategic partnership between SCCCI and Maybank strengthens its members' competitiveness for the future. 'In the face of an increasingly complex and rapidly changing business landscape, strong financial capabilities and deep regional insight are critical. 'By combining SCCCI's business network with Maybank's financial strength, we will help our members and local businesses access cross-border financing, build ESG competencies, and gain valuable market insights. Together, we will open up new economic opportunities and help our members and businesses succeed in Malaysia and across Southeast Asia,' he said. The SCCCI-Maybank Mid-Year Business Forum: Outlook 2025 held in Singapore today highlighted the momentum of this collaboration.
The Sun
5 days ago
- Business
- The Sun
SCCI, Maybank in pact to drive investments in Southeast Asia, with focus on JS-SEZ
PETALING JAYA: Malaysia is set to benefit from a landmark memorandum of understanding (MoU) signed between the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and Maybank Singapore Ltd. The MoU aims to enhance cross-border business collaboration and stimulate investments across Southeast Asia, with a strategic focus on Singapore, Malaysia and the Johor-Singapore Special Economic Zone (JS-SEZ). Maybank Singapore CEO Alvin Lee Han Eng said with a dual-market advantage in Singapore and Malaysia, as one of the earliest proponents of the JS-SEZ, Maybank is committed to supporting businesses with a comprehensive suite of banking solutions, while identifying twinning opportunities for expansion into the zone. 'Beyond deepening economic cooperation between Singapore and Malaysia, Maybank also brings the strength of its presence across all 10 Asean markets to support SCCCI members in pursuing regional growth ambitions,' he said in a statement. The MoU signing was witnessed by Singapore's Minister of State for Foreign Affairs and Trade and Industry Gan Siow Huang. With Southeast Asia poised to become the world's fourth-largest economy by 2030 and a projected combined gross domestic product of US$4.5 trillion (RM19 trillion), the region offers significant growth opportunities, particularly in the digital and green economy sectors. In this regard, Malaysia positions itself as a key investment hub for Singaporean businesses due to its diversified economy. Against this backdrop, Singapore and Malaysia are working collaboratively to advance the JS-SEZ and other bilateral initiatives aimed at strengthening economic growth, improving connectivity, enhancing supply chain integration, and creating employment opportunities, therefore unlocking Southeast Asia's significant economic potential. Building on this momentum, SCCCI and Maybank will collaborate on initiatives aimed at promoting economic development, investment and trade, with the JS-SEZ as a strategic focal point. This will include jointly organising meetings, visits, conferences, workshops and networking events, while launching new initiatives to advance shared objectives. In addition, Maybank will provide tailored solutions including green lane financing, trade finance, cash management, and environmental, social and governance-linked products, and facilitate faster account onboarding for businesses. SCCCI members will also benefit from capacity-building programmes in areas such as sustainability, halal advisory, and financial services, supported by dedicated advisory services from Maybank's JS-SEZ Desk. The MoU is expected to benefit an estimated 5,000 SCCCI corporate members. SCCCI president Kho Choon Keng said this strategic partnership between SCCCI and Maybank strengthens its members' competitiveness for the future. 'In the face of an increasingly complex and rapidly changing business landscape, strong financial capabilities and deep regional insight are critical. 'By combining SCCCI's business network with Maybank's financial strength, we will help our members and local businesses access cross-border financing, build ESG competencies, and gain valuable market insights. Together, we will open up new economic opportunities and help our members and businesses succeed in Malaysia and across Southeast Asia,' he said. The SCCCI-Maybank Mid-Year Business Forum: Outlook 2025 held in Singapore today highlighted the momentum of this collaboration.
Business Times
5 days ago
- Business
- Business Times
Maybank, SCCCI join forces to power up Johor-Singapore SEZ
[SINGAPORE] Local businesses looking to tap opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) can look forward to quicker bank account openings, green-lane financing, halal advisory services, and more. The Singapore Chinese Chamber of Commerce & Industry (SCCCI) and Maybank Singapore on Thursday (Jul 17) inked a pact to promote economic development, investment and trade – with the massive 3,571-square-kilometre zone as a strategic focal point. Some 5,000 SCCCI corporate members can benefit from capacity-building programmes in the areas of sustainability, halal advisory and financial services, aided by Maybank's dedicated JS-SEZ desk, a joint media release indicated. Additionally, the bank will offer tailored solutions such as green-lane financing, trade finance, cash management as well as environmental, social and governance-linked products. The two parties will also collaborate on initiatives such as meetings, visits, conferences, workshops and networking events. The memorandum of understanding was signed at the SCCCI-Maybank Mid-Year Business Forum: Outlook 2025, held at the business chamber's auditorium. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Speaking in Mandarin at the event, Minister of State for Trade and Industry Gan Siow Huang urged businesses to explore beyond traditional markets and better understand emerging ones – across regions such as South-east Asia and Africa – to find new growth areas. SCCCI president Kho Choon Keng said: 'In the face of an increasingly complex and rapidly changing business landscape, strong financial capabilities and deep regional insight are critical.' Noting the bank's dual-market advantage in Singapore and Malaysia, Maybank Singapore chief executive Alvin Lee reaffirmed the group's commitment to supporting businesses with banking solutions while identifying 'twinning opportunities for expansion' into the JS-SEZ. With South-east Asia poised to become the world's fourth-largest economy by 2030, the region offers significant growth opportunities, with Malaysia positioning itself as a key investment hub for Singaporean businesses due to its diversified economy, SCCCI and Maybank said in the joint statement. Read more stories on the JS-SEZ
Straits Times
5 days ago
- Business
- Straits Times
Singapore businesses to get boost in Malaysia forays under pact
Find out what's new on ST website and app. The MOU signed between SCCCI and Maybank Singapore was witnessed by (back, from left) Mr Kho Choon Keng, SCCCI President; Ms Gan Siow Huang, Minister of State for Foreign Affairs and Trade and Industry; and Mr Chong Wee Yeat, Head of Global Banking, Maybank Singapore. SINGAPORE – Businesses in Singapore will benefit from workshops, faster opening of bank accounts and more under a pact aimed at boosting cross-border collaborations with an eye on the Johor-Singapore Special Economic Zone. The memorandum of understanding inked on July 17 between Maybank, Malaysia's largest lender by assets, and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) is also looking to tap opportunities across South-east Asia. The region is projected to become the world's fourth-largest economy by 2030, with a combined gross domestic product of US$4.5 trillion (S$5.8 trillion). SCCCI and Maybank said they will hold meetings, workshops and networking events to promote development, investment and trade, with a focus on the Johor-Singapore Special Economic Zone. Maybank will provide tailored solutions for businesses, including the faster onboarding of accounts. It will also support programmes on topics like sustainability and syariah-compliant investments. 'This collaboration not only demonstrates a long-term commitment to Singapore businesses, but also marks a more active role for both parties in the new regional development landscape,' said Mr Chong Wee Yeat, head of global banking at Maybank Singapore. Mr Kho Choon Keng, president of SCCCI, which has 5,000 corporate members and over 150 trade association members, said the agreement will help businesses expand into international markets with confidence and efficiency. 'Singapore has understood the importance of international opportunities since its founding. Today, in this uncertain environment, we should continue to open our minds and broaden our horizons to international development,' he said. Minister of State for Trade and Industry Gan Siow Huang, who witnessed the signing of the pact at the SCCCI building in Hill Street, said the Government will continue to support businesses that are dealing with an uncertain external environment. She pointed to the Business Adaptation Grant, which was announced by the Singapore Economic Resilience Taskforce last week. The grant, which is meant to help businesses adjust to a new tariff landscape, will be launched by October. It will be capped at $100,000 per company and require co-funding. The Johor-Singapore Special Economic Zone is expected to create 20,000 skilled jobs for people on both sides of the Causeway. The zone for business and investment in Malaysia covers the Iskandar Development Region. It is already expected to draw investments from Singapore-based clients of Maybank.
Straits Times
09-07-2025
- Straits Times
Four dead and 15 missing from Greek ship attacked in Red Sea
Sign up now: Get ST's newsletters delivered to your inbox If confirmed, the four reported deaths would be the first fatalities involving attacks on shipping in the Red Sea since June 2024. ATHENS - Rescuers pulled six crew members alive from the Red Sea on July 9 and were searching for 15 still missing from the second of two freighters sunk in as many days by suspected Houthi attackers. Four of the 25 people aboard the Eternity C cargo ship were killed before the rest of the crew abandoned the vessel, which sank on July 9 morning after being attacked on each of the previous two days, sources at security companies involved in a rescue operation said. The six seafarers who were rescued had spent more than 24 hours in the water, they said. One source had said earlier that seven people had been rescued but the EU's Aspides naval mission, which protects Red Sea shipping, issued a statement confirming that just six had been pulled from the sea. The Houthis claimed responsibility for a similar attack on July 6 targeting another ship, the Magic Seas. All crew from the Magic Seas were rescued before it sank. Houthi officials did not respond to requests for comment on July 9. The attacks on the two ships revive a campaign by the Iran-aligned fighters, who had attacked more than 100 ships from November 2023 to December 2024 in what they said was solidarity with the Palestinians, before a lull in their campaign earlier this year. Top stories Swipe. Select. Stay informed. Singapore Singapore to hire more than 1,000 new educators annually in the next few years, up from 700 Singapore COE prices rise for all categories Singapore Govt watching job situation for fresh graduates closely, exploring further support: Gan Siow Huang Singapore Man who killed cats by throwing them off HDB blocks has jail term doubled to 27 months Singapore $43k fine for undischarged bankrupt doctor who failed to disclose assets worth over $4m Singapore Female primary school teacher charged over alleged sex acts with underage male student Singapore Tough questions lie ahead as Singapore accelerates push for driverless vehicles Singapore People working in air-conditioned spaces prefer 24 deg C and warmer: Survey 'We will continue to search for the remaining crew until the last light,' said an official at Greece-based maritime risk management firm Diaplous. 'We aim at a peaceful operation,' the official said earlier. Both of the ships that were attacked flew Liberia flags and were operated by Greek firms. Speed boats Eternity C was first attacked on the afternoon of July 7 with sea drones and rocket-propelled grenades fired from speed boats by suspected Yemen-based Houthi militants, maritime security sources said. Lifeboats were destroyed during the raid. By the next morning the vessel was adrift and listing. Two security sources told Reuters on July 9 that the vessel was hit again with sea drones on July 8, forcing the crew and armed guards to abandon it for the sea. The Houthis stayed with the vessel until the early hours of July 9, one of the sources said. There were fears that some of the crew who jumped into the water may have been kidnapped by Houthis, the source added. Skiffs were in the area as the rescue efforts were under way. The crew comprised 21 Filipinos and one Russian. Three armed guards were also on board, including one Greek and one Indian, who was one of those rescued. The vessel's operator, Cosmoship Management, has not responded to requests for confirmation of casualties or injuries. But if confirmed, the four reported deaths would be the first fatalities involving attacks on shipping in the Red Sea since June 2024. Greece has been in talks with Saudi Arabia, a key player in the region, over the latest incident, according to sources. The Red Sea, which passes Yemen's coast, has long been a critical waterway for the world's oil and commodities. Traffic has dropped since the Iran-aligned Houthi militia began targeting ships in November 2023 in what the group said was solidarity with Palestinians against Israel in the Gaza war. Oil prices rose on July 9, maintaining their highest levels since June 23, also due to the recent attacks on ships in the Red Sea. REUTERS
