Maybank to Help SMEs Unlock Businesses in JS-SEZ

In a boon to small businesses, Maybank Singapore on Thursday signed a Memorandum of Understanding (MOU) with the Association of Small and Medium Enterprises (ASME) to help small and medium-sized enterprises (SMEs) unlock new business opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) and across ASEAN, while bolstering their sustainability capacity building for new growth avenue.

This partnership signals a shared commitment to support companies in establishing operations in the JS-SEZ and seizing emerging business opportunities, Maybank said in a statement.

Since the JS-SEZ was first announced in October 2023, Maybank has been engaging SME clients on its potential, leading to a 250% increase in inquiries and referrals about doing business in Johor in 2024 – highlighting strong business confidence in leveraging the opportunities offered by the JS-SEZ.

As part of the MOU, Maybank will facilitate market access and expansion for SMEs through streamlined on-boarding processes, enabling faster account openings in Malaysia and Singapore, while providing dedicated advisory desks in Johor and Singapore to offer tailored support for businesses.

It will also help develop financial solutions to drive SME growth within the JS-SEZ, including green lane financing in Malaysia for loans up to $4.5 million for financing, secured against property or cash, the statement said.

The MOU will equip SMEs with capacity-building programmes focused on Environmental, Social and Governance (ESG) through Maybank myimpact SME programme, offering educational resources, training and advisory services for SMEs to integrate sustainable practices into their operations to enhance their competitiveness and reputation.

It will also facilitate access to sustainable financing solutions through Maybank’s ESG-linked financial products, including enabling funding for green investments, supporting SMEs to adopt sustainable technologies or infrastructure to enhance their ESG performance, and providing financing with more flexible terms.

The MOU will empower SMEs to adopt ESG best practices through initiatives such as the complimentary ESG Readiness Assessment tool, which helps businesses identify their strengths, gaps and areas for improvement, enabling them to set realistic targets and strengthen their sustainability strategies.          

Addressing Needs of SMEs

Maybank Singapore Country CEO Alvin Lee said that they were pleased to partner with ASME for their members to leverage Maybank’s one-stop support, providing advisory services to help businesses navigate operational and regulatory complexities, seamless cross-border trade and investment solutions, and dedicated bankers and relationship managers to address their needs.

With a strong presence and extensive network on both sides of the Causeway, and as the Bank with a footprint in the most number of ASEAN countries, they serve as a strategic bridge for businesses and the go-to Bank for companies looking to expand, he said.

“With a growing emphasis on business sustainability, we are committed to future-proofing SMEs through sustainability capacity building. The Maybank myimpact SME programme, built on a collaborative ecosystem of partners, will help SMEs embed sustainability into their operations, equipping them with the knowledge to measure carbon emissions and report key ESG metrics. And with this MOU, we will intensify our efforts to level up SMEs’ competitive edge to thrive in an ever-evolving business landscape,” he added.

ASME President Ang Yuit said that they were committed to empowering SMEs with the resources and connections they need to thrive in a dynamic business landscape. This collaboration with Maybank marks an exciting step in unlocking new growth avenues for our SMEs, enabling them to expand confidently into the JS-SEZ and beyond.

Maybank and ASME will also jointly engage SMEs through ASME organised events to support their business growth plans in the JS-SEZ, Maybank said.