SINGAPORE, February 28, 2025 – Maybank Singapore has signed a Memorandum of Understanding (MOU) with the Association of Small and Medium Enterprises (ASME) to help SMEs explore business opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) and across ASEAN, while also strengthening their sustainability initiatives.
The partnership underscores a shared commitment to supporting SMEs in establishing operations in the JS-SEZ and capitalizing on new growth opportunities. Since the JS-SEZ was announced in October 2023, Maybank has witnessed a 250% increase in SME inquiries and referrals about business expansion into Johor, indicating growing confidence in the economic zone’s potential.
Comprehensive Support for SMEs
Under the MOU, Maybank will provide targeted solutions to facilitate SME expansion and sustainability efforts, including:
- Market Access & Expansion: Streamlined onboarding processes for faster account openings in Malaysia and Singapore, alongside dedicated advisory desks in Johor and Singapore for tailored business support.
- Financial Solutions: Green lane financing in Malaysia, offering loans up to RM20 million secured against property or cash, to support SME growth within the JS-SEZ.
- Sustainability Capacity Building: The Maybank myimpact SME program will provide educational resources, training, and advisory services to help SMEs integrate sustainable business practices.
- Access to Sustainable Financing: Maybank’s ESG-linked financial products will support SMEs in adopting green technologies and infrastructure to improve ESG performance.
- ESG Readiness Assessment: A complimentary tool will help SMEs evaluate their sustainability strengths, identify gaps, and establish improvement strategies.
Strategic Expansion and Sustainability Initiatives
Maybank Singapore Country CEO, Alvin Lee, highlighted the bank’s commitment to supporting SME growth in the region. “We are delighted to collaborate with ASME to provide SMEs with a one-stop advisory support system, seamless cross-border trade and investment solutions, and dedicated banking experts. With our strong presence across ASEAN, we serve as a strategic bridge for businesses looking to expand.”
Lee also emphasized Maybank’s focus on sustainability. “Through the Maybank myimpact SME program, we are dedicated to helping SMEs future-proof their businesses by embedding sustainable practices. This MOU allows us to further strengthen SMEs’ competitiveness in an evolving business landscape.”
ASME President, Ang Yuit, echoed this sentiment. “At ASME, we are committed to equipping SMEs with the tools and connections they need to thrive. This partnership with Maybank provides SMEs with the resources necessary to expand confidently into the JS-SEZ and beyond.”
Maybank and ASME will also collaborate on engagement events organized by ASME to provide SMEs with insights and networking opportunities to support their business growth plans in the JS-SEZ.