OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025

The financing is part of efforts to support development in the emerging Johor-Singapore Special Economic Zone. PHOTO: ST FILE
OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025
SINGAPORE – OCBC Group has committed over RM11 billion (S$3.3 billion) in financing to businesses in Johor since the start of 2024, as part of efforts to support development in the emerging Johor-Singapore Special Economic Zone (JS-SEZ), said the group in a statement on June 22.
The lender also said it expects to provide at least another RM3 billion in financing to firms there for investments in various sectors including real estate, oil and gas , manufacturing and data centres.
The JS-SEZ was first mooted after an agreement was signed between Malaysia and Singapore in January, capping off negotiations that have been ongoing since the SEZ was first announced in October 2023. The agreement is set to improve the flow of goods, enable freer movement of people between Singapore and Johor, and strengthen the business ecosystem within the region.
During a courtesy visit to Johor Menteri Besar Onn Hafiz Ghazi at his official residence in Johor Bahru, OCBC chief executive Helen Wong highlighted the bank's strengths in banking, insurance and wealth management. She said the bank's offerings and its extensive regional presence can contribute to the success of the JS-SEZ.
Datuk Onn Hafiz said OCBC's commitment of over RM11 billion in financing to firms in Johor and the additional RM3 billion expected by the year end reflect a strong endorsement of Johor's economic direction and investment potential.
'We welcome this partnership and look forward to working closely with OCBC to unlock Johor's full potential as Asean's next economic powerhouse,' he said.
OCBC Malaysia CEO Tan Chor Sen noted that 'OCBC has a strong track record of assisting foreign businesses in establishing operations in Malaysia and has facilitated the entry of new companies from various sectors, including services, construction, manufacturing, and wholesale and retail trade'.
'By leveraging OCBC's extensive international presence, particularly in Greater China, we aim to connect companies and their ecosystems with opportunities that drive growth and innovation,' he added.
Join ST's Telegram channel and get the latest breaking news delivered to you.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Straits Times

8 hours ago

• Straits Times

OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025

The financing is part of efforts to support development in the emerging Johor-Singapore Special Economic Zone. PHOTO: ST FILE OCBC Group has lent $3.3b to Johor firms since 2024; $908m more expected by end-2025 SINGAPORE – OCBC Group has committed over RM11 billion (S$3.3 billion) in financing to businesses in Johor since the start of 2024, as part of efforts to support development in the emerging Johor-Singapore Special Economic Zone (JS-SEZ), said the group in a statement on June 22. The lender also said it expects to provide at least another RM3 billion in financing to firms there for investments in various sectors including real estate, oil and gas , manufacturing and data centres. The JS-SEZ was first mooted after an agreement was signed between Malaysia and Singapore in January, capping off negotiations that have been ongoing since the SEZ was first announced in October 2023. The agreement is set to improve the flow of goods, enable freer movement of people between Singapore and Johor, and strengthen the business ecosystem within the region. During a courtesy visit to Johor Menteri Besar Onn Hafiz Ghazi at his official residence in Johor Bahru, OCBC chief executive Helen Wong highlighted the bank's strengths in banking, insurance and wealth management. She said the bank's offerings and its extensive regional presence can contribute to the success of the JS-SEZ. Datuk Onn Hafiz said OCBC's commitment of over RM11 billion in financing to firms in Johor and the additional RM3 billion expected by the year end reflect a strong endorsement of Johor's economic direction and investment potential. 'We welcome this partnership and look forward to working closely with OCBC to unlock Johor's full potential as Asean's next economic powerhouse,' he said. OCBC Malaysia CEO Tan Chor Sen noted that 'OCBC has a strong track record of assisting foreign businesses in establishing operations in Malaysia and has facilitated the entry of new companies from various sectors, including services, construction, manufacturing, and wholesale and retail trade'. 'By leveraging OCBC's extensive international presence, particularly in Greater China, we aim to connect companies and their ecosystems with opportunities that drive growth and innovation,' he added. Join ST's Telegram channel and get the latest breaking news delivered to you.

Business Times

13 hours ago

• Business Times

OCBC commits RM11 billion to support businesses in Johor-Singapore SEZ

[SINGAPORE] OCBC said on Sunday (Jun 22) that it has committed more than RM11 billion (S$3.3 billion) in financing to support businesses in the Johor-Singapore Special Economic Zone (JS-SEZ) since 2024. This was shared by the bank's group chief executive Helen Wong during a visit to Johor Menteri Besar Onn Hafiz Ghazi at his official residence in Saujana, Johor Bahru. She was joined by senior executives from OCBC. By end-2025, the group expects to provide at least another RM3 billion in financing for investments into various sectors including real estate, oil and gas, manufacturing and data centres. This will further catalyse local economic activities and cross-border investments in Johor and the JS- SEZ. Wong said OCBC is 'uniquely positioned' to support business growth and cross-border collaboration in the JS-SEZ thanks to its 'one group' strategy. Its 'one group' strategy brings together the capabilities of OCBC Bank, insurance subsidiary Great Eastern Holdings, private banking arm Bank of Singapore and its leasing and wealth management capabilities. The bank's history in Johor dates back to more than 100 years, Wong noted. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up OCBC Malaysia's first branch in Johor opened in 1917. There are now eight branches in the state, with a total of 38 across Malaysia. Said Wong: 'We are honoured to have this opportunity to explore with the Johor Menteri Besar how we can build on these solid foundations and leverage the full capabilities of the OCBC Group's extensive regional franchise to contribute to the success of the JS-SEZ.' Onn Hafiz said the group's financing commitment to the JS-SEZ 'reflects a strong endorsement of Johor's economic direction and investment potential'. 'We welcome this partnership and look forward to working closely with OCBC to unlock Johor's full potential as Asean's next economic powerhouse,' he said. Tan Chor Sen, CEO of OCBC Bank (Malaysia), noted that prior to the official signing of the JS-SEZ agreement in January this year, OCBC had taken 'proactive' steps in Malaysia to showcase the SEZ's potential to global investors. The bank had previously collaborated with the Menteri Besar of Johor as well as key stakeholders such as the Iskandar Regional Development Authority, Malaysian Investment Development Authority and Invest Johor for the JS-SEZ Trade and Investment Mission. 'By leveraging OCBC's extensive international presence, particularly in greater China, we aim to connect companies and their ecosystems with opportunities that drive growth and innovation,' he said.

Straits Times

2 days ago

• Straits Times

TBR (To Be Read): Should S'pore authors be paid each time their books are borrowed from the library?

Public Lending Right allows authors to receive some form of payment with library loans of their books, ensuring their labour is better rewarded over time with each. PHOTO: ST FILE SINGAPORE – Being an author is tough anywhere, but especially so in S ingapore, which has recently ranked among the most expensive cities. Local publishers cannot afford the six-figure advances doled out in larger markets. Floundering book sales hardly guarantee sufficient payment, unless one's name is Sonny Liew, author of all-time bestseller The Art Of Charlie Chan Hock Chye (2015). Join ST's Telegram channel and get the latest breaking news delivered to you.