Kuala Lumpur: Six banks signed a letter of intent (LOI) today with the Ministry of Economy, advancing financial facilitation to support the Johor-Singapore Special Economic Zone (JS-SEZ), said Economy Minister Datuk Seri Rafizi Ramli. The six banks are Malayan Banking Bhd (Maybank), CIMB Bank Bhd, Bank of America, HSBC Bank Malaysia Bhd, Sumitomo Mitsui Banking Corporation, and CGS International Securities.

According to BERNAMA News Agency, the LOI is the first decisive step in realising the economic vision of JS-SEZ. Rafizi outlined that the LOI focuses on four key pillars: financing support in strategic areas, promotion, stakeholder engagement, and research and market intelligence.

Rafizi highlighted that the partnership with a wide array of banks spanning each corner of the globe indicates something bigger than two ASEAN countries coming together. He emphasized that banks are crucial in galvanising private sector participation through the pooling of capital and commerce. The involvement of these financial institutions marks significant progress and confidence in the JS-SEZ.

The minister also noted that the international, regional, and local banks would plan and develop their own programmes to facilitate the financing program in support of JS-SEZ and future investors. Banks were pre-selected based on their strategy and clientele to align with JS-SEZ’s goals, ensuring that large international banks can cater to each region.

While the banks will decide their capital allocation, Rafizi assured that they would have direct access to government policy and assistance, providing them an advantage when they try to attract clients to the JS-SEZ.

Rafizi also announced that the JS-SEZ Blueprint would be launched at the end of the year. The blueprint will provide a comprehensive roadmap outlining the long-term vision, strategic aspirations, and investment opportunities within the special economic zone, serving as a vital resource for potential investors, policymakers, and the general public.