Singapore: The Singapore Malay Chamber of Commerce and Industry (SMCCI) has signed a memorandum of understanding (MoU) with Maybank Singapore Ltd to advance Halal-focused initiatives and support the growth of small and medium enterprises (SMEs) in both countries.

According to BERNAMA News Agency, the partnership will focus on the Johor-Singapore Special Economic Zone (JS-SEZ) and will extend across the wider ASEAN region. SMCCI and Maybank Singapore stated in a joint statement that the collaboration aims to provide guidance to SMCCI members on business setup, market entry, workspace solutions, policy updates, and market intelligence. Maybank will complement these efforts with its full suite of banking solutions and will continue its successful collaboration through its ‘myimpact Microbusiness Programme’, which empowers underserved entrepreneurs through business training, mentorship, and seed funding.

Approximately 300 SMCCI members are expected to benefit from enhanced support and expanded regional opportunities. SMCCI president Dr Abdul Malik Hassan noted the rising demand from members to explore opportunities in the JS-SEZ and the region, particularly in the Halal sector. By partnering with Maybank, SMCCI aims to strengthen the support ecosystem for entrepreneurs, making cross-border growth more accessible and assisting Malay/Muslim-owned enterprises in Singapore to navigate the regional landscape.

Maybank Singapore Islamic Banking head Sazzali Sabandi highlighted the significant potential of the Halal economy across ASEAN, mentioning emerging interests from Thailand, Vietnam, and Cambodia in the global Halal market, which is projected to reach US$5 trillion (US$1 = RM4.24) by 2030. With Maybank’s presence in all 10 ASEAN countries, the bank is positioned to support SMEs with the necessary tools and financial solutions to seize cross-border opportunities.