CIMB Singapore and SCCCI leading the way to capture new opportunities arising from the Johor Bahru-Singapore RTS Link

Wed, 05 Jun 2024 16:18:00 +0800

Businesses can discover potential areas of cooperation and gain insights into the rapid development and investment prospects across sectors.

SINGAPORE, June 5, 2024 /PRNewswire/ -- Following the announcement of the Johor Bahru-Singapore Rapid Transit System (RTS) Link, a light rail stretching 4km connecting Singapore and Johor Bahru (JB), CIMB Singapore and the Singapore Chinese Chamber of Commerce & Industry (SCCCI) jointly organised a networking lunch and trip to JB for Singapore businesses to explore how they can leverage opportunities from this transformative infrastructure project. The RTS Link is expected to commence passenger service by end 2026.

The networking lunch brought together distinguished speakers from CIMB Bank, Iskandar Regional Development Authority (IRDA), Johor Corporation (JCorp) and MRT Corp, as well as 280 participants to discuss the outlook and investment opportunities in Iskandar Malaysia, developments in the Ibrahim International Business District and Ibrahim Technopolis.

The one-day trip to JB saw over 50 companies gather to chart potential areas of cooperation and discover the rapid development and investment prospects across various sectors.

This cross-border experience by CIMB Singapore and SCCCI has generated much excitement among businesses over the possible investment opportunities and future development in JB, enhanced by the JB-Singapore RTS Link and the Johor-Singapore Special Economic Zone.

The Singapore-Malaysia trade corridor is the one of the largest trade corridors in South-east Asia. In 2022, Malaysia and Singapore are each other's second-largest trading partner, with bilateral trade growing 18.9% year on year^[1].

Mr. Victor Lee, CEO of CIMB Singapore, said: "At CIMB, our deep local knowledge and unparallel expertise in identifying synergies between Singapore and Malaysia economic landscapes set us apart. Through this initiative, we further strengthened our position as the gateway to Malaysia by supporting businesses to explore new growth avenues and finding ways that they can capitalise on the emerging opportunities in one of Malaysia's fastest growing economic regions."

With a one-stop solution for both Singapore and Malaysia registered businesses, CIMB Singapore provides simple, competitive solutions and connectivity for businesses' expansion and growth in both markets. This commitment to supporting its clients saw CIMB Singapore's profit before tax from its commercial banking business grew more than 60% year-on-year in FY2023.

"We are happy to collaborate with CIMB Singapore to offer businesses insights into the thriving business environment of Johor," said Mr. Ang Boon Cheow Edward, Chairman of International Affairs Committee, SCCCI. "This experience underscores our commitment to strengthen their connections and open up new markets opportunities."

Interested participants can look forward to an upcoming trip to JB in August 2024, organised by CIMB Bank. To receive updates about the upcoming event, please visit the website at https://cimb.sg/sccci-jb. 

About CIMB Bank

CIMB is one of ASEAN's leading banking groups and Malaysia's second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM62.4 billion as at 31 December 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines).

Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 601 branches and around 33,000 employees as at 31 December 2023. CIMB's investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group's leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

Located in ASEAN's global financial gateway, Singapore is one of our most important markets with approximately 1,000 employees serving over 500,000 customers. CIMB Singapore services include:

• Banking products and services
• Treasury products and services
• Investment banking
• Asset Management

Appendix – Photos of trip to JB

Photo credit: SCCCI