KUALA LUMPUR (Jan 11): OCBC Bank (Malaysia) Bhd said it will be developing forward-looking and convenient schemes to support corporates and small and medium enterprises (SMEs) based in Singapore to fulfill their banking needs in Johor.

Its chief executive officer, Tan Chor Sen, said this in a statement  in conjunction with the signing of the Memorandum of Understanding (MOU) for the Johor-Singapore Special Economic Zone (JS-SEZ) by Malaysia and Singapore on Thursday.

Tan said the schemes OCBC will be developing include a smoother business account opening process involving a simplified know-you-customer (KYC) screening process and appointed branch officers at all of the bank's branches in Johor Bahru.

“The move allows for a more seamless cross-border experience and is aligned to the OCBC Group’s internationalisation strategy centred on the Asean-Greater China region," he said.

“With the great interest in Malaysia from those involved in sectors such as sustainable energy, electricity trading, electronics, healthcare, financial industries and business-related services, we believe the move to facilitate a more seamless account opening process will be welcomed warmly by the Singapore business community.

"OCBC’s customers in both Malaysia and Singapore can look forward to even more initiatives up ahead to support the cross-border growth of SMEs,” he added.

The MOU to formalise the cooperation of both countries on JS-SEZ was signed by Economy Minister Rafizi Ramli and Singapore’s Minister of Trade and Industry Gan Kim Yong. The signing was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and his Singaporean counterpart Lee Hsien Loong.

Under the MOU, Malaysia and Singapore will work towards enhancing cross-border flows of goods and people as well as strengthen the business ecosystem within JS-SEZ to support investments.

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