KUALA LUMPUR (Jan 17): To boost regional business collaboration, United Overseas Bank (Malaysia) Bhd has inked what it said is a landmark memorandum of understanding (MOU) with the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).

The collaboration aims to bolster cross-border business collaboration and tap into growth opportunities in Southeast Asia, with a special focus on Singapore, Malaysia and the Johor-Singapore Special Economic Zone (JS-SEZ).

"The collaboration with SCCCI and ACCCIM marks another milestone in UOB Malaysia's journey of supporting the country's growth over the past 70 years," said UOB Malaysia chief executive officer Ng Wei Wei.

"As Malaysia assumes the Asean chair this year, we are committed to helping local businesses connect to opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) and across Asean, driving sustainable growth and strengthening Malaysia's role in the region's economic progress," she added.

The MOU was signed on Thursday in Singapore.  The signing ceremony was attended by Malaysia's Deputy Minister of Investment, Trade and Industry Liew Chin Tong, who expressed his support for the partnership.

The JS-SEZ has been identified as a key growth driver for the region, with both Singapore and Malaysia looking to strengthen their economic ties through this initiative.

Singaporean banks, including UOB, have been seen as prime proxies to Asean's economic growth, given their extensive networks across Southeast Asia, amid inflows of foreign direct investments into the region.