SMCCI, Maybank ink MOU to support Malay or Muslim-owned enterprises in Singapore, Malaysia
The partnership focuses on the Johor-Singapore Special Economic Zone
[SINGAPORE] The Singapore Malay Chamber of Commerce and Industry (SMCCI) and Maybank Singapore have signed a memorandum of understanding (MOU) to advance halal-focused initiatives, and support the growth of small and medium-sized enterprises (SMEs) and Malay or Muslim-owned enterprises in Singapore and Malaysia.
This partnership will focus on the Johor-Singapore Special Economic Zone (JS-SEZ), and subsequently extend across the wider South-east Asian region.
Under this agreement, SMCCI and Maybank will jointly organise events, conferences and trade visits to facilitate market access, knowledge-sharing and halal capability development, the two parties said in a joint statement on Friday (Jul 11).
On SMCCI’s part, it will provide guidance to its members on business setup, market entry, workspace solutions, policy updates and market intelligence. This venture will enable around 300 SMCCI members to benefit from enhanced support and expanded regional opportunities.
Maybank will complement SMCCI’s efforts with its full suite of banking solutions, while continuing its collaboration through the bank’s “myimpact” Microbusiness Programme, which helps out underserved entrepreneurs with business training, mentorship and seed funding.
Sazzali Sabandi, head of Islamic banking at Maybank in Singapore, noted that the halal economy is a “fast-growing sector with enormous potential across Asean”.
“Beyond Malaysia and Indonesia, we are seeing emerging interests from Thailand, Vietnam and Cambodia in gaining a slice of the global halal market, which is estimated to reach US$5 trillion by 2030. With Maybank’s presence in all 10 Asean countries, we are able to support SMEs with the right tools and financial solutions to seize cross-border opportunities.”
Dr Abdul Malik Hassan, president of SMCCI, said: “We see rising demand from our members to explore opportunities in the JS-SEZ and the region, especially in the halal sector.
“This partnership with Maybank will strengthen the support ecosystem for entrepreneurs that are ready to take that step. Together, we aim to make cross-border growth more accessible, and assist Malay and Muslim-owned enterprises in Singapore navigate the regional landscape,” he added.
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