SINGAPORE – OCBC Group has committed over RM11 billion (S$3.3 billion) in financing to businesses in Johor since the start of 2024, as part of efforts to support development in the emerging Johor-Singapore Special Economic Zone (JS-SEZ), said the group in a statement on June 22.

The lender also said it expects to provide at least another RM3 billion (S$908 million) in financing to firms there for investments into various sectors including real estate, oil and gas, manufacturing and data centres.

The JS-SEZ was first mooted after an agreement was signed between Malaysia and Singapore in January, capping off negotiations that have been ongoing since the SEZ was first announced in October 2023.

The agreement is set to improve the flow of goods and enable freer movement of people between Singapore and Johor, as well as strengthen the business ecosystem within the region.