UOB Malaysia reaffirms commitment to support Sarawak’s economic development
The bank has provided close to RM6 billion financing in the last three years to support business growth in the state
Kuching, Sarawak, 30 April 2024 – UOB Malaysia reaffirms its commitment to support Sarawak’s economic growth, and industrial development while prioritising the state’s sustainability agenda.
Ms Ng Wei Wei, Chief Executive Officer, UOB Malaysia, paid a courtesy visit to Tan Sri Datuk Patinggi Dr Abang Abdul Rahman Zohari bin Tun Datuk Abang Openg, the Premier of Sarawak, today. The visit was part of the Bank’s ongoing engagement with the state Government to support Sarawak in achieving its aspirations outlined in Post-Covid 19 Development Strategy (PCDS) 2030.
Ms Ng said, “UOB Malaysia has been supporting Sarawak’s infrastructure development and home-grown businesses to elevate its competitiveness. Leveraging our expertise in sustainability, we will also continue to help the State realise its ambition to be the regional powerhouse for renewable energy and green hub for the emerging sectors.”
UOB is the largest foreign bank in Malaysia with the widest network of 55 branches in the country. In Sarawak, the Bank has four branches strategically located in Kuching, Sibu, Miri and Bintulu, enabling it to effectively support the development of businesses, including small- and medium-enterprises (SMEs) in the state.
She said, “Over the last three years, UOB Malaysia has provided close to RM6 billion of financing to support companies based in Sarawak. Of the total provided, more than half was extended to SMEs. With UOB Malaysia’s solid history in supporting the SME community, we will continue helping SMEs in Sarawak to future proof their businesses through the adoption of green practices, thus boosting their competitiveness in the global supply chain”.
UOB offers one of the most comprehensive and market-leading sustainability, financing framework and solutions validated by international and credible second party opinion. It is also one of the earliest banks in Southeast Asia to commit to achieving net zero by 2050.
Last year, UOB Malaysia launched UOB Sustainability Compass, which was developed in collaboration with PricewaterhouseCoopers Malaysia, to simplify sustainability for SMEs. By answering a simple questionnaire, businesses will receive a customised report, which is an easy-to-follow, step-by-step guide with clear actionable plans outlined to help them navigate their sustainability journey.
Ms Ng added, “With our expertise in sustainability, we believe UOB Malaysia can play a strong and relevant role in building capacity for the sustainable development of the state. Our clients are involved in all major sectors of Sarawak’s economy, including Transportation, Construction and Infrastructure, Energy and Chemical, Utilities, Industrials and Manufacturing, Plantation, Real Estate, Hospitality and Consumer Goods. Apart from sustainability, our clients can also leverage UOB’s strong network across Malaysia, and the ASEAN region to tap into opportunities beyond Sarawak’s shores.”
UOB Malaysia is also keen to facilitate more foreign direct investments (FDI) into Sarawak as foreign companies look for opportunities in the state’s high-value sectors. These companies, mainly from Korea, Japan and Singapore-based multinational corporates, are keen to tap into Sarawak’s cost-effective manufacturing and renewable energy infrastructure and invest in the state’s renewable energy, digital technology, ecotourism and agrotechnology sectors.