UOB announces the launch of the Green Lane with Invest Johor which will fast-track investments into the Johor-Singapore Special Economic Zone (JS-SEZ). This is one of the outcomes arising from the Memorandum of Understanding (MoU) signed with Invest Johor at the 2024 ASEAN Conference last August.
Under the agreement with Invest Johor, UOB will undertake the pre-qualification assessment for customers’ applications for Johor’s Super Lane approval, according to the criteria set out by Invest Johor. This will further accelerate the processing turnaround time.
To further streamline the process, UOB has introduced a Fast Lane Account Opening service for its Singapore customers looking to expand into the JS-SEZ, ensuring a fast and hassle-free experience. The Bank has also established dedicated JS-SEZ Desks in Johor and Singapore to provide swift support on financial solutions, account opening, and market entry to its customers.
UOB also introduced its first client under the Green Lane, Gold Peak Technology Group (Gold Peak). Mr Michael Lam, Executive Director and Managing Director of Gold Peak officially presented a Letter of Intent (LOI) to Tuan Haji Natazha Hariss, Chief Executive Officer of Invest Johor.
Present at the ceremony, YAB Dato’ Onn Hafiz said, “Since the signing of the Johor-Singapore Special Economic Zone (JS-SEZ), we have witnessed remarkable progress in strengthening cross-border trade and investment opportunities. Our partnership with UOB has gained strong momentum, reinforcing our shared vision of creating a seamless and thriving investment ecosystem within the JS-SEZ. This collaboration is a testament to our commitment to turning vision into action.
“We are also pleased to welcome Gold Peak Technology Group’s investment, which brings advanced manufacturing capabilities, high-quality job opportunities, and sustainable economic growth to Johor. This is yet another milestone that aligns with our commitment to realizing the Maju Johor 2030 vision – transforming Johor into a globally competitive and sustainable economic powerhouse. As we move forward, we remain dedicated to attracting more high-value, future-ready investments that will further cement JS-SEZ’s position as a premier destination for innovation, industry, and sustainable development.”
UOB will facilitate Gold Peak’s entry into the JS-SEZ, providing market entry advisory, cross-border banking services and financial solutions, as Gold Peak expands in the region. Gold Peak is a global leader in battery technology and energy storage solutions and is listed on the main board of Hong Kong Stock Exchange. Gold Peak’s proposed investment in the JS-SEZ is estimated to be RM670 million (US$150 million), involving the establishment of a state-of-the-art manufacturing and a research and development facility producing batteries with next-generation technologies.
Gold Peak’s future facility will focus on producing next-generation battery technologies and is expected to play a pivotal role in advancing sustainable energy storage solutions, mainly for data centres, across Southeast Asia. The company’s proposed investment is expected to create approximately 150 to 180 employment opportunities, contributing to the region’s socio-economic development, driving innovation and providing new prospects for local talent. The investment also falls within one of the 11 key sectors the SEZ is promoting.
