Maybank's move to i-City will serve as a catalyst for Chinese firms to set up shop there, says the chief of CECCM

 By Sharen Kaur - Published in NST Property on May 18, 2022 

Maybank's shift to Finance Avenue at i-City will attract Chinese enterprises, according to Zhang Min, president of China Enterprises Chamber of Commerce in Malaysia and chief executive officer of Bank of China (Malaysia) Bhd.

sharen@nst.com.my

The shift of Malayan Banking Bhd (Maybank) to Finance Avenue at i-City in Shah Alam, Selangor, will act as a catalyst for Fintech and Chinese enterprises to set up shop there, according to Zhang Min, president of China Enterprises Chamber of Commerce in Malaysia (CECCM).

"I believe Maybank's relocation of a component of its operation to Finance Avenue at i-City will attract Chinese enterprises," said Zhang Min, who is chief executive officer of Bank of China (Malaysia) Bhd.

Maybank is relocating roughly 1,500 employees to Mercu Maybank, a Grade-A Green Building Index (GBI) smart office tower located at Finance Avenue at i-City, as part of the group's efforts to improve its business continuity management and resilience planning.

The New Straits Times (NST) was the first to report (in October 2021) that Maybank was relocating a section of its operations to Mercu Maybank, where it will occupy 14 floors totaling 162,000 square feet.

Mercu Maybank's luxury corporate office design, security features, and GBI certification aligned with the banking group's sustainability commitments.

(L-R) The launch of Mercu Maybank was officiated by Tan Sri Zamzamzairani Mohd Isa, chairman of Maybank, and Tan Sri Lim Kim Hong, founder and chairman of I-Bhd, on April 7, 2022.

The launch of Mercu Maybank was officiated by Tan Sri Zamzamzairani Mohd Isa, chairman of Maybank, and Tan Sri Lim Kim Hong, founder and chairman of I-Bhd, on April 7, 2022.

Zhang Min said as president of CECCM, he wants to encourage more Chinese companies to invest in Malaysia.

CECCM comprises over 200 members involved in many sectors, including manufacturing, construction, and information technology.

According to Zhang Min, CECCM will continue to actively explore new opportunities for Chinese companies in Malaysia and try to contribute positively to China's and Malaysia's economic and trade development.

"In today's business world, digitalisation is critical. China and Malaysia's governments have made major investments in digitalisation. High-value-added Chinese enterprises, I believe, would invest here," he said.

Zhang Min spoke with NST Property during a visit to Mercu Maybank last month.

He commended Lim of I-Bhd for the success of Finance Avenue and the entire growth of i-City.

"This is my first visit, and the concept and execution are pretty impressive. The i-City is a huge development. There are numerous workplaces and residential buildings here, as well as retail and entertainment, and there are many options for individuals to work and live here," he said.

I-Bhd non-executive director Datuk Eu Hong Chew said that despite the ongoing pandemic, the company will not rest on its laurels.

Using a quote by Warren Buffet that "Good jockeys will do well on good horses but not on broken down nags", Eu indicated that Finance Avenue would continue to flourish in the coming months, especially with the opening of the DoubleTree by Hilton Hotel in July.

"I would leave the jockey aspect to you to judge, but with a good horse like i-City, recovering from the Covid-19 is a lot easier, among other things," Eu said.