UOB Malaysia to provide finance for SEDC Energy’s green projects

UOB Malaysia chief executive officer Ng Wei Wei.

PETALING JAYA: UOB Malaysia has signed a memorandum of understanding (MoU) with SEDC Energy Sdn Bhd to support businesses in Sarawak as well as the state’s energy sector.

SEDC Energy which is a subsidiary of Sarawak Economic Development Corp stated UOB Malaysia will provide financing facilities to SEDC Energy’s supply chain consisting of suppliers, vendors and contractors.

“Through the bank’s Financial Supply Chain Management (FSCM) programme, these local enterprises will be able to access a suite of banking services for working capital and transactional needs, including tailor-made trade finance, supply chain financing and cash management solutions to grow their businesses,” UOB Malaysia stated in a statement.

Additionally, UOB Malaysia will also leverage its comprehensive Sustainable Financing Framework to support SEDC Energy’s green transition projects while simultaneously working together with relevant state agencies to assist businesses transition to low carbon and sustainable practices.

SEDC Energy chief executive officer Robert Hardin said the partnership with the bank further solidifies the group as one of the leading players in the state that is supportive of Sarawak’s clean energy initiatives.

“We are proud to be moving forward as one in this new business, which will be an investment for a cleaner future,” Hardin said.

UOB Malaysia chief executive officer Ng Wei Wei said the bank’s extensive financing solutions will not only assist SEDC Energy’s green transition programmes, but also extend critical financial resources to its entire supply chain, helping local businesses to grow and enhance their competitiveness.

“In addition, SEDC Energy and its supply chain will also be able to tap on the FSCM capabilities of our business digital banking platform, UOB Infinity, to improve operational efficiency, as well as manage liquidity and financial transactions.” she added.