KUCHING: UOB Malaysia and SEDC Energy (SEDCE) have signed a Memorandum of Understanding (MoU) aimed at enhancing support for local businesses and advancing sustainable energy projects in the state.
The MoU was exchanged in the presence of Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, at the Sarawak Electrolyser Assembly – Distribution Facility (SEA-DF) in Demak Laut Industrial Park today (June 6).
In a joint statement, it said the agreement sets the stage for UOB Malaysia to empower SEDCE’s supply chain ecosystem, offering suppliers, vendors, and contractors greater access to financing.
Through the Bank’s Financial Supply Chain Management (FSCM) Programme, these enterprises will gain access to a suite of banking services tailored to their working capital and transactional needs.
This includes custom trade finance, supply chain financing, and cash management solutions designed to support business growth.
“Under the collaborative agreement, UOB Malaysia will also leverage its comprehensive Sustainable Financing Framework to support SEDCE’s green transition projects, signifying a joint commitment in advancing Sarawak’s sustainable development.
“UOB Malaysia’s commitment to sustainability goes beyond financing and will also work with SEDCE and other relevant state agencies to enable businesses to transition towards low carbon and sustainable practices in Sarawak,” the statement added.
On the same note, SEDCE chief executive officer (CEO) Robert Hardin acknowledged that the partnership with UOB solidifies SEDCE’s stand as one of the hydrogen players in the region and plays a role towards supporting Sarawak’s clean new energy initiatives.
“We are proud to be moving forward as one in this new business, which will be an investment for a cleaner future,” he said.
Additionally, UOB Malaysia CEO Ng Wei Wei asserted that the MoU represents the beginning of a significant collaboration between UOB Malaysia and SEDCE to support Sarawak’s economic development and green agenda.
“Our comprehensive financing solutions will not only assist SEDCE in implementing green transition projects but also extend critical financial resources to its entire supply chain, helping local businesses to grow and enhance their competitiveness.
“In addition, SEDCE and its supply chain will also be able to tap on the Financial Supply Chain Management capabilities of our business digital banking platform, UOB Infinity to improve operational efficiency, as well as manage liquidity and financial transactions,” she said.
Sarawak, currently generating 70 per cent of its energy from hydroelectric dams such as Batang Ai, Bakun, and Murum, with the Baleh Hydropower Dam under construction, is poised to become a clean hydrogen production hub.
The statement remarked that the state’s ample and affordable hydropower and water supply position it well for domestic use and export of clean hydrogen, which is seen as a key player in the global energy transition.
“Clean or low-carbon hydrogen is a versatile energy carrier that plays a role in energy transition.
“It can help to de-carbonise a range of energy intensive and hard-to-abate sectors such as transportation, sectors that require thermal heat for industrial processes such as chemicals, iron or steel.”
