| | SEPTEMBER 20248IN FOCUSChinese aircraft manufacturer Comac is contemplating establishing its inaugural offices in Asia beyond mainland China, according to sources familiar with the matter. This move is part of its strategy to promote its C919 single-aisle jet internationally and enhance its competitiveness against Airbus and Boeing.Commercial Aircraft Corp of China may make an announcement about an office in Hong Kong as soon as next month, one person said, asking not to be identified because they're not authorized to speak publicly. The city is seen as an attractive option due to its familiarity and location, the person said, adding that Comac may make a commitment in late October around aircraft maintenance in Hong Kong as well. Comac is also evaluating real estate opportunities in Singapore, with Suntec City, located near the city-state's central business district, being a potential site, though no final decisions have been made. These efforts are aimed at persuading international airlines to purchase Comac's C919, which competes directly with Airbus's A320 and Boeing's 737. The established giants already have a global network of sales and maintenance facilities, along with extensive supply chain and spare parts support at virtually every airport worldwide.Comac, on the other hand, has a minimal presence outside China and has yet to secure any international buyers for the C919, which also lacks certification from foreign safety regulators and therefore cannot operate commercially beyond China. Hong Kong and Singapore were the first international locations chosen by Comac to display the C919. The jet was showcased at the Singapore Airshow in February and performed a low-altitude flyover of Hong Kong's Victoria Harbour in December of the previous year.Expanding its presence outside China would enable Comac to be nearer to airlines in Southeast Asia operating its smaller ARJ-21 jet, such as TransNusa in Indonesia and, eventually, Brunei's GallopAir. Since its initial delivery in December 2022, Comac has supplied nine C919 jets to three Chinese carriers: China Eastern Airlines, Air China, and China Southern Airlines. Air China and China Southern received their jets during a joint delivery ceremony. Maybank has unveiled a strategic investment in Funding Societies, Modalku (Funding Societies), Southeast Asia's largest unified digital finance platform for micro, small, and medium enterprises (MSMEs). This investment is intended to promote inclusivity and address funding gaps within the communities served by Maybank.This transaction represents the inaugural investment under Maybank's new initiative, aimed at strategically investing in and partnering with leading digitally-enabled organizations across ASEAN. This initiative is a key component of Maybank's broader strategy to drive innovation within the MSME sector, aligning with its M25+ strategic plan, which emphasizes boosting digitalization through ecosystem orchestration both within and beyond the banking industry.Founded in 2015, Funding Societies is a regional fintech company focused on providing financing to MSMEs. Since its establishment, it has issued over $4 billion in business loans, benefiting more than 100,000 businesses in Malaysia, Singapore, Indonesia, Thailand, and Vietnam. Additionally, Funding Societies was among the first to be registered as a Recognised Market Operator by the Securities Commission Malaysia.Dato' Khairussaleh Ramli, President & Group CEO of Maybank, emphasized, "Maybank has consistently championed small and medium enterprises--the backbone of ASEAN economies. Our investment in Funding Societies underscores our commitment to driving financial inclusion, in line with our purpose of Humanising Financial Services. By leveraging our banking expertise alongside Funding Societies' innovative digital platform, Maybank is committed to fostering a robust SME ecosystem and ensuring a brighter, more sustainable future for all".Mr. Kelvin Teo, Co-founder and Group CEO of Funding Societies, stated, "We are honoured by Maybank's support, reflecting a shared commitment to serve MSMEs in Malaysia and the region. This partnership reaffirms our dedication to extending credit access to underserved MSMEs that face cash flow management challenges--an area we are progressively expanding to help these businesses fulfill their business potential". COMAC TARGETS SINGAPORE & HONG KONG FOR FIRST OVERSEAS OFFICESMAYBANK INVESTS IN FUNDING SOCIETIES TO BOOST MSME FINANCING IN ASEAN
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