U Mobile has signed a Memorandum of Understanding (MoU) with CIMB Bank Berhad to secure financing for its forthcoming 5G network deployment. This development comes shortly after U Mobile’s designation as Malaysia's second 5G network provider.
U Mobile CEO, Wong Heang Tuck, highlighted the company’s enthusiasm for this strategic partnership with CIMB for the 5G rollout, emphasizing CIMB’s shared commitment to innovation and digital growth. He noted that the financial support would enable a fast, cost-effective deployment, benefiting businesses, consumers, and the public sector.
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Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group, said, “In line with our shared goal of nation building, CIMB is pleased to support U Mobile in its efforts to connect Malaysians and spur digital innovation through the power of 5G. CIMB is also ready to offer a holistic range of bespoke products and services apart from financing, extending to diverse areas including investment banking and treasury that will spark further innovation and accelerate growth both for U Mobile and Malaysia.”
Both Tuck and Wei signed the MoU at U Mobile’s Corporate Offices in Berjaya Times Square. The ceremony was attended by U Mobile CFO, Sandy Tsang, and Denise Wong, Head of Corporate Coverage Malaysia at CIMB Group.
This MoU builds on a longstanding financial relationship between the two companies, including CIMB’s participation in a MYR 1.2 billion facility for U Mobile in 2021, which was increased to MYR 1.4 billion in 2023.
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