U Mobile partners with CIMB Bank for 5G rollout financing

U Mobile partners with CIMB Bank for 5G rollout financing

The MoU will support the rapid deployment of U Mobile’s second 5G network, aligning with Malaysia’s digitalisation goals and strengthening the economy.

Denise Wong, Chu Kok Wei, Wong Heang Tuck n Sandy Tsang
(Left to right) Denise Wong (head of corporate coverage Malaysia, group wholesale banking, CIMB Group), Chu Kok Wei (CEO of group wholesale banking, CIMB Group), Wong Heang Tuck (U Mobile CEO), and Sandy Tsang (U Mobile CFO).
KUALA LUMPUR:
U Mobile Sdn Bhd has inked a memorandum of understanding (MoU) with CIMB Bank Bhd to extend financing support for its upcoming 5G network rollout.

The MoU marks the latest financing partnership between U Mobile and CIMB. In 2021, the bank participated in a RM1.2 billion facility to U Mobile, which was upsized to RM1.4 billion in 2023.

U Mobile CEO Wong Heang Tuck said CIMB was its long-standing financing partner and shared its commitment to drive innovation and growth within the country’s economy via 5G, in line with the government’s goal of achieving high-income nation status with a focus on digitalisation.

“We believe CIMB’s financial backing will further strengthen U Mobile’s ability to ensure a rapid and cost-efficient second 5G network rollout that will bring benefits to enterprises, consumers, and the public sector,” he said in a statement today.

The MoU follows the recent appointment of U Mobile as Malaysia’s second 5G network provider.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.