Kinergy Advancement Berhad (KAB), a prominent One-Stop Energy and Engineering Solutions Provider, and Alliance Bank Malaysia Berhad (ABMB) have officially inked a Memorandum of Understanding (MoU) during the International Greentech Eco Products Exhibition Conference Malaysia (iGEM). This strategic alliance marks a significant milestone in the promotion of green technology financing and clean energy ventures in Malaysia.
The announcement took place at iGEM, the largest trade event for green technologies and eco solutions in Southeast Asia. The MoU builds upon a previous collaboration involving KAB, ABMB, and Mah Sing Group Berhad, outlining their shared commitment to making strides in crucial areas, including sustainable and clean energy projects, technology innovation, green financing, and sustainability development with a focus on ESG (Environmental, Social, and Governance) principles.
As part of the agreement, KAB will take a central role in delivering sustainable energy engineering services to drive green and clean energy solutions across Malaysia. These services encompass specialized engineering consultancy for ABMB, active involvement in discussions related to green project financing, and support for ABMB's initiatives in Sustainable Energy Solutions (SES), ESG practices, and sustainability development.
In return, ABMB will provide tailored financial solutions in support of KAB's SES projects, foster strategic connections, serve as the primary banking partner for green project financing, and assist KAB in expediting its ESG and sustainability endeavors within its supply chain.
The initial term of the MoU spans two years, with provisions for extension through mutual written consent. This partnership underscores the shared commitment of KAB and ABMB to collaborate in the pursuit of a sustainable and prosperous future.
Dato' Lai Keng Onn, Executive Deputy Chairman and Group Managing Director of KAB, expressed their unwavering dedication to advancing environmental sustainability and promoting innovation. He highlighted the significance of forward-looking partnerships in realizing a just and responsible transition towards sustainable energy and a carbon-neutral economy. This collaboration positions KAB as a reliable technical partner in the realm of sustainable energy solutions.
Leveraging its expertise in sustainable energy technologies, KAB aims to harness its resources to assist other businesses in managing their carbon emissions, thereby contributing to a more sustainable future.
Mr. Raymond Chui Keng Leng, Group Chief SME & Commercial Banking Officer at ABMB, underscored the bank's commitment to fostering sustainable financial practices and supporting green initiatives. This collaboration marks the commencement of a dynamic partnership that promises to drive innovation and sustainability in Malaysia.
The synergy between KAB and ABMB positions both organizations to tap into the growing ASEAN market, fostering sustainable development and showcasing innovative solutions to policymakers, government agencies, investors, and the general public.
