Kuala Lumpur, 15 January 2025 – U Mobile has inked a Memorandum of Understanding (MoU) with CIMB Bank Berhad (CIMB) to extend financing support for its upcoming 5G network rollout. This MoU follows the recent appointment of U Mobile as the nation’s second 5G network provider.

“U Mobile is delighted with the strategic partnership with CIMB for our 5G network rollout. CIMB is our long-standing financing partner and shares our commitment to drive innovation and growth within the country’s economy via 5G, in line with government’s goal of achieving high income nation status with 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,” said U Mobile’s Chief Executive Officer, Wong Heang Tuck.

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.”

The MoU was signed by Wong Heang Tuck, U Mobile’s CEO, and Chu Kok Wei, CEO of Group Wholesale Banking, CIMB Group, at U Mobile‘s Corporate Offices at Berjaya Times Square. The ceremony was witnessed by Sandy Tsang, U Mobile’s CFO, and Denise Wong, Head of Corporate Coverage Malaysia, Group Wholesale Banking, CIMB Group.

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