Malaysia’s Banking Sector Capable of Making the Country’s Aspirations a Reality

BY: Michelle Liew

Malaysia’s banking sector, one of the strongest in Asia, which are undergoing major transformation and change, is well-positioned to make the country’s aspirations a reality, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said the country’s diverse and developed financial sector was crucial in facilitating development needs, with Malaysia strategically located in the heart of Southeast Asia having one of the highest living standards in the region.

“With excellent connectivity links and plans for more infrastructure and human capital investments in the coming years, the country is poised to become an ideal regional and international base for business.

“We aim to realize this potential by positioning the country as a hub for global talent, a centre for new developments and exciting technologies, as well as a focal point for the exchange of ideas and information,” he said.

He said this at the official opening of HSBC Malaysia’s new headquarters at Menara IQ, located at the country’s international financial centre, Tun Razak Exchange (TRX).

Also present was HSBC Bank Malaysia’s Chief Executive Officer, Stuart Milne.

Tengku Zafrul said, the focus now is the Financial Sector Action Plan which details the very important strategies for the financial sector to face the challenges and opportunities ahead, apart from realizing the economic goals outlined under the 12th Malaysia Plan (12MP).

He said, in essence, the action plan would better realize Malaysia’s goal of ‘Prosperity, Inclusiveness and Sustainability’.

“In this regard, we greatly appreciate long -established investors in Malaysia such as HSBC who have played a leading role in the country for the past 130 years and are now helping to facilitate the country’s economic recovery,

growth and transformation.

“The opening of HSBC’s new headquarters demonstrates its commitment to advancing Malaysia. We truly welcome HSBC’s commitment to help the country’s growth and transformation over the next century and beyond,” he said.