Domestic banking sector in good posture, says Zafrul

Domestic banking sector in good posture, says Zafrul

The local banking sector is ‘well positioned’ to realise the Malaysian nation’s aspirations, says Minister of Finance Tengku Zafrul Aziz, who spoke at the HSBC Malaysia’s new head office in Tun Razak Exchange.

At the center of all of this, he noted, was the recently released Financial Industry Blueprint, which provides important measures for the financial sector to handle impending challenges and opportunities.

According to Zafrul, the plan is projected to realize Malaysia’s economic goals established in the 12th Malaysia Plan (12MP).

“Malaysia’s diverse and developed financial sector will be critical in facilitating the nation’s developmental needs.

“Ultimately, the blueprint will realise Malaysia’s goal of a more ‘prosperous, inclusive and sustainable Malaysia’,” he said at the opening ceremony of HSBC Malaysia’s new head office in Tun Razak Exchange (TRX) here today.

Zafrul says the event organised by HSBC signifies a substantial commitment by a leading international financial institution to further grow its activities in Malaysia while better servicing the requirements of both domestic and foreign clients.

The relocation of HSBC Malaysia to the 33-story Menara IQ building, in which the bank has spent US$250 million, reflected the firm’s commitment to delivering a fit-for-purpose, modern working environment with enhanced digital capabilities.

Outgoing HSBC Malaysia CEO Stuart Milne stated that the bank is dedicated to continuing to assist the country flourish for the next century and beyond.

“Malaysia remains central to HSBC’s strategy and is especially crucial to the group’s growth plan across the ASEAN region – and area that represents significant growth potential.

“The move to Menara IQ at TRX is a strong demonstration of our unwavering commitment to Malaysia and our customers here,” he said.

Milne will leave the banking company at the end of this month and will be replaced by Omar Siddiq.

Meanwhile, HSBC Malaysia stated that the bank’s commitment to Malaysia is being reinforced by continued investments.

This includes the US$58 million invested since 2019 in increasing the digital capabilities of the bank’s branches.